State of New Jersey Common Pension Fund D Cuts Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

State of New Jersey Common Pension Fund D reduced its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 2.9% during the third quarter, HoldingsChannel reports. The fund owned 54,147 shares of the basic materials company’s stock after selling 1,613 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Steel Dynamics were worth $6,827,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Innealta Capital LLC purchased a new stake in shares of Steel Dynamics in the second quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Steel Dynamics in the second quarter worth $41,000. Cullen Frost Bankers Inc. grew its stake in shares of Steel Dynamics by 33.3% in the second quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock worth $52,000 after acquiring an additional 100 shares during the last quarter. HHM Wealth Advisors LLC purchased a new stake in shares of Steel Dynamics during the second quarter valued at $52,000. Finally, Eagle Bay Advisors LLC purchased a new stake in shares of Steel Dynamics during the third quarter valued at $64,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. increased their price objective on Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $140.00 to $155.00 in a research report on Tuesday, October 1st. BMO Capital Markets increased their price objective on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a research report on Friday, October 18th. Morgan Stanley dropped their price objective on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. Finally, UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Steel Dynamics has a consensus rating of “Hold” and a consensus price target of $144.29.

Steel Dynamics Stock Down 0.5 %

NASDAQ STLD opened at $147.80 on Tuesday. The stock’s 50-day moving average price is $126.70 and its 200-day moving average price is $126.83. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. Steel Dynamics, Inc. has a 52 week low of $104.60 and a 52 week high of $155.56. The company has a market capitalization of $22.81 billion, a P/E ratio of 13.38 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.98 by $0.07. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The firm had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.18 billion. During the same quarter last year, the company earned $3.47 earnings per share. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. On average, equities research analysts predict that Steel Dynamics, Inc. will post 10.18 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.24%. Steel Dynamics’s dividend payout ratio (DPR) is presently 16.65%.

Insider Activity at Steel Dynamics

In related news, SVP Glenn Pushis sold 17,941 shares of Steel Dynamics stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the sale, the senior vice president now owns 146,693 shares of the company’s stock, valued at approximately $19,523,371.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Chad Bickford sold 2,000 shares of Steel Dynamics stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $134.86, for a total transaction of $269,720.00. Following the sale, the vice president now owns 17,100 shares of the company’s stock, valued at approximately $2,306,106. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Glenn Pushis sold 17,941 shares of Steel Dynamics stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $133.09, for a total value of $2,387,767.69. Following the sale, the senior vice president now directly owns 146,693 shares in the company, valued at $19,523,371.37. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is owned by corporate insiders.

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.