New Mexico Educational Retirement Board Boosts Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

New Mexico Educational Retirement Board boosted its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 366.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,200 shares of the basic materials company’s stock after purchasing an additional 30,800 shares during the period. New Mexico Educational Retirement Board’s holdings in Steel Dynamics were worth $5,811,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. CVA Family Office LLC purchased a new stake in Steel Dynamics in the fourth quarter worth $28,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Steel Dynamics in the fourth quarter worth about $29,000. Lindbrook Capital LLC boosted its position in Steel Dynamics by 117.5% during the 4th quarter. Lindbrook Capital LLC now owns 248 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 134 shares in the last quarter. Security National Bank purchased a new position in shares of Steel Dynamics during the 4th quarter worth approximately $30,000. Finally, Exchange Traded Concepts LLC bought a new position in shares of Steel Dynamics in the 4th quarter worth approximately $44,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Up 3.9 %

Shares of STLD stock traded up $4.89 during mid-day trading on Friday, hitting $129.50. The company’s stock had a trading volume of 2,428,798 shares, compared to its average volume of 1,469,828. The stock has a market cap of $20.35 billion, a price-to-earnings ratio of 8.89 and a beta of 1.40. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.55 and a current ratio of 2.87. Steel Dynamics, Inc. has a 52-week low of $95.53 and a 52-week high of $151.34. The business has a 50-day moving average price of $130.28 and a 200 day moving average price of $128.73.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.54 by $0.13. The firm 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 business’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same quarter last year, the firm posted $4.01 EPS. Research analysts predict that Steel Dynamics, Inc. will post 11.64 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Sunday, June 30th will be paid a dividend of $0.46 per share. The ex-dividend date is Friday, June 28th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.42%. Steel Dynamics’s dividend payout ratio is currently 12.64%.

Insider Activity

In other Steel Dynamics news, SVP Christopher A. Graham sold 21,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $136.81, for a total transaction of $2,873,010.00. Following the completion of the sale, the senior vice president now directly owns 60,415 shares of the company’s stock, valued at $8,265,376.15. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 6.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Jefferies Financial Group started coverage on Steel Dynamics in a research note on Monday, May 20th. They issued a “hold” rating and a $150.00 price target on the stock. 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 research note on Wednesday, March 13th. JPMorgan Chase & Co. boosted their price objective on shares of Steel Dynamics from $100.00 to $118.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 16th. Bank of America decreased their target price on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, BMO Capital Markets dropped their price target on Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a research report on Tuesday, June 18th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Steel Dynamics currently has an average rating of “Hold” and an average target price of $129.63.

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.