News

May 30, 2023

Commonwealth of Pennsylvania Public School Empls Retrmt SYS Cuts Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its stake

Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Get Rating) by 59.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,194 shares of the basic materials company's stock after selling 40,588 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS's holdings in Steel Dynamics were worth $2,755,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in STLD. State Street Corp boosted its stake in shares of Steel Dynamics by 9.5% during the 1st quarter. State Street Corp now owns 9,207,455 shares of the basic materials company's stock worth $771,198,000 after acquiring an additional 800,656 shares in the last quarter. Royal London Asset Management Ltd. grew its holdings in Steel Dynamics by 24.0% in the fourth quarter. Royal London Asset Management Ltd. now owns 3,228,932 shares of the basic materials company's stock valued at $315,451,000 after purchasing an additional 623,961 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Steel Dynamics by 4.3% in the third quarter. Bank of New York Mellon Corp now owns 2,124,519 shares of the basic materials company's stock valued at $150,734,000 after buying an additional 86,719 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Steel Dynamics by 11.7% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 1,999,689 shares of the basic materials company's stock worth $141,879,000 after buying an additional 208,704 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its position in shares of Steel Dynamics by 62.5% in the 4th quarter. Pacer Advisors Inc. now owns 1,464,199 shares of the basic materials company's stock worth $143,052,000 after buying an additional 562,974 shares in the last quarter. Hedge funds and other institutional investors own 79.54% of the company's stock.

Several research firms have weighed in on STLD. Citigroup downgraded shares of Steel Dynamics from a "buy" rating to a "neutral" rating in a report on Wednesday, March 15th. UBS Group cut their price objective on Steel Dynamics from $110.00 to $100.00 in a research report on Friday, May 5th. Bank of America cut Steel Dynamics from a "buy" rating to a "neutral" rating and lowered their target price for the company from $140.00 to $123.00 in a report on Wednesday, April 5th. StockNews.com began coverage on Steel Dynamics in a research report on Thursday, May 18th. They set a "hold" rating for the company. Finally, Credit Suisse Group upped their price objective on Steel Dynamics from $106.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, April 21st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Steel Dynamics currently has an average rating of "Hold" and an average price target of $107.63.

Shares of NASDAQ:STLD opened at $97.68 on Tuesday. The company has a current ratio of 4.15, a quick ratio of 2.51 and a debt-to-equity ratio of 0.37. The firm has a market cap of $16.51 billion, a price-to-earnings ratio of 5.20 and a beta of 1.48. The stock's 50-day moving average price is $101.72 and its two-hundred day moving average price is $108.59. Steel Dynamics, Inc. has a 12-month low of $62.44 and a 12-month high of $136.46.

Steel Dynamics (NASDAQ:STLD - Get Rating) last posted its quarterly earnings results on Wednesday, April 19th. The basic materials company reported $4.01 earnings per share for the quarter, topping analysts' consensus estimates of $3.81 by $0.20. Steel Dynamics had a net margin of 15.73% and a return on equity of 47.68%. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.95 billion. During the same quarter last year, the firm posted $6.02 earnings per share. Steel Dynamics's revenue was down 12.1% on a year-over-year basis. On average, research analysts forecast that Steel Dynamics, Inc. will post 16.2 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be paid a $0.425 dividend. The ex-dividend date of this dividend is Thursday, June 29th. This represents a $1.70 annualized dividend and a dividend yield of 1.74%. Steel Dynamics's dividend payout ratio (DPR) is presently 9.05%.

Steel Dynamics, Inc engages in the manufacture of steel products and metal recycling. It operates through the following segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment consists of sheet products including hot roll, cold roll, and coated steel, long products including structural steel beams, pilings, and standard and premium grade rail, and steel finishing services such as turning, polishing, straightening, chamfering, threading, and precision saw-cutting.

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