Steel Dynamics, Inc. (NASDAQ:STLD) Shares Sold by New York Life Investment Management LLC

New York Life Investment Management LLC lowered its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 11.2% during the fourth quarter, Holdings Channel reports. The fund owned 21,820 shares of the basic materials company’s stock after selling 2,759 shares during the quarter. New York Life Investment Management LLC’s holdings in Steel Dynamics were worth $2,577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CVA Family Office LLC acquired a new stake in shares of Steel Dynamics in the fourth quarter worth $28,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Steel Dynamics in the fourth quarter worth $29,000. Lindbrook Capital LLC increased its stake in shares of Steel Dynamics by 117.5% in the fourth quarter. Lindbrook Capital LLC now owns 248 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 134 shares during the period. Exchange Traded Concepts LLC acquired a new stake in shares of Steel Dynamics in the fourth quarter worth $44,000. Finally, Denali Advisors LLC increased its stake in shares of Steel Dynamics by 99.0% in the fourth quarter. Denali Advisors LLC now owns 406 shares of the basic materials company’s stock worth $48,000 after acquiring an additional 202 shares during the period. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Stock Performance

STLD opened at $135.47 on Monday. The company has a quick ratio of 1.55, a current ratio of 2.87 and a debt-to-equity ratio of 0.29. The company has a market cap of $21.40 billion, a price-to-earnings ratio of 9.30 and a beta of 1.47. Steel Dynamics, Inc. has a 52-week low of $90.55 and a 52-week high of $151.34. The firm’s fifty day simple moving average is $138.22 and its two-hundred day simple moving average is $123.40.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.54 by $0.13. The business had revenue of $4.69 billion for the quarter, compared to the consensus estimate of $4.74 billion. Steel Dynamics had a net margin of 12.89% and a return on equity of 27.62%. The company’s revenue was down 4.1% compared to the same quarter last year. During the same period last year, the firm posted $4.01 earnings per share. Equities analysts anticipate that Steel Dynamics, Inc. will post 12.76 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, April 14th. Shareholders of record on Sunday, March 31st were issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.36%. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.43. The ex-dividend date was Wednesday, March 27th. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.64%.

Analyst Ratings Changes

STLD has been the topic of a number of recent analyst reports. BMO Capital Markets increased their price target on shares of Steel Dynamics from $110.00 to $120.00 and gave the stock a “market perform” rating in a report on Monday, March 18th. Citigroup increased their price target on shares of Steel Dynamics from $130.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, March 13th. JPMorgan Chase & Co. increased their price target on shares of Steel Dynamics from $100.00 to $118.00 and gave the stock an “underweight” rating in a report on Tuesday, April 16th. Finally, UBS Group lowered their price target on shares of Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating on the stock in a report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, Steel Dynamics currently has a consensus rating of “Hold” and an average price target of $121.17.

About Steel Dynamics

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.