Louisiana State Employees Retirement System Sells 500 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Louisiana State Employees Retirement System lowered its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 5.6% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,400 shares of the basic materials company’s stock after selling 500 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Steel Dynamics were worth $1,088,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Larson Financial Group LLC acquired a new stake in Steel Dynamics in the first quarter valued at about $25,000. LifeSteps Financial Inc. bought a new position in shares of Steel Dynamics during the first quarter valued at $26,000. Security National Bank bought a new stake in shares of Steel Dynamics in the 4th quarter valued at about $30,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Steel Dynamics in the second quarter valued at approximately $41,000. Finally, Riverview Trust Co acquired a new stake in shares of Steel Dynamics during the first quarter worth $50,000. 82.41% of the stock is owned by institutional investors.

Steel Dynamics Stock Down 1.1 %

Shares of NASDAQ:STLD opened at $121.41 on Wednesday. The firm has a fifty day moving average of $124.56 and a 200 day moving average of $130.59. Steel Dynamics, Inc. has a 52-week low of $95.53 and a 52-week high of $151.34. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.19 and a current ratio of 2.35. The firm has a market capitalization of $18.73 billion, a PE ratio of 8.34 and a beta of 1.35.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.05. The firm had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.43 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The business’s revenue was down 8.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.81 earnings per share. As a group, research analysts anticipate that Steel Dynamics, Inc. will post 10.74 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

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 $0.46 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.52%. Steel Dynamics’s dividend payout ratio is currently 12.64%.

Wall Street Analyst Weigh In

STLD has been the topic of several research analyst reports. 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. BMO Capital Markets dropped their target price on Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a report on Tuesday, June 18th. JPMorgan Chase & Co. increased their price target on shares of Steel Dynamics from $118.00 to $120.00 and gave the company an “underweight” rating in a research report on Tuesday, July 16th. Jefferies Financial Group assumed coverage on shares of Steel Dynamics in a research note on Monday, May 20th. They set a “hold” rating and a $150.00 price target on the stock. Finally, Morgan Stanley raised their target price on Steel Dynamics from $134.00 to $138.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $138.14.

Steel Dynamics Company 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.