New Mexico Educational Retirement Board Cuts Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

New Mexico Educational Retirement Board cut its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 5.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,800 shares of the basic materials company’s stock after selling 400 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Steel Dynamics were worth $776,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in STLD. Wilmington Savings Fund Society FSB acquired a new stake in shares of Steel Dynamics in the third quarter worth approximately $25,000. ORG Wealth Partners LLC acquired a new stake in shares of Steel Dynamics in the fourth quarter worth approximately $28,000. Private Trust Co. NA boosted its stake in shares of Steel Dynamics by 532.6% in the third quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 245 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of Steel Dynamics in the fourth quarter worth approximately $48,000. Finally, Brooklyn Investment Group acquired a new stake in shares of Steel Dynamics in the third quarter worth approximately $61,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $139.06 on Wednesday. Steel Dynamics, Inc. has a 52 week low of $104.60 and a 52 week high of $155.56. The business’s fifty day simple moving average is $123.39 and its 200-day simple moving average is $126.61. The firm has a market cap of $21.17 billion, a PE ratio of 14.19 and a beta of 1.35. The company has a quick ratio of 1.08, a current ratio of 2.53 and a debt-to-equity ratio of 0.32.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.33). Steel Dynamics had a net margin of 8.76% and a return on equity of 17.32%. During the same period last year, the business posted $2.61 earnings per share. Equities analysts forecast that Steel Dynamics, Inc. will post 8.9 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Morgan Stanley lifted their price target on Steel Dynamics from $131.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd. KeyCorp raised Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $155.00 price objective on the stock in a research note on Tuesday, February 11th. UBS Group reissued a “neutral” rating and set a $149.00 price objective (up previously from $145.00) on shares of Steel Dynamics in a research note on Thursday, December 12th. StockNews.com raised Steel Dynamics from a “sell” rating to a “hold” rating in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group assumed coverage on Steel Dynamics in a research note on Monday, December 2nd. They set a “neutral” rating and a $155.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $146.22.

Insider Activity at Steel Dynamics

In related news, SVP Glenn Pushis sold 23,649 shares of the business’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $134.67, for a total value of $3,184,810.83. Following the sale, the senior vice president now owns 122,140 shares in the company, valued at approximately $16,448,593.80. The trade was a 16.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 6.00% of the company’s stock.

About Steel Dynamics

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.