New York State Teachers Retirement System Cuts Stock Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

New York State Teachers Retirement System lowered its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 3.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 168,453 shares of the basic materials company's stock after selling 6,347 shares during the period. New York State Teachers Retirement System owned about 0.11% of Steel Dynamics worth $21,239,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake in Steel Dynamics by 4.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,604,492 shares of the basic materials company's stock worth $534,295,000 after purchasing an additional 152,254 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Steel Dynamics by 7.0% during the second quarter. Pacer Advisors Inc. now owns 2,138,157 shares of the basic materials company's stock worth $276,891,000 after buying an additional 140,042 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Steel Dynamics by 1.3% during the second quarter. Thrivent Financial for Lutherans now owns 1,768,333 shares of the basic materials company's stock worth $228,999,000 after buying an additional 22,390 shares during the last quarter. LSV Asset Management increased its position in Steel Dynamics by 3.9% in the 2nd quarter. LSV Asset Management now owns 1,410,070 shares of the basic materials company's stock valued at $182,604,000 after acquiring an additional 53,532 shares during the period. Finally, Acadian Asset Management LLC grew its stake in shares of Steel Dynamics by 21.6% in the 1st quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company's stock valued at $168,550,000 after purchasing an additional 202,312 shares during the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Price Performance

NASDAQ STLD traded up $3.15 during mid-day trading on Friday, hitting $133.65. The stock had a trading volume of 1,033,300 shares, compared to its average volume of 1,146,660. The company has a 50 day simple moving average of $123.74 and a 200 day simple moving average of $126.59. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. The company has a market cap of $20.62 billion, a price-to-earnings ratio of 12.10 and a beta of 1.31. Steel Dynamics, Inc. has a 52-week low of $104.60 and a 52-week high of $151.34.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last released its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (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 business had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.18 billion. During the same quarter in the previous year, the company posted $3.47 EPS. The business's revenue was down 5.4% on a year-over-year basis. Equities analysts forecast that Steel Dynamics, Inc. will post 10.22 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend was Monday, September 30th. Steel Dynamics's payout ratio is currently 16.65%.

Analyst Upgrades and Downgrades

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

Insider Activity at Steel Dynamics

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

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.