WBI Investments Inc. bought a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 233,565 shares of the basic materials company’s stock, valued at approximately $8,364,000. WBI Investments Inc. owned approximately 0.10% of Steel Dynamics as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Nordea Investment Management AB purchased a new stake in shares of Steel Dynamics during the first quarter valued at approximately $1,546,000. KBC Group NV purchased a new stake in shares of Steel Dynamics during the first quarter valued at approximately $790,000. Chicago Equity Partners LLC increased its position in shares of Steel Dynamics by 189.3% during the second quarter. Chicago Equity Partners LLC now owns 178,705 shares of the basic materials company’s stock valued at $6,399,000 after acquiring an additional 116,925 shares during the last quarter. Mason Street Advisors LLC increased its position in shares of Steel Dynamics by 0.6% during the first quarter. Mason Street Advisors LLC now owns 114,489 shares of the basic materials company’s stock valued at $3,980,000 after acquiring an additional 694 shares during the last quarter. Finally, Waverton Investment Management Ltd increased its position in shares of Steel Dynamics by 3.8% during the second quarter. Waverton Investment Management Ltd now owns 20,874 shares of the basic materials company’s stock valued at $747,000 after acquiring an additional 763 shares during the last quarter. Institutional investors own 82.70% of the company’s stock.
A number of analysts recently commented on STLD shares. Credit Suisse Group raised Steel Dynamics from a “neutral” rating to an “outperform” rating and set a $36.00 price target for the company in a research report on Wednesday, May 24th. Bank of America Corporation increased their price target on Steel Dynamics from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Friday, July 21st. Jefferies Group LLC reaffirmed a “buy” rating and set a $45.00 price target on shares of Steel Dynamics in a research report on Monday, June 26th. Cowen and Company reaffirmed a “buy” rating and set a $44.00 price target on shares of Steel Dynamics in a research report on Wednesday, July 19th. Finally, BidaskClub raised Steel Dynamics from a “sell” rating to a “hold” rating in a research report on Saturday, July 1st. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Steel Dynamics presently has an average rating of “Buy” and an average target price of $39.79.
In other Steel Dynamics news, insider Christopher A. Graham sold 5,021 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $38.05, for a total value of $191,049.05. Following the completion of the sale, the insider now owns 26,778 shares in the company, valued at approximately $1,018,902.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Keith E. Busse sold 4,965 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total value of $190,755.30. Following the completion of the sale, the director now owns 1,005,666 shares of the company’s stock, valued at approximately $38,637,687.72. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.
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Steel Dynamics, Inc. (NASDAQ STLD) traded down 1.62% during midday trading on Tuesday, reaching $32.86. The company had a trading volume of 1,488,435 shares. Steel Dynamics, Inc. has a 52 week low of $22.79 and a 52 week high of $40.17. The company has a market capitalization of $7.88 billion, a price-to-earnings ratio of 15.09 and a beta of 1.26. The firm has a 50-day moving average price of $35.08 and a 200-day moving average price of $35.05.
Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, hitting the consensus estimate of $0.63. Steel Dynamics had a return on equity of 21.75% and a net margin of 6.07%. The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same period in the prior year, the business posted $0.58 EPS. Steel Dynamics’s revenue was up 18.1% on a year-over-year basis. Analysts expect that Steel Dynamics, Inc. will post $2.83 EPS for the current fiscal year.
About Steel Dynamics
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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