New York State Teachers Retirement System Sells 13,552 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

New York State Teachers Retirement System lessened its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 9.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,911 shares of the basic materials company's stock after selling 13,552 shares during the quarter. New York State Teachers Retirement System owned about 0.09% of Steel Dynamics worth $16,875,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in STLD. Norges Bank bought a new position in Steel Dynamics in the fourth quarter worth approximately $336,426,000. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Steel Dynamics by 531.0% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,191,669 shares of the basic materials company's stock worth $149,054,000 after purchasing an additional 1,002,813 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Steel Dynamics by 29.4% in the 4th quarter. Capital Research Global Investors now owns 3,592,670 shares of the basic materials company's stock worth $409,816,000 after purchasing an additional 815,629 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Steel Dynamics by 8.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,628,403 shares of the basic materials company's stock valued at $642,033,000 after purchasing an additional 451,630 shares during the period. Finally, GAMMA Investing LLC increased its stake in Steel Dynamics by 18,398.4% during the 1st quarter. GAMMA Investing LLC now owns 447,661 shares of the basic materials company's stock valued at $55,993,000 after purchasing an additional 445,241 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Stock Performance

Steel Dynamics stock traded down $2.10 during mid-day trading on Friday, reaching $131.97. 1,496,134 shares of the company's stock were exchanged, compared to its average volume of 1,538,696. The business's fifty day simple moving average is $131.09 and its 200 day simple moving average is $126.15. The company has a quick ratio of 1.38, a current ratio of 2.74 and a debt-to-equity ratio of 0.44. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $155.56. The firm has a market capitalization of $19.59 billion, a PE ratio of 17.43, a P/E/G ratio of 1.01 and a beta of 1.37.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.04. The company had revenue of $4.37 billion for the quarter, compared to analysts' expectations of $4.17 billion. Steel Dynamics had a return on equity of 13.26% and a net margin of 6.80%. During the same period in the previous year, the business posted $3.67 EPS. On average, sell-side analysts expect that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Monday, June 30th. Steel Dynamics's dividend payout ratio is currently 26.42%.

Insider Activity at Steel Dynamics

In related news, Director Gabriel Shaheen sold 1,254 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $134.11, for a total value of $168,173.94. Following the completion of the transaction, the director directly owned 81,812 shares of the company's stock, valued at approximately $10,971,807.32. This trade represents a 1.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Miguel Alvarez sold 7,495 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $135.26, for a total value of $1,013,773.70. Following the sale, the senior vice president owned 125,319 shares in the company, valued at approximately $16,950,647.94. This represents a 5.64% decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on STLD shares. JPMorgan Chase & Co. raised their price objective on shares of Steel Dynamics from $135.00 to $138.00 and gave the company a "neutral" rating in a research note on Thursday, April 24th. BMO Capital Markets upgraded Steel Dynamics from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $135.00 to $145.00 in a research note on Monday, March 31st. Wall Street Zen lowered Steel Dynamics from a "hold" rating to a "sell" rating in a report on Friday, April 25th. Morgan Stanley raised their target price on Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Finally, UBS Group raised Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 target price on the stock in a research report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Steel Dynamics currently has a consensus rating of "Moderate Buy" and an average target price of $148.00.

Steel Dynamics Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.