Canada Pension Plan Investment Board increased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 22.8% during the second quarter, Holdings Channel reports. The fund owned 503,461 shares of the basic materials company’s stock after buying an additional 93,600 shares during the period. Canada Pension Plan Investment Board’s holdings in Steel Dynamics were worth $18,029,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in STLD. Advantage Investment Management LLC increased its stake in Steel Dynamics by 39.6% in the first quarter. Advantage Investment Management LLC now owns 3,350 shares of the basic materials company’s stock worth $116,000 after buying an additional 950 shares during the last quarter. Washington Trust Bank increased its stake in Steel Dynamics by 48.8% in the second quarter. Washington Trust Bank now owns 3,393 shares of the basic materials company’s stock worth $122,000 after buying an additional 1,113 shares during the last quarter. James Investment Research Inc. bought a new stake in Steel Dynamics during the first quarter worth about $145,000. Advisory Services Network LLC bought a new stake in Steel Dynamics during the first quarter worth about $150,000. Finally, IFP Advisors Inc increased its stake in Steel Dynamics by 163.8% in the first quarter. IFP Advisors Inc now owns 4,366 shares of the basic materials company’s stock worth $152,000 after buying an additional 2,711 shares during the last quarter. Hedge funds and other institutional investors own 85.59% of the company’s stock.

Steel Dynamics, Inc. (NASDAQ:STLD) opened at 35.43 on Tuesday. The firm has a market capitalization of $8.50 billion, a PE ratio of 16.27 and a beta of 1.23. Steel Dynamics, Inc. has a 52-week low of $22.79 and a 52-week high of $40.17. The stock’s 50 day moving average is $35.93 and its 200-day moving average is $35.22.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, meeting the consensus estimate of $0.63. Steel Dynamics had a return on equity of 21.75% and a net margin of 6.07%. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.37 billion. During the same quarter last year, the company posted $0.58 earnings per share. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. Equities analysts expect that Steel Dynamics, Inc. will post $2.83 earnings per share for the current year.

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STLD has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a report on Friday, April 21st. Longbow Research upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating in a report on Monday, June 19th. BMO Capital Markets restated a “buy” rating and issued a $48.00 target price on shares of Steel Dynamics in a report on Monday, April 24th. Barclays PLC restated a “buy” rating and issued a $43.00 target price on shares of Steel Dynamics in a report on Monday, May 15th. Finally, Berenberg Bank restated a “buy” rating and issued a $46.00 target price on shares of Steel Dynamics in a report on Monday, June 19th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $39.79.

In other Steel Dynamics news, insider Christopher A. Graham sold 5,021 shares of the stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $38.05, for a total transaction of $191,049.05. Following the transaction, the insider now owns 26,778 shares in the company, valued at $1,018,902.90. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Keith E. Busse sold 4,965 shares of the stock in a transaction that occurred 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 owns 1,005,666 shares in the company, valued at approximately $38,637,687.72. The disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.

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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Institutional Ownership by Quarter for Steel Dynamics (NASDAQ:STLD)

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