State Board of Administration of Florida Retirement System Reduces Holdings in Steel Dynamics (STLD)

State Board of Administration of Florida Retirement System trimmed its holdings in shares of Steel Dynamics (NASDAQ:STLD) by 1.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 350,197 shares of the basic materials company’s stock after selling 4,030 shares during the period. State Board of Administration of Florida Retirement System owned 0.15% of Steel Dynamics worth $15,486,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Lazard Asset Management LLC raised its holdings in shares of Steel Dynamics by 348.9% during the fourth quarter. Lazard Asset Management LLC now owns 6,556,430 shares of the basic materials company’s stock worth $282,777,000 after purchasing an additional 5,096,015 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Steel Dynamics by 0.6% during the fourth quarter. Bank of New York Mellon Corp now owns 3,278,380 shares of the basic materials company’s stock worth $141,398,000 after purchasing an additional 18,050 shares during the period. Millennium Management LLC raised its holdings in shares of Steel Dynamics by 163.0% during the fourth quarter. Millennium Management LLC now owns 1,935,141 shares of the basic materials company’s stock worth $83,463,000 after purchasing an additional 1,199,224 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Steel Dynamics by 5.1% during the first quarter. Wells Fargo & Company MN now owns 1,700,582 shares of the basic materials company’s stock worth $75,199,000 after purchasing an additional 81,896 shares during the period. Finally, UBS Asset Management Americas Inc. raised its holdings in shares of Steel Dynamics by 125.6% during the fourth quarter. UBS Asset Management Americas Inc. now owns 1,431,743 shares of the basic materials company’s stock worth $61,751,000 after purchasing an additional 797,142 shares during the period. 85.26% of the stock is currently owned by institutional investors.

Shares of Steel Dynamics opened at $50.94 on Thursday, according to Marketbeat.com. The stock has a market capitalization of $11.46 billion, a P/E ratio of 19.22, a P/E/G ratio of 0.89 and a beta of 1.31. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.24 and a quick ratio of 2.38. Steel Dynamics has a 52-week low of $49.48 and a 52-week high of $50.87.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, April 18th. The basic materials company reported $0.96 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.05. The firm had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.59 billion. Steel Dynamics had a net margin of 8.59% and a return on equity of 21.60%. Steel Dynamics’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.83 EPS. equities research analysts expect that Steel Dynamics will post 4.55 EPS for the current fiscal year.

STLD has been the topic of a number of analyst reports. Zacks Investment Research cut shares of Steel Dynamics from a “strong-buy” rating to a “hold” rating in a report on Wednesday. BidaskClub raised shares of Steel Dynamics from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 9th. ValuEngine raised shares of Steel Dynamics from a “hold” rating to a “buy” rating in a report on Wednesday, May 9th. Citigroup increased their price objective on shares of Steel Dynamics from $54.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, April 24th. Finally, UBS initiated coverage on shares of Steel Dynamics in a report on Tuesday, April 17th. They issued a “neutral” rating and a $47.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $50.50.

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.

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

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