South Dakota Investment Council Acquires 33,472 Shares of Steel Dynamics, Inc. $STLD

South Dakota Investment Council boosted its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 119.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 61,550 shares of the basic materials company’s stock after acquiring an additional 33,472 shares during the quarter. South Dakota Investment Council’s holdings in Steel Dynamics were worth $7,879,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB increased its holdings in shares of Steel Dynamics by 43.3% during the second quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock worth $271,238,000 after buying an additional 630,935 shares in the last quarter. OFI Invest Asset Management acquired a new position in Steel Dynamics in the second quarter worth $4,221,000. Geneos Wealth Management Inc. boosted its stake in Steel Dynamics by 72.4% in the first quarter. Geneos Wealth Management Inc. now owns 1,143 shares of the basic materials company’s stock worth $143,000 after purchasing an additional 480 shares in the last quarter. Alpine Woods Capital Investors LLC grew its holdings in shares of Steel Dynamics by 10.4% during the second quarter. Alpine Woods Capital Investors LLC now owns 47,773 shares of the basic materials company’s stock worth $6,115,000 after purchasing an additional 4,489 shares during the last quarter. Finally, Callan Family Office LLC increased its stake in shares of Steel Dynamics by 155.0% in the second quarter. Callan Family Office LLC now owns 5,593 shares of the basic materials company’s stock valued at $716,000 after buying an additional 3,400 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Analyst Ratings Changes

STLD has been the topic of several research reports. Citigroup upped their price target on shares of Steel Dynamics from $150.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday. Weiss Ratings reiterated a “hold (c)” rating on shares of Steel Dynamics in a research report on Wednesday, October 8th. Jefferies Financial Group raised their price target on shares of Steel Dynamics from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. Morgan Stanley boosted their price objective on shares of Steel Dynamics from $145.00 to $173.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Finally, BMO Capital Markets increased their price objective on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $169.33.

Steel Dynamics Stock Down 0.9%

Shares of NASDAQ:STLD opened at $156.80 on Monday. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.11 and a quick ratio of 1.34. The stock has a market cap of $22.90 billion, a price-to-earnings ratio of 20.77, a P/E/G ratio of 1.39 and a beta of 1.40. The company has a 50 day moving average of $141.10 and a 200-day moving average of $133.53. Steel Dynamics, Inc. has a one year low of $103.17 and a one year high of $164.73.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Monday, October 20th. The basic materials company reported $2.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.63 by $0.11. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. The firm had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same period last year, the firm earned $2.05 earnings per share. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, sell-side analysts forecast that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Tuesday, September 30th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.3%. Steel Dynamics’s payout ratio is 26.49%.

Insider Buying and Selling

In other Steel Dynamics news, SVP Miguel Alvarez sold 8,251 shares of the stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total value of $1,343,180.29. Following the transaction, the senior vice president owned 117,068 shares of the company’s stock, valued at approximately $19,057,499.72. This represents a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 6.30% of the company’s stock.

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.