New York State Teachers Retirement System Has $22.62 Million Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Posted by Defense World Staff on Apr 12th, 2023

New York State Teachers Retirement System trimmed its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 7.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 231,550 shares of the basic materials company’s stock after selling 19,552 shares during the quarter. New York State Teachers Retirement System owned 0.13% of Steel Dynamics worth $22,622,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of STLD. Clearstead Advisors LLC bought a new stake in Steel Dynamics during the third quarter worth $35,000. Armstrong Advisory Group Inc. bought a new stake in Steel Dynamics during the fourth quarter worth $40,000. Parkside Financial Bank & Trust grew its holdings in Steel Dynamics by 27.4% during the third quarter. Parkside Financial Bank & Trust now owns 596 shares of the basic materials company’s stock worth $42,000 after buying an additional 128 shares in the last quarter. Exos TFP Holdings LLC bought a new stake in Steel Dynamics during the third quarter worth $42,000. Finally, UMB Bank n.a. grew its holdings in Steel Dynamics by 50.4% during the fourth quarter. UMB Bank n.a. now owns 603 shares of the basic materials company’s stock worth $59,000 after buying an additional 202 shares in the last quarter. 79.54% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Stock Performance

Shares of STLD opened at $108.01 on Wednesday. The stock’s 50-day simple moving average is $117.96 and its 200 day simple moving average is $104.97. The stock has a market capitalization of $18.43 billion, a price-to-earnings ratio of 5.20 and a beta of 1.49. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.22 and a current ratio of 3.76. Steel Dynamics, Inc. has a 52-week low of $62.44 and a 52-week high of $136.46.

Steel Dynamics (NASDAQ:STLD – Get Rating) last issued its quarterly earnings data on Wednesday, January 25th. The basic materials company reported $4.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.60 by $0.77. The business had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.77 billion. Steel Dynamics had a return on equity of 56.22% and a net margin of 17.35%. The firm’s quarterly revenue was down 9.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.78 EPS. Research analysts forecast that Steel Dynamics, Inc. will post 15.85 EPS for the current fiscal year.

Steel Dynamics Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Friday, March 31st will be given a dividend of $0.425 per share. The ex-dividend date is Thursday, March 30th. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.34. This represents a $1.70 annualized dividend and a dividend yield of 1.57%. Steel Dynamics’s dividend payout ratio is 8.18%.

Analyst Ratings Changes

A number of research analysts have issued reports on STLD shares. Credit Suisse Group upped their price objective on Steel Dynamics from $92.00 to $106.00 and gave the company an “outperform” rating in a research note on Thursday, March 16th. StockNews.com downgraded Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Friday, March 24th. Citigroup downgraded Steel Dynamics from a “buy” rating to a “neutral” rating in a research note on Wednesday, March 15th. Morgan Stanley upped their price objective on Steel Dynamics from $85.00 to $93.00 and gave the company an “equal weight” rating in a research note on Monday, January 30th. Finally, BMO Capital Markets upped their price objective on Steel Dynamics from $109.00 to $120.00 and gave the company a “market perform” rating in a research note on Friday, January 27th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $109.38.

About Steel Dynamics

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Steel Dynamics, Inc engages in the manufacture of steel products and metal recycling. It operates through the following segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment consists of sheet products including hot roll, cold roll, and coated steel, long products including structural steel beams, pilings, and standard and premium grade rail, and steel finishing services such as turning, polishing, straightening, chamfering, threading, and precision saw-cutting.