Steel Dynamics, Inc. (STLD) Stake Decreased by Teacher Retirement System of Texas
Teacher Retirement System of Texas cut its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 3.8% during the second quarter, Holdings Channel reports. The fund owned 417,455 shares of the basic materials company’s stock after selling 16,480 shares during the period. Teacher Retirement System of Texas’ holdings in Steel Dynamics were worth $14,949,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nordea Investment Management AB purchased a new position in shares of Steel Dynamics during the first quarter valued at $1,546,000. Hennessy Advisors Inc. purchased a new position in shares of Steel Dynamics during the first quarter valued at $3,639,000. Airain ltd boosted its position in shares of Steel Dynamics by 855.0% in the first quarter. Airain ltd now owns 245,479 shares of the basic materials company’s stock valued at $8,533,000 after buying an additional 219,774 shares in the last quarter. Affinity Wealth Management purchased a new position in shares of Steel Dynamics during the first quarter valued at $265,000. Finally, KBC Group NV purchased a new position in shares of Steel Dynamics during the first quarter valued at $790,000. 84.05% of the stock is owned by institutional investors.
Shares of Steel Dynamics, Inc. (NASDAQ:STLD) opened at 34.54 on Friday. Steel Dynamics, Inc. has a one year low of $22.79 and a one year high of $40.17. The stock has a market capitalization of $8.29 billion, a P/E ratio of 15.87 and a beta of 1.23. The stock’s 50 day moving average price is $35.88 and its 200 day moving average price is $35.22.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, hitting analysts’ consensus estimates of $0.63. Steel Dynamics had a return on equity of 21.75% and a net margin of 6.07%. The business had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same period in the previous year, the firm earned $0.58 earnings per share. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year. On average, analysts forecast that Steel Dynamics, Inc. will post $2.83 EPS for the current year.
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Several research analysts recently weighed in on the company. Zacks Investment Research raised Steel Dynamics from a “sell” rating to a “hold” rating in a research note on Wednesday, July 26th. Clarkson Capital reaffirmed a “neutral” rating on shares of Steel Dynamics in a research note on Thursday, July 20th. BidaskClub raised Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Bank of America Corporation raised their target price on Steel Dynamics from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, July 21st. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $43.00 target price (up previously from $42.00) on shares of Steel Dynamics in a research note on Saturday, July 22nd. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Steel Dynamics currently has a consensus rating of “Buy” and a consensus price target of $39.79.
In related news, insider Christopher A. Graham sold 5,021 shares of Steel Dynamics stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $38.05, for a total transaction of $191,049.05. Following the completion of the sale, the insider now directly owns 26,778 shares of the company’s stock, valued at $1,018,902.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Keith E. Busse sold 4,965 shares of Steel Dynamics stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total value of $190,755.30. Following the sale, the director now directly owns 1,005,666 shares of the company’s stock, valued at $38,637,687.72. The disclosure for this sale can be found here. 4.20% of the stock is owned by insiders.
Steel Dynamics Company Profile
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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