Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 11.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,307 shares of the basic materials company’s stock after buying an additional 3,301 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Steel Dynamics were worth $3,357,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Wellington Shields & Co. LLC grew its stake in shares of Steel Dynamics by 50.0% during the fourth quarter. Wellington Shields & Co. LLC now owns 300 shares of the basic materials company’s stock valued at $29,000 after buying an additional 100 shares during the last quarter. Ronald Blue Trust Inc. grew its stake in shares of Steel Dynamics by 7.8% during the third quarter. Ronald Blue Trust Inc. now owns 1,425 shares of the basic materials company’s stock valued at $155,000 after buying an additional 103 shares during the last quarter. Commerce Bank lifted its holdings in Steel Dynamics by 1.8% during the second quarter. Commerce Bank now owns 6,121 shares of the basic materials company’s stock worth $667,000 after buying an additional 109 shares during the period. Knights of Columbus Asset Advisors LLC lifted its holdings in Steel Dynamics by 0.3% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 44,547 shares of the basic materials company’s stock worth $4,776,000 after buying an additional 113 shares during the period. Finally, Oppenheimer & Co. Inc. lifted its holdings in Steel Dynamics by 1.4% during the third quarter. Oppenheimer & Co. Inc. now owns 8,196 shares of the basic materials company’s stock worth $879,000 after buying an additional 115 shares during the period. 81.32% of the stock is currently owned by hedge funds and other institutional investors.
Insider Transactions at Steel Dynamics
In other news, Director James C. Marcuccilli sold 25,454 shares of the stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $122.43, for a total transaction of $3,116,333.22. Following the completion of the sale, the director now owns 59,989 shares in the company, valued at $7,344,453.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 6.00% of the company’s stock.
Steel Dynamics Stock Down 0.9 %
Steel Dynamics (NASDAQ:STLD – Get Free Report) last posted its earnings results on Tuesday, January 23rd. The basic materials company reported $2.61 EPS for the quarter, missing the consensus estimate of $2.63 by ($0.02). Steel Dynamics had a net margin of 13.04% and a return on equity of 29.49%. The business had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same period last year, the company earned $4.37 EPS. The business’s quarterly revenue was down 12.3% compared to the same quarter last year. As a group, equities analysts expect that Steel Dynamics, Inc. will post 10.73 earnings per share for the current fiscal year.
Steel Dynamics announced that its board has initiated a share buyback plan on Friday, November 3rd that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the basic materials company to repurchase up to 8.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
Analysts Set New Price Targets
A number of analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Steel Dynamics from $95.00 to $98.00 and gave the stock an “underweight” rating in a report on Tuesday, December 12th. Morgan Stanley increased their price objective on Steel Dynamics from $99.00 to $108.00 and gave the company an “equal weight” rating in a report on Tuesday, October 31st. Finally, UBS Group decreased their price objective on Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating for the company in a report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Steel Dynamics has a consensus rating of “Hold” and an average target price of $112.75.
Steel Dynamics Profile
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.
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