Eagle Asset Management Inc. trimmed its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 27.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 99,807 shares of the basic materials company’s stock after selling 37,042 shares during the period. Eagle Asset Management Inc.’s holdings in Steel Dynamics were worth $3,574,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Nordea Investment Management AB acquired a new stake in shares of Steel Dynamics in the first quarter valued at $1,546,000. Chicago Equity Partners LLC raised its stake in shares of Steel Dynamics by 189.3% in 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 in the last quarter. KBC Group NV acquired a new stake in shares of Steel Dynamics in the first quarter valued at $790,000. Mason Street Advisors LLC raised its stake in shares of Steel Dynamics by 0.6% in 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 in the last quarter. Finally, Keybank National Association OH raised its stake in shares of Steel Dynamics by 13.9% in the second quarter. Keybank National Association OH now owns 36,558 shares of the basic materials company’s stock valued at $1,309,000 after acquiring an additional 4,471 shares in the last quarter. Institutional investors own 82.70% of the company’s stock.
A number of analysts have weighed in on STLD shares. Citigroup Inc. dropped their price objective on Steel Dynamics from $43.00 to $41.00 and set a “buy” rating on the stock in a report on Friday. Jefferies Group LLC reissued a “buy” rating and set a $45.00 price target on shares of Steel Dynamics in a report on Monday, June 26th. Morgan Stanley reaffirmed a “buy” rating on shares of Steel Dynamics in a report on Tuesday, July 18th. Berenberg Bank reaffirmed a “buy” rating and issued a $46.00 price objective on shares of Steel Dynamics in a report on Monday, June 19th. Finally, BidaskClub lowered Steel Dynamics from a “hold” rating to a “sell” rating in a report on Saturday, June 17th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $39.68.
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Steel Dynamics, Inc. (NASDAQ:STLD) opened at 33.34 on Friday. The firm has a market capitalization of $8.00 billion, a P/E ratio of 15.31 and a beta of 1.26. The company’s 50 day moving average price is $34.61 and its 200 day moving average price is $34.97. Steel Dynamics, Inc. has a 12 month low of $23.34 and a 12 month high of $40.17.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.63. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same quarter in the previous year, the firm posted $0.58 earnings per share. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. Analysts anticipate that Steel Dynamics, Inc. will post $2.79 EPS for the current year.
In other Steel Dynamics news, Director Keith E. Busse sold 4,965 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total value of $190,755.30. Following the transaction, the director now directly owns 1,005,666 shares in the company, valued at $38,637,687.72. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Christopher A. Graham sold 5,021 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total transaction of $191,049.05. Following the completion of the transaction, the insider now owns 26,778 shares in the company, valued at $1,018,902.90. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.
Steel Dynamics Profile
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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