Public Employees Retirement System of Ohio Invests $10.17 Million in Steel Dynamics, Inc. $STLD

Key Points

• Ohio’s public employees’ retirement system purchased a new $10.17 million stake in Steel Dynamics during the second quarter, buying 44,316 shares. Institutional investors now own 82.41% of the company.
• Analysts maintain a generally positive outlook, with eight Buy ratings and four Holds, producing a consensus “Moderate Buy” rating and an average price target of $257.27.
• Steel Dynamics exceeded quarterly expectations with $3.69 in earnings per share and $6.09 billion in revenue, while reporting 33.4% year-over-year revenue growth. The company also announced a quarterly dividend of $0.53 per share, yielding approximately 0.9%.

Public Employees Retirement System of Ohio bought a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 44,316 shares of the basic materials company's stock, valued at approximately $10,169,000.

A number of other institutional investors have also recently made changes to their positions in the business. NewEdge Advisors LLC raised its position in Steel Dynamics by 307.5% during the first quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company's stock valued at $102,000 after purchasing an additional 618 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Steel Dynamics by 82.7% in the 1st quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company's stock worth $435,000 after purchasing an additional 1,578 shares during the period. Jump Financial LLC bought a new position in shares of Steel Dynamics during the 2nd quarter valued at approximately $1,019,000. Qube Research & Technologies Ltd bought a new position in shares of Steel Dynamics during the 2nd quarter valued at approximately $48,746,000. Finally, Sei Investments Co. raised its holdings in Steel Dynamics by 7.9% during the 2nd quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company's stock valued at $13,447,000 after buying an additional 7,712 shares during the period. Institutional investors own 82.41% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on STLD. Wells Fargo & Company lowered their price target on Steel Dynamics from $275.00 to $255.00 and set an "overweight" rating for the company in a research report on Monday, August 24th. UBS Group boosted their price objective on shares of Steel Dynamics from $165.00 to $276.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. Morgan Stanley reduced their target price on shares of Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 22nd. Bank of America lowered their target price on shares of Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating for the company in a report on Thursday, July 9th. Finally, KeyCorp reaffirmed an "overweight" rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $257.27.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $232.62 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.45. The stock has a market cap of $33.34 billion, a price-to-earnings ratio of 21.09, a price-to-earnings-growth ratio of 0.44 and a beta of 1.52. The firm has a 50-day moving average of $241.70 and a two-hundred day moving average of $223.99. Steel Dynamics, Inc. has a 1 year low of $126.88 and a 1 year high of $288.74.

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

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics's dividend payout ratio (DPR) is presently 19.22%.

Insiders Place Their Bets

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction on Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the sale, the senior vice president directly owned 102,837 shares of the company's stock, valued at $27,632,301.90. The trade was a 8.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.60% of the stock is currently owned by company insiders.

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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