Illinois Municipal Retirement Fund Reduces Stock Holdings in Steel Dynamics, Inc. $STLD

Illinois Municipal Retirement Fund reduced its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 15.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 36,488 shares of the basic materials company’s stock after selling 6,504 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Steel Dynamics were worth $6,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Prosperity Bancshares Inc bought a new stake in Steel Dynamics in the 4th quarter valued at about $25,000. MV Capital Management Inc. bought a new position in Steel Dynamics during the fourth quarter worth about $27,000. Sound Income Strategies LLC increased its stake in shares of Steel Dynamics by 1,500.0% in the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 150 shares in the last quarter. Cedar Mountain Advisors LLC purchased a new position in shares of Steel Dynamics in the first quarter worth about $31,000. Finally, DV Equities LLC bought a new stake in shares of Steel Dynamics in the fourth quarter valued at approximately $33,000. 82.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on STLD. Bank of America dropped their price target on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. JPMorgan Chase & Co. lowered their target price on shares of Steel Dynamics from $262.00 to $256.00 and set a “neutral” rating on the stock in a report on Wednesday. BMO Capital Markets increased their target price on Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 22nd. Citigroup raised their price target on Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Finally, Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $239.18.

Steel Dynamics Trading Up 0.2%

Shares of STLD stock opened at $235.51 on Friday. The company has a market capitalization of $34.08 billion, a PE ratio of 25.19, a price-to-earnings-growth ratio of 0.44 and a beta of 1.53. Steel Dynamics, Inc. has a 52-week low of $119.89 and a 52-week high of $288.74. The business’s fifty day moving average is $245.95 and its 200 day moving average is $208.80. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter in the prior year, the company earned $1.44 earnings per share. Steel Dynamics’s revenue was up 19.1% compared to the same quarter last year. On average, equities research analysts anticipate that Steel Dynamics, Inc. will post 17.27 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Tuesday, June 30th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Steel Dynamics’s dividend payout ratio (DPR) is currently 22.67%.

Insider Transactions at Steel Dynamics

In related news, SVP Miguel Alvarez sold 4,825 shares of the stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the transaction, the senior vice president owned 122,257 shares of the company’s stock, valued at approximately $27,578,734.06. This trade represents a 3.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth W. Cornew sold 5,000 shares of Steel Dynamics stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the transaction, the director owned 31,299 shares in the company, valued at approximately $7,038,206.13. The trade was a 13.77% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 22,125 shares of company stock worth $5,438,226. 6.60% of the stock is owned by corporate insiders.

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.