Teacher Retirement System of Texas Lowers Stake in Steel Dynamics, Inc. $STLD

Teacher Retirement System of Texas lowered its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 14.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,875 shares of the basic materials company’s stock after selling 10,754 shares during the quarter. Teacher Retirement System of Texas’ holdings in Steel Dynamics were worth $8,906,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Versant Capital Management Inc boosted its holdings in shares of Steel Dynamics by 13.2% in the 3rd quarter. Versant Capital Management Inc now owns 548 shares of the basic materials company’s stock valued at $76,000 after buying an additional 64 shares in the last quarter. Bartlett & CO. Wealth Management LLC boosted its stake in Steel Dynamics by 24.8% in the third quarter. Bartlett & CO. Wealth Management LLC now owns 377 shares of the basic materials company’s stock valued at $53,000 after acquiring an additional 75 shares in the last quarter. Wright Investors Service Inc. boosted its stake in Steel Dynamics by 1.5% in the third quarter. Wright Investors Service Inc. now owns 5,491 shares of the basic materials company’s stock valued at $766,000 after acquiring an additional 82 shares in the last quarter. Covestor Ltd grew its holdings in Steel Dynamics by 44.3% in the third quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 93 shares during the last quarter. Finally, Security Financial Services INC. increased its position in shares of Steel Dynamics by 2.1% during the third quarter. Security Financial Services INC. now owns 4,675 shares of the basic materials company’s stock worth $652,000 after purchasing an additional 94 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Analyst Ratings Changes

STLD has been the subject of a number of recent analyst reports. The Goldman Sachs Group set a $172.00 price objective on Steel Dynamics and gave the stock a “neutral” rating in a research report on Friday, October 31st. Weiss Ratings reissued a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. BMO Capital Markets boosted their price target on Steel Dynamics from $155.00 to $167.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 22nd. UBS Group set a $165.00 price objective on shares of Steel Dynamics in a research report on Tuesday, November 4th. Finally, Wells Fargo & Company boosted their target price on shares of Steel Dynamics from $172.00 to $190.00 and gave the stock an “overweight” rating in a research report on Monday, December 15th. Five equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $182.00.

Steel Dynamics Stock Performance

Shares of NASDAQ STLD opened at $181.32 on Monday. The company has a 50 day simple moving average of $169.72 and a two-hundred day simple moving average of $149.13. The stock has a market cap of $26.48 billion, a price-to-earnings ratio of 24.02, a PEG ratio of 0.76 and a beta of 1.48. The company has a current ratio of 3.11, a quick ratio of 1.47 and a debt-to-equity ratio of 0.43. Steel Dynamics, Inc. has a 12 month low of $103.17 and a 12 month high of $182.81.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Wednesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is currently 26.49%.

Insiders Place Their Bets

In other news, SVP Miguel Alvarez sold 8,251 shares of the company’s 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 sale, the senior vice president owned 117,068 shares in the company, valued at $19,057,499.72. This represents a 6.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 6.30% of the company’s stock.

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.