Steel Dynamics, Inc. $STLD Shares Newly Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems et al. acquired 8,200 Steel Dynamics shares in the third quarter, valued at approximately $1.82 million. Institutional investors collectively own 82.41% of the company’s stock.
• Analysts give Steel Dynamics a consensus “Moderate Buy” rating, with an average price target of $275.17; nine analysts rate it Buy and four rate it Hold.
• Steel Dynamics reported quarterly EPS of $5.26, below the $5.48 consensus, while revenue of $6.51 billion exceeded estimates and grew 34.8% year over year.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 8,200 shares of the basic materials company's stock, valued at approximately $1,817,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in STLD. BlackRock Inc. acquired a new position in shares of Steel Dynamics during the second quarter worth approximately $2,844,501,000. Bank of America Corp DE increased its holdings in shares of Steel Dynamics by 19.1% in the first quarter. Bank of America Corp DE now owns 1,340,234 shares of the basic materials company's stock valued at $241,242,000 after purchasing an additional 215,029 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Steel Dynamics by 3.7% in the first quarter. Bank of New York Mellon Corp now owns 938,585 shares of the basic materials company's stock valued at $168,945,000 after purchasing an additional 33,434 shares in the last quarter. Deutsche Bank AG acquired a new stake in shares of Steel Dynamics in the second quarter valued at approximately $126,579,000. Finally, Bessemer Group Inc. raised its position in Steel Dynamics by 56,088.1% in the 1st quarter. Bessemer Group Inc. now owns 542,215 shares of the basic materials company's stock worth $97,598,000 after purchasing an additional 541,250 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on STLD shares. JPMorgan Chase & Co. reduced their price objective on Steel Dynamics from $272.00 to $260.00 and set a "neutral" rating on the stock in a report on Friday, October 9th. BNP Paribas Exane increased their price objective on Steel Dynamics from $275.00 to $276.00 and gave the company an "outperform" rating in a research report on Wednesday, October 21st. Bank of America lowered their target price on Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating for the company in a research note on Thursday, July 9th. Wall Street Zen downgraded Steel Dynamics from a "strong-buy" rating to a "buy" rating in a research report on Sunday, September 20th. Finally, Morgan Stanley cut their price target on 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. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $275.17.

Steel Dynamics Stock Down 1.7%

Shares of NASDAQ STLD opened at $247.66 on Wednesday. Steel Dynamics, Inc. has a 1 year low of $150.03 and a 1 year high of $288.74. The firm's 50-day moving average is $238.73 and its 200-day moving average is $224.07. The company has a current ratio of 3.14, a quick ratio of 1.48 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $35.22 billion, a PE ratio of 18.28, a price-to-earnings-growth ratio of 0.36 and a beta of 1.45.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings results on Monday, October 19th. The basic materials company reported $5.26 earnings per share for the quarter, missing analysts' consensus estimates of $5.48 by ($0.22). The business had revenue of $6.51 billion for the quarter, compared to the consensus estimate of $6.43 billion. Steel Dynamics had a return on equity of 21.57% and a net margin of 8.82%. The company's quarterly revenue was up 34.8% on a year-over-year basis. During the same period last year, the firm earned $2.74 earnings per share. Equities analysts expect that Steel Dynamics, Inc. will post 18.12 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, September 30th. Steel Dynamics's payout ratio is currently 15.65%.

About Steel Dynamics

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. The company manufactures steel products using electric arc furnace technology and serves customers across industries such as construction, automotive, manufacturing, and energy.

Its operations include the production of flat rolled steel, long steel products, structural steel, rail, and specialty products. Steel Dynamics also provides steel processing and fabrication services, including the manufacture of steel joists, deck systems, and other components used in commercial and industrial construction.

The company operates metals recycling facilities that collect, process, and supply ferrous and nonferrous scrap to support its steelmaking operations.

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