Maryland State Retirement & Pension System Sells 825 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Posted by Defense World Staff on Sep 23rd, 2023

Maryland State Retirement & Pension System reduced its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 6.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,263 shares of the basic materials company’s stock after selling 825 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Steel Dynamics were worth $1,336,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of STLD. AE Wealth Management LLC increased its holdings in Steel Dynamics by 24.0% in the 2nd quarter. AE Wealth Management LLC now owns 35,926 shares of the basic materials company’s stock worth $3,913,000 after purchasing an additional 6,945 shares in the last quarter. SG Americas Securities LLC increased its holdings in Steel Dynamics by 368.7% in the 2nd quarter. SG Americas Securities LLC now owns 7,864 shares of the basic materials company’s stock worth $857,000 after purchasing an additional 6,186 shares in the last quarter. First Citizens Financial Corp acquired a new position in Steel Dynamics in the 2nd quarter worth about $675,000. Nordea Investment Management AB increased its holdings in Steel Dynamics by 0.7% in the 2nd quarter. Nordea Investment Management AB now owns 773,601 shares of the basic materials company’s stock worth $83,735,000 after purchasing an additional 5,376 shares in the last quarter. Finally, Greenfield Savings Bank increased its holdings in Steel Dynamics by 6.0% in the 2nd quarter. Greenfield Savings Bank now owns 11,443 shares of the basic materials company’s stock worth $1,246,000 after purchasing an additional 649 shares in the last quarter. 81.32% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on STLD. StockNews.com began coverage on Steel Dynamics in a report on Thursday, August 17th. They issued a “hold” rating for the company. JPMorgan Chase & Co. upped their target price on Steel Dynamics from $94.00 to $95.00 and gave the stock an “underweight” rating in a report on Friday, September 8th. Morgan Stanley increased their price target on Steel Dynamics from $97.00 to $99.00 and gave the company an “equal weight” rating in a research note on Monday, July 24th. BNP Paribas cut Steel Dynamics from an “outperform” rating to a “neutral” rating and set a $102.00 price target for the company. in a research note on Wednesday, July 5th. Finally, BMO Capital Markets decreased their price target on Steel Dynamics from $115.00 to $107.00 and set a “market perform” rating for the company in a research note on Tuesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Steel Dynamics currently has a consensus rating of “Hold” and an average target price of $107.38.

View Our Latest Report on STLD

Steel Dynamics Stock Up 1.6 %

Shares of Steel Dynamics stock opened at $101.10 on Friday. Steel Dynamics, Inc. has a one year low of $69.12 and a one year high of $136.46. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.20 and a quick ratio of 2.47. The stock’s 50-day moving average is $103.63 and its 200 day moving average is $104.27. The firm has a market cap of $16.75 billion, a price-to-earnings ratio of 5.90 and a beta of 1.51.

Steel Dynamics (NASDAQ:STLD – Get Free Report) last announced its earnings results on Thursday, July 20th. The basic materials company reported $4.81 EPS for the quarter, missing the consensus estimate of $4.82 by ($0.01). Steel Dynamics had a net margin of 14.66% and a return on equity of 40.44%. The business had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter in the previous year, the company earned $6.73 EPS. The firm’s revenue for the quarter was down 18.2% on a year-over-year basis. Equities research analysts anticipate that Steel Dynamics, Inc. will post 15.54 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Saturday, September 30th will be given a dividend of $0.425 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.70 annualized dividend and a dividend yield of 1.68%. Steel Dynamics’s payout ratio is 9.91%.

Insider Activity at Steel Dynamics

In other Steel Dynamics news, Director Gabriel Shaheen sold 1,717 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $105.80, for a total value of $181,658.60. Following the transaction, the director now owns 83,074 shares in the company, valued at $8,789,229.20. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Steel Dynamics news, SVP Christopher A. Graham sold 48,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $105.03, for a total value of $5,041,440.00. Following the transaction, the senior vice president now owns 61,353 shares in the company, valued at $6,443,905.59. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Gabriel Shaheen sold 1,717 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $105.80, for a total value of $181,658.60. Following the completion of the transaction, the director now owns 83,074 shares in the company, valued at approximately $8,789,229.20. The disclosure for this sale can be found here. 6.00% of the stock is owned by corporate insiders.

About Steel Dynamics

(Free Report)

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.