Kentucky Retirement Systems Reduces Stock Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)

Kentucky Retirement Systems lessened its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 3.6% in the second quarter, Holdings Channel reports. The fund owned 11,131 shares of the basic materials company’s stock after selling 420 shares during the quarter. Kentucky Retirement Systems’ holdings in Steel Dynamics were worth $1,441,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Seven Eight Capital LP acquired a new position in shares of Steel Dynamics during the second quarter worth $2,099,000. Vanguard Personalized Indexing Management LLC lifted its holdings in Steel Dynamics by 11.0% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 19,271 shares of the basic materials company’s stock worth $2,496,000 after buying an additional 1,902 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its position in Steel Dynamics by 46.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 67,503 shares of the basic materials company’s stock valued at $8,976,000 after buying an additional 21,563 shares during the last quarter. Denali Advisors LLC grew its stake in shares of Steel Dynamics by 565.3% during the second quarter. Denali Advisors LLC now owns 3,413 shares of the basic materials company’s stock valued at $442,000 after acquiring an additional 2,900 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new stake in shares of Steel Dynamics during the second quarter worth about $1,498,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. BMO Capital Markets reduced their price target on Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating for the company in a report on Tuesday. JPMorgan Chase & Co. raised shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $120.00 to $131.00 in a research report on Monday, September 9th. Morgan Stanley cut their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a report on Wednesday. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. Finally, Bank of America cut their target price on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Steel Dynamics has an average rating of “Hold” and a consensus price target of $141.29.

Steel Dynamics Stock Performance

Shares of STLD opened at $119.83 on Friday. The stock has a market capitalization of $18.83 billion, a PE ratio of 8.23 and a beta of 1.32. The business’s fifty day moving average price is $120.30 and its 200 day moving average price is $129.08. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19. Steel Dynamics, Inc. has a 12-month low of $98.25 and a 12-month high of $151.34.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same period last year, the firm posted $4.81 EPS. The company’s revenue for the quarter was down 8.8% on a year-over-year basis. Equities research analysts forecast that Steel Dynamics, Inc. will post 10.57 EPS for the current year.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date is Monday, September 30th. Steel Dynamics’s payout ratio is 12.64%.

Steel Dynamics 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.