New York Life Investment Management LLC Trims Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

New York Life Investment Management LLC lowered its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 11.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,820 shares of the basic materials company’s stock after selling 2,759 shares during the quarter. New York Life Investment Management LLC’s holdings in Steel Dynamics were worth $2,577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Nordea Investment Management AB grew its holdings in shares of Steel Dynamics by 1.1% during the fourth quarter. Nordea Investment Management AB now owns 1,008,853 shares of the basic materials company’s stock valued at $118,787,000 after buying an additional 11,026 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc bought a new position in Steel Dynamics during the fourth quarter valued at approximately $14,762,000. Barclays PLC lifted its position in Steel Dynamics by 3.1% during the third quarter. Barclays PLC now owns 363,518 shares of the basic materials company’s stock valued at $38,975,000 after purchasing an additional 10,942 shares during the period. AustralianSuper Pty Ltd lifted its position in Steel Dynamics by 13.1% during the fourth quarter. AustralianSuper Pty Ltd now owns 514,888 shares of the basic materials company’s stock valued at $60,808,000 after purchasing an additional 59,668 shares during the period. Finally, Louisiana State Employees Retirement System bought a new position in Steel Dynamics during the fourth quarter valued at approximately $1,087,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Stock Up 3.6 %

STLD opened at $135.47 on Monday. The company has a current ratio of 2.87, a quick ratio of 1.55 and a debt-to-equity ratio of 0.29. Steel Dynamics, Inc. has a 1-year low of $90.55 and a 1-year high of $151.34. The company has a market capitalization of $21.40 billion, a PE ratio of 9.30 and a beta of 1.47. The firm’s 50 day simple moving average is $138.22 and its two-hundred day simple moving average is $123.40.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.54 by $0.13. The firm had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Steel Dynamics had a net margin of 12.89% and a return on equity of 27.62%. The company’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period in the prior year, the company posted $4.01 earnings per share. As a group, equities analysts forecast that Steel Dynamics, Inc. will post 12.76 EPS for the current year.

Steel Dynamics Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, April 14th. Stockholders of record on Sunday, March 31st were paid a $0.46 dividend. The ex-dividend date was Wednesday, March 27th. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.43. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.36%. Steel Dynamics’s dividend payout ratio is 12.64%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on STLD. Citigroup increased their price objective on shares of Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, March 13th. BMO Capital Markets increased their price objective on shares of Steel Dynamics from $110.00 to $120.00 and gave the company a “market perform” rating in a research report on Monday, March 18th. UBS Group lowered their price objective on shares of Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 24th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Steel Dynamics from $100.00 to $118.00 and gave the company an “underweight” rating in a research report on Tuesday, April 16th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $121.17.

Steel Dynamics Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. 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 steel 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.