New York State Common Retirement Fund Sells 5,900 Shares of Steel Dynamics, Inc. $STLD

New York State Common Retirement Fund cut its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 6.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 87,758 shares of the basic materials company’s stock after selling 5,900 shares during the quarter. New York State Common Retirement Fund owned 0.06% of Steel Dynamics worth $12,236,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Versant Capital Management Inc increased its holdings in shares of Steel Dynamics by 13.2% in the 3rd quarter. Versant Capital Management Inc now owns 548 shares of the basic materials company’s stock worth $76,000 after buying an additional 64 shares during the last quarter. Bartlett & CO. Wealth Management LLC grew its position in Steel Dynamics by 24.8% in the third quarter. Bartlett & CO. Wealth Management LLC now owns 377 shares of the basic materials company’s stock worth $53,000 after acquiring an additional 75 shares in the last quarter. Wright Investors Service Inc. grew its position in Steel Dynamics by 1.5% in the third quarter. Wright Investors Service Inc. now owns 5,491 shares of the basic materials company’s stock worth $766,000 after acquiring an additional 82 shares in the last quarter. Covestor Ltd increased its stake in Steel Dynamics by 44.3% during the third quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 93 shares during the last quarter. Finally, Security Financial Services INC. raised its position in Steel Dynamics by 2.1% during the third quarter. Security Financial Services INC. now owns 4,675 shares of the basic materials company’s stock valued at $652,000 after purchasing an additional 94 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Trading Up 3.9%

STLD stock opened at $186.55 on Tuesday. The company has a market capitalization of $27.24 billion, a PE ratio of 23.29, a P/E/G ratio of 0.75 and a beta of 1.46. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $186.62. The firm’s 50-day moving average is $172.39 and its 200 day moving average is $151.09. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.06 and a quick ratio of 1.29.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Monday, January 26th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.10. The company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.62 billion. Steel Dynamics had a net margin of 6.52% and a return on equity of 13.56%. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.36 EPS. On average, research analysts anticipate that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $2.00 dividend on an annualized basis and a yield of 1.1%. Steel Dynamics’s payout ratio is 24.97%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. Jefferies Financial Group lifted their price objective on shares of Steel Dynamics from $180.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, December 10th. Wall Street Zen raised shares of Steel Dynamics from a “hold” rating to a “strong-buy” rating in a research note on Saturday. Morgan Stanley restated an “equal weight” rating and issued a $194.00 target price (up previously from $173.00) on shares of Steel Dynamics in a report on Friday, January 9th. Finally, UBS Group set a $165.00 price target on shares of Steel Dynamics in a report on Tuesday, November 4th. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $182.00.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.