Texas Permanent School Fund Corp Sells 5,594 Shares of Steel Dynamics, Inc. $STLD

Texas Permanent School Fund Corp lowered its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 37.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 9,516 shares of the basic materials company’s stock after selling 5,594 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Steel Dynamics were worth $1,218,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Steel Dynamics in the second quarter valued at $339,769,000. Nordea Investment Management AB grew its holdings in Steel Dynamics by 43.3% during the 2nd quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock valued at $271,238,000 after purchasing an additional 630,935 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in Steel Dynamics by 40.6% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,675,973 shares of the basic materials company’s stock worth $214,541,000 after purchasing an additional 484,304 shares during the period. Qube Research & Technologies Ltd bought a new stake in Steel Dynamics in the second quarter worth about $48,746,000. Finally, AQR Capital Management LLC boosted its position in shares of Steel Dynamics by 79.1% during the second quarter. AQR Capital Management LLC now owns 627,542 shares of the basic materials company’s stock valued at $80,332,000 after buying an additional 277,166 shares during the period. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Stock Down 1.2%

Shares of Steel Dynamics stock opened at $175.06 on Thursday. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.11 and a quick ratio of 1.47. The stock has a market cap of $25.57 billion, a price-to-earnings ratio of 23.19, a PEG ratio of 1.20 and a beta of 1.47. The firm’s 50-day moving average is $161.06 and its two-hundred day moving average is $142.60. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $178.36.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.11. The firm had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. The company’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.05 EPS. As a group, research analysts expect that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st will be issued a $0.50 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.1%. Steel Dynamics’s dividend payout ratio (DPR) is currently 26.49%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on STLD shares. Wells Fargo & Company raised their price target on Steel Dynamics from $172.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, December 15th. KeyCorp lifted their target price on Steel Dynamics from $152.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Morgan Stanley boosted their target price on shares of Steel Dynamics from $145.00 to $173.00 and gave the company an “overweight” rating in a research note on Friday, October 24th. Citigroup raised their price target on shares of Steel Dynamics from $150.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Steel Dynamics in a research report on Monday. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Steel Dynamics currently has an average rating of “Moderate Buy” and a consensus target price of $176.89.

Insider Activity at Steel Dynamics

In related news, SVP Miguel Alvarez sold 8,251 shares of the company’s stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the completion of the sale, the senior vice president directly owned 117,068 shares in the company, valued at $19,057,499.72. This represents a 6.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 6.30% of the company’s stock.

About Steel Dynamics

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.