State of Alaska Department of Revenue Decreases Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

State of Alaska Department of Revenue cut its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 14.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,623 shares of the basic materials company’s stock after selling 5,665 shares during the period. State of Alaska Department of Revenue’s holdings in Steel Dynamics were worth $4,983,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in STLD. Franklin Resources Inc. raised its holdings in Steel Dynamics by 12.0% in the 4th quarter. Franklin Resources Inc. now owns 344,569 shares of the basic materials company’s stock valued at $40,694,000 after acquiring an additional 37,033 shares during the last quarter. Nordea Investment Management AB increased its holdings in shares of Steel Dynamics by 1.1% in the fourth quarter. Nordea Investment Management AB now owns 1,008,853 shares of the basic materials company’s stock valued at $118,787,000 after purchasing an additional 11,026 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Steel Dynamics by 1.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 17,321 shares of the basic materials company’s stock worth $2,046,000 after buying an additional 278 shares in the last quarter. Schroder Investment Management Group boosted its stake in Steel Dynamics by 15.3% during the fourth quarter. Schroder Investment Management Group now owns 743,697 shares of the basic materials company’s stock worth $87,831,000 after buying an additional 98,764 shares during the last quarter. Finally, Hennessy Advisors Inc. grew its holdings in Steel Dynamics by 30.3% in the 1st quarter. Hennessy Advisors Inc. now owns 59,700 shares of the basic materials company’s stock valued at $8,849,000 after buying an additional 13,900 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Bank of America lowered their price target on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. JPMorgan Chase & Co. raised their price target on shares of Steel Dynamics from $100.00 to $118.00 and gave the stock an “underweight” rating in a report on Tuesday, April 16th. Citigroup upped their price objective on Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, March 13th. Jefferies Financial Group initiated coverage on Steel Dynamics in a research note on Monday, May 20th. They set a “hold” rating and a $150.00 target price for the company. Finally, BMO Capital Markets decreased their price target on Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a research note on Tuesday, June 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $129.63.

Insiders Place Their Bets

In other news, SVP Christopher A. Graham sold 21,000 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $136.81, for a total value of $2,873,010.00. Following the sale, the senior vice president now directly owns 60,415 shares in the company, valued at $8,265,376.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 6.10% of the company’s stock.

Steel Dynamics Trading Down 0.9 %

Shares of NASDAQ STLD opened at $127.13 on Friday. The company has a current ratio of 2.87, a quick ratio of 1.55 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $19.98 billion, a PE ratio of 8.73 and a beta of 1.35. Steel Dynamics, Inc. has a twelve month low of $95.53 and a twelve month high of $151.34. The stock has a fifty day simple moving average of $129.82 and a 200-day simple moving average of $128.90.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.54 by $0.13. The company had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.74 billion. Steel Dynamics had a return on equity of 27.62% and a net margin of 12.89%. Steel Dynamics’s revenue was down 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted $4.01 EPS. On average, equities analysts forecast that Steel Dynamics, Inc. will post 11.64 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, July 12th. Shareholders of record on Sunday, June 30th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.84 dividend on an annualized basis and a yield of 1.45%. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.64%.

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.