Steel Dynamics, Inc. $STLD Shares Sold by National Pension Service

Key Points

• National Pension Service reduced its Steel Dynamics stake by 10.1% in the second quarter, selling 31,491 shares and retaining 279,644 shares worth approximately $64.2 million. Institutional investors collectively own 82.41% of the company.
• Analysts maintain a generally positive view, with eight Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $258.45.
• Steel Dynamics reported quarterly EPS of $3.69, exceeding estimates, while revenue rose 33.4% year over year to $6.09 billion. The company also declared a quarterly dividend of $0.53 per share, equivalent to a 0.9% yield.

National Pension Service lessened its position in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 10.1% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 279,644 shares of the basic materials company's stock after selling 31,491 shares during the period. National Pension Service owned approximately 0.20% of Steel Dynamics worth $64,167,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. WINTON GROUP Ltd acquired a new stake in Steel Dynamics in the second quarter valued at about $2,180,000. Integrated Wealth Concepts LLC boosted its stake in shares of Steel Dynamics by 3.9% in the second quarter. Integrated Wealth Concepts LLC now owns 2,912 shares of the basic materials company's stock valued at $668,000 after buying an additional 110 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Steel Dynamics by 4.1% during the second quarter. NewEdge Advisors LLC now owns 14,708 shares of the basic materials company's stock worth $3,375,000 after acquiring an additional 574 shares during the period. Baird Financial Group Inc. lifted its holdings in Steel Dynamics by 9.9% in the second quarter. Baird Financial Group Inc. now owns 187,906 shares of the basic materials company's stock valued at $43,117,000 after acquiring an additional 16,930 shares during the period. Finally, Arizona State Retirement System lifted its holdings in Steel Dynamics by 4.7% in the second quarter. Arizona State Retirement System now owns 39,463 shares of the basic materials company's stock valued at $9,055,000 after acquiring an additional 1,766 shares during the period. Hedge funds and other institutional investors own 82.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. KeyCorp reaffirmed an "overweight" rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Bank of America decreased their price objective on shares of Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating on the stock in a report on Thursday, July 9th. Weiss Ratings upgraded shares of Steel Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, June 18th. JPMorgan Chase & Co. lifted their price target on shares of Steel Dynamics from $260.00 to $273.00 and gave the company a "neutral" rating in a research report on Wednesday. Finally, Morgan Stanley decreased 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. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Steel Dynamics has a consensus rating of "Moderate Buy" and a consensus price target of $258.45.

Steel Dynamics Stock Up 1.1%

STLD stock opened at $239.79 on Friday. The company's 50 day simple moving average is $242.94 and its 200-day simple moving average is $226.71. The firm has a market capitalization of $34.37 billion, a PE ratio of 21.74, a P/E/G ratio of 0.45 and a beta of 1.50. Steel Dynamics, Inc. has a 12 month low of $129.41 and a 12 month high of $288.74. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.45.

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

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Steel Dynamics's payout ratio is 19.22%.

Steel Dynamics Profile

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnaces that use recycled steel and other metallic inputs to manufacture a broad range of steel products. Its customers include companies in the construction, automotive, manufacturing, transportation, energy and appliance industries.

Steel Dynamics' steel operations produce flat-rolled steel, structural steel, rail, engineered bar products and other specialty steel products.

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