State Board of Administration of Florida Retirement System Has $10.85 Million Holdings in Steel Dynamics, Inc. (STLD)

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State Board of Administration of Florida Retirement System lowered its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 1.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 361,078 shares of the basic materials company’s stock after selling 4,478 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Steel Dynamics were worth $10,847,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Valeo Financial Advisors LLC raised its holdings in shares of Steel Dynamics by 36.4% in the 4th quarter. Valeo Financial Advisors LLC now owns 1,124 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 300 shares in the last quarter. GWM Advisors LLC raised its holdings in shares of Steel Dynamics by 3.8% in the 4th quarter. GWM Advisors LLC now owns 15,971 shares of the basic materials company’s stock valued at $480,000 after acquiring an additional 581 shares in the last quarter. Waverton Investment Management Ltd raised its holdings in shares of Steel Dynamics by 3.1% in the 4th quarter. Waverton Investment Management Ltd now owns 21,750 shares of the basic materials company’s stock valued at $653,000 after acquiring an additional 647 shares in the last quarter. First Mercantile Trust Co. raised its holdings in shares of Steel Dynamics by 45.2% in the 4th quarter. First Mercantile Trust Co. now owns 2,570 shares of the basic materials company’s stock valued at $77,000 after acquiring an additional 800 shares in the last quarter. Finally, IFM Investors Pty Ltd raised its holdings in shares of Steel Dynamics by 9.8% in the 4th quarter. IFM Investors Pty Ltd now owns 14,057 shares of the basic materials company’s stock valued at $422,000 after acquiring an additional 1,257 shares in the last quarter. Institutional investors and hedge funds own 84.14% of the company’s stock.

STLD has been the topic of a number of research reports. ValuEngine raised Steel Dynamics from a “strong sell” rating to a “sell” rating in a report on Thursday, January 10th. Cowen started coverage on Steel Dynamics in a research note on Tuesday, January 8th. They issued a “market perform” rating and a $32.00 price target on the stock. BMO Capital Markets decreased their price target on Steel Dynamics from $60.00 to $53.00 and set a “buy” rating on the stock in a research note on Friday, October 19th. BidaskClub raised Steel Dynamics from a “strong sell” rating to a “sell” rating in a research note on Friday, January 11th. Finally, Citigroup decreased their price target on Steel Dynamics from $56.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, October 19th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company’s stock. Steel Dynamics currently has an average rating of “Buy” and an average target price of $50.18.

In other news, Director Richard P. Teets, Jr. purchased 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 28th. The shares were bought at an average cost of $33.85 per share, for a total transaction of $677,000.00. Following the completion of the transaction, the director now directly owns 5,022,779 shares of the company’s stock, valued at approximately $170,021,069.15. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.40% of the company’s stock.

Shares of STLD stock opened at $36.20 on Tuesday. The company has a market capitalization of $8.21 billion, a PE ratio of 6.59, a price-to-earnings-growth ratio of 0.71 and a beta of 1.40. Steel Dynamics, Inc. has a fifty-two week low of $28.91 and a fifty-two week high of $52.10. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.13 and a current ratio of 3.96.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Tuesday, January 22nd. The basic materials company reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.06. The firm had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.93 billion. Steel Dynamics had a return on equity of 35.44% and a net margin of 10.65%. The business’s quarterly revenue was up 24.3% compared to the same quarter last year. During the same period last year, the company earned $0.54 EPS. Research analysts forecast that Steel Dynamics, Inc. will post 4.19 earnings per share for the current year.

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Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. The company operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment provides hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; merchant bar products, including angles, merchant rounds, flats, channels, and reinforcing bars; beams, channels, and specialty steel sections; and threaded rod products, and cold drawn and heat treated bars.

Read More: Leveraged Buyout (LBO) Explained

Want to see what other hedge funds are holding STLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Steel Dynamics, Inc. (NASDAQ:STLD).

Institutional Ownership by Quarter for Steel Dynamics (NASDAQ:STLD)

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