California State Teachers Retirement System Sells 5,407 Shares of Steel Dynamics, Inc. $STLD

Key Points

• California State Teachers Retirement System reduced its Steel Dynamics stake by 3.2%, selling 5,407 shares and retaining 161,600 shares valued at approximately $29.1 million. Institutional investors collectively own 82.41% of the company.
• Steel Dynamics reported quarterly earnings of $3.69 per share, beating estimates of $3.63, while revenue rose 33.4% year over year to $6.09 billion. Analysts expect the company to post $17.16 in EPS for the current year.
• The company paid a quarterly dividend of $0.53, equivalent to an annualized $2.12 and a 0.8% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $249.00.

California State Teachers Retirement System lowered its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 161,600 shares of the basic materials company's stock after selling 5,407 shares during the period. California State Teachers Retirement System owned approximately 0.11% of Steel Dynamics worth $29,088,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Royal Bank of Canada grew its position in Steel Dynamics by 26.4% during the 1st quarter. Royal Bank of Canada now owns 189,399 shares of the basic materials company's stock worth $34,091,000 after acquiring an additional 39,580 shares during the last quarter. Regal Partners Ltd grew its holdings in shares of Steel Dynamics by 263.6% in the first quarter. Regal Partners Ltd now owns 79,493 shares of the basic materials company's stock worth $14,309,000 after purchasing an additional 57,632 shares during the last quarter. Encompass Capital Advisors LLC purchased a new position in shares of Steel Dynamics in the first quarter worth $18,008,000. Quantinno Capital Management LP raised its holdings in Steel Dynamics by 19.1% during the 1st quarter. Quantinno Capital Management LP now owns 81,255 shares of the basic materials company's stock valued at $14,626,000 after buying an additional 13,042 shares during the last quarter. Finally, SummitTX Capital L.P. boosted its position in Steel Dynamics by 124.7% during the 1st quarter. SummitTX Capital L.P. now owns 38,768 shares of the basic materials company's stock valued at $6,978,000 after buying an additional 21,516 shares during the period. Institutional investors own 82.41% of the company's stock.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $251.26 on Friday. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. The firm's fifty day simple moving average is $248.64 and its 200 day simple moving average is $214.00. The stock has a market cap of $36.01 billion, a P/E ratio of 22.78, a price-to-earnings-growth ratio of 0.48 and a beta of 1.53. Steel Dynamics, Inc. has a twelve month low of $119.89 and a twelve month high of $288.74.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, topping the consensus estimate of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The business had revenue of $6.09 billion during the quarter, compared to analyst estimates of $5.56 billion. During the same period in the prior year, the business earned $2.01 EPS. The company's revenue for the quarter was up 33.4% on a year-over-year basis. As a group, research analysts predict that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Tuesday, June 30th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Steel Dynamics's dividend payout ratio is presently 19.22%.

Insider Transactions at Steel Dynamics

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the firm's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the completion of the sale, the senior vice president directly owned 102,837 shares in the company, valued at $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Richard A. Poinsatte sold 2,300 shares of Steel Dynamics stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total value of $538,453.00. Following the sale, the senior vice president directly owned 28,618 shares in the company, valued at approximately $6,699,759.98. The trade was a 7.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 6.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

STLD has been the topic of a number of recent analyst reports. Morgan Stanley cut their price target on shares of Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 22nd. Weiss Ratings upgraded shares of Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, June 18th. BMO Capital Markets increased their target price on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an "outperform" rating in a report on Wednesday, April 22nd. JPMorgan Chase & Co. raised their target price on Steel Dynamics from $256.00 to $260.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 22nd. Finally, Wall Street Zen upgraded Steel Dynamics from a "hold" rating to a "buy" rating in a report on Saturday, April 18th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $249.00.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company's product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.

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