Public Employees Retirement System of Ohio Sells 2,008 Shares of Steel Dynamics, Inc. $STLD

Key Points

• The Public Employees Retirement System of Ohio reduced its stake in Steel Dynamics, Inc. by 3.8%, selling 2,008 shares during the second quarter, bringing their total holdings to 50,337 shares valued at $6.44 million.
• Analysts have raised their price targets for Steel Dynamics, with JPMorgan Chase increasing theirs to $150.00 and Wells Fargo to $150.00, contributing to a consensus rating of "Moderate Buy" and an average price target of $149.40.
• Steel Dynamics announced a quarterly dividend of $0.50, reflecting a 1.4% yield and a payout ratio of 29.15%, with the dividend set to be paid on October 10th.

Public Employees Retirement System of Ohio cut its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 3.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,337 shares of the basic materials company's stock after selling 2,008 shares during the period. Public Employees Retirement System of Ohio's holdings in Steel Dynamics were worth $6,444,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cary Street Partners Investment Advisory LLC grew its position in Steel Dynamics by 493.9% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company's stock worth $25,000 after acquiring an additional 163 shares in the last quarter. Financial Gravity Asset Management Inc. purchased a new stake in Steel Dynamics during the first quarter valued at approximately $25,000. Zions Bancorporation National Association UT bought a new stake in shares of Steel Dynamics in the 1st quarter valued at approximately $32,000. WPG Advisers LLC purchased a new position in shares of Steel Dynamics in the 1st quarter worth approximately $32,000. Finally, Grove Bank & Trust increased its position in shares of Steel Dynamics by 194.7% during the 1st quarter. Grove Bank & Trust now owns 277 shares of the basic materials company's stock valued at $35,000 after purchasing an additional 183 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

STLD has been the subject of several analyst reports. JPMorgan Chase & Co. raised their target price on shares of Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Morgan Stanley increased their price objective on shares of Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Finally, Wells Fargo & Company raised their price objective on shares of Steel Dynamics from $143.00 to $150.00 and gave the stock an "overweight" rating in a research note on Monday, September 15th. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Steel Dynamics currently has a consensus rating of "Moderate Buy" and an average price target of $149.40.

Insider Transactions at Steel Dynamics

In related news, SVP Christopher A. Graham sold 12,000 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $126.71, for a total value of $1,520,520.00. Following the sale, the senior vice president owned 66,738 shares in the company, valued at $8,456,371.98. This represents a 15.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.30% of the stock is owned by company insiders.

Steel Dynamics Price Performance

STLD opened at $139.63 on Monday. The firm has a market capitalization of $20.55 billion, a PE ratio of 20.35, a price-to-earnings-growth ratio of 1.14 and a beta of 1.40. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.13 and a quick ratio of 1.34. The business's 50-day moving average is $130.48 and its two-hundred day moving average is $128.82. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $155.56.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.04). Steel Dynamics had a return on equity of 11.88% and a net margin of 6.07%.The firm had revenue of $4.57 billion during the quarter, compared to analysts' expectations of $4.82 billion. During the same period in the prior year, the firm posted $2.72 earnings per share. Steel Dynamics's revenue for the quarter was down 1.5% compared to the same quarter last year. Research analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Steel Dynamics's dividend payout ratio is presently 29.15%.

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.

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