Steel Dynamics, Inc. (NASDAQ:STLD) Shares Sold by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury decreased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 29.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,448 shares of the basic materials company's stock after selling 21,536 shares during the period. State of Tennessee Department of Treasury's holdings in Steel Dynamics were worth $5,755,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new stake in shares of Steel Dynamics during the 3rd quarter worth $25,000. ORG Wealth Partners LLC purchased a new stake in shares of Steel Dynamics during the fourth quarter valued at about $28,000. IAG Wealth Partners LLC bought a new stake in shares of Steel Dynamics in the 4th quarter valued at about $39,000. Avalon Trust Co purchased a new position in shares of Steel Dynamics in the 4th quarter worth approximately $42,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Steel Dynamics during the 4th quarter worth approximately $48,000. Hedge funds and other institutional investors own 82.41% of the company's stock.

Insider Transactions at Steel Dynamics

In related news, SVP Glenn Pushis sold 23,649 shares of the company's stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $134.67, for a total value of $3,184,810.83. Following the completion of the transaction, the senior vice president now owns 122,140 shares of the company's stock, valued at approximately $16,448,593.80. This represents a 16.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.30% of the company's stock.

Analyst Upgrades and Downgrades

STLD has been the subject of several recent analyst reports. KeyCorp upgraded shares of Steel Dynamics from a "sector weight" rating to an "overweight" rating and set a $155.00 target price for the company in a research note on Tuesday, February 11th. UBS Group upgraded Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 target price on the stock in a research note on Monday, March 24th. Jefferies Financial Group upgraded Steel Dynamics from a "hold" rating to a "buy" rating and increased their price target for the company from $125.00 to $145.00 in a research note on Friday, January 24th. Morgan Stanley set a $140.00 price target on Steel Dynamics and gave the stock an "overweight" rating in a research note on Thursday, April 24th. Finally, BNP Paribas raised shares of Steel Dynamics from a "neutral" rating to an "outperform" rating in a research report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $147.44.

Steel Dynamics Stock Performance

Shares of NASDAQ STLD traded down $0.02 during trading on Wednesday, reaching $129.27. 338,842 shares of the company traded hands, compared to its average volume of 1,497,691. The stock has a market cap of $19.38 billion, a P/E ratio of 13.18, a PEG ratio of 1.05 and a beta of 1.35. The firm's fifty day simple moving average is $123.71 and its 200 day simple moving average is $128.15. The company has a current ratio of 2.53, a quick ratio of 1.08 and a debt-to-equity ratio of 0.32. Steel Dynamics, Inc. has a 12-month low of $103.17 and a 12-month high of $155.56.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The basic materials company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.40 by $0.04. The business had revenue of $4.37 billion for the quarter, compared to analyst estimates of $4.17 billion. Steel Dynamics had a return on equity of 17.32% and a net margin of 8.76%. During the same quarter in the prior year, the firm posted $3.67 EPS. As a group, research analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics declared that its Board of Directors has initiated a share repurchase plan on Monday, February 24th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the basic materials company to buy up to 7.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Monday, June 30th will be given a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.55%. Steel Dynamics's dividend payout ratio (DPR) is currently 26.42%.

Steel Dynamics Company 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.