Wright Investors Service Inc. lessened its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 19.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 35,397 shares of the basic materials company’s stock after selling 8,744 shares during the quarter. Wright Investors Service Inc.’s holdings in Steel Dynamics were worth $1,069,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Empirical Finance LLC boosted its holdings in Steel Dynamics by 1.1% in the second quarter. Empirical Finance LLC now owns 32,950 shares of the basic materials company’s stock worth $995,000 after purchasing an additional 363 shares in the last quarter. Magnus Financial Group LLC boosted its position in Steel Dynamics by 4.5% during the first quarter. Magnus Financial Group LLC now owns 9,299 shares of the basic materials company’s stock worth $328,000 after purchasing an additional 400 shares during the period. Raymond James Trust N.A. boosted its position in Steel Dynamics by 5.9% during the first quarter. Raymond James Trust N.A. now owns 8,046 shares of the basic materials company’s stock worth $284,000 after purchasing an additional 449 shares during the period. Wedge Capital Management L L P NC boosted its position in Steel Dynamics by 2.0% during the first quarter. Wedge Capital Management L L P NC now owns 24,062 shares of the basic materials company’s stock worth $849,000 after purchasing an additional 461 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in Steel Dynamics by 4.3% during the first quarter. Assenagon Asset Management S.A. now owns 12,200 shares of the basic materials company’s stock worth $430,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 80.91% of the company’s stock.
Steel Dynamics stock traded down $0.08 during midday trading on Thursday, hitting $26.58. The stock had a trading volume of 894,676 shares, compared to its average volume of 2,522,664. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.40 and a current ratio of 4.35. The company has a market capitalization of $6.01 billion, a PE ratio of 4.84, a P/E/G ratio of 0.72 and a beta of 1.62. Steel Dynamics, Inc. has a 12 month low of $25.02 and a 12 month high of $48.17. The business’s fifty day moving average is $30.29.
Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Monday, July 22nd. The basic materials company reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.02). Steel Dynamics had a net margin of 9.11% and a return on equity of 28.50%. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same period last year, the firm earned $1.53 earnings per share. Steel Dynamics’s revenue for the quarter was down 10.4% compared to the same quarter last year. As a group, equities research analysts forecast that Steel Dynamics, Inc. will post 3.19 EPS for the current fiscal year.
In other news, insider Russell B. Rinn bought 2,000 shares of the business’s stock in a transaction on Friday, May 31st. The shares were bought at an average cost of $25.58 per share, with a total value of $51,160.00. Following the purchase, the insider now directly owns 220,459 shares in the company, valued at $5,639,341.22. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Gabriel Shaheen bought 5,000 shares of the business’s stock in a transaction on Friday, May 24th. The shares were purchased at an average cost of $27.03 per share, for a total transaction of $135,150.00. Following the completion of the purchase, the director now owns 58,635 shares in the company, valued at $1,584,904.05. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 12,740 shares of company stock worth $336,296. Company insiders own 4.90% of the company’s stock.
STLD has been the subject of a number of research reports. Bank of America lowered shares of Steel Dynamics from a “buy” rating to a “neutral” rating and increased their target price for the stock from $30.00 to $34.00 in a research report on Wednesday, July 24th. Deutsche Bank reaffirmed a “hold” rating on shares of Steel Dynamics in a research note on Thursday, June 27th. BMO Capital Markets raised their target price on shares of Steel Dynamics from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. They noted that the move was a valuation call. Credit Suisse Group downgraded shares of Steel Dynamics from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $38.00 to $29.00 in a research note on Thursday, May 23rd. Finally, Citigroup set a $34.00 target price on shares of Steel Dynamics and gave the company a “buy” rating in a research note on Tuesday, June 11th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. Steel Dynamics presently has a consensus rating of “Hold” and an average target price of $39.67.
Steel Dynamics Profile
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.
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