Steel Dynamics, Inc. $STLD Holdings Lifted by California State Teachers Retirement System

California State Teachers Retirement System boosted its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 26,381.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,793,831 shares of the basic materials company’s stock after buying an additional 42,632,231 shares during the period. California State Teachers Retirement System owned approximately 0.30% of Steel Dynamics worth $9,819,472,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Prosperity Bancshares Inc acquired a new stake in Steel Dynamics during the 4th quarter worth about $25,000. Meeder Asset Management Inc. acquired a new position in shares of Steel Dynamics in the 2nd quarter valued at about $26,000. MV Capital Management Inc. acquired a new position in shares of Steel Dynamics in the 4th quarter valued at about $27,000. Cedar Mountain Advisors LLC purchased a new stake in shares of Steel Dynamics in the first quarter worth approximately $31,000. Finally, NBH Bank purchased a new stake in shares of Steel Dynamics in the second quarter worth approximately $31,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Stock Down 0.7%

Shares of Steel Dynamics stock opened at $240.31 on Wednesday. The firm has a market cap of $34.44 billion, a price-to-earnings ratio of 21.79, a P/E/G ratio of 0.46 and a beta of 1.50. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.45. Steel Dynamics, Inc. has a 52-week low of $129.41 and a 52-week high of $288.74. The stock has a 50-day simple moving average of $241.84 and a 200-day simple moving average of $225.96.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, beating the consensus estimate of $3.63 by $0.06. The business had revenue of $6.09 billion during the quarter, compared to analysts’ expectations of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The firm’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.01 EPS. On average, equities research analysts expect that Steel Dynamics, Inc. will post 17.16 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $0.53 per share. The ex-dividend date is Wednesday, September 30th. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. Steel Dynamics’s dividend payout ratio is 19.22%.

Analyst Ratings Changes

STLD has been the topic of a number of research analyst reports. UBS Group boosted their price objective on shares of Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Weiss Ratings upgraded shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. KeyCorp reissued an “overweight” rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. The Goldman Sachs Group initiated coverage on shares of Steel Dynamics in a research note on Wednesday, July 29th. They set a “buy” rating and a $300.00 target price for the company. Finally, JPMorgan Chase & Co. boosted their price target on shares of Steel Dynamics from $256.00 to $260.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $257.27.

Steel Dynamics Profile

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.