Sumitomo Mitsui Asset Management Company LTD Buys Shares of 17,259 Steel Dynamics, Inc. (STLD)
Sumitomo Mitsui Asset Management Company LTD bought a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 17,259 shares of the basic materials company’s stock, valued at approximately $618,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Covenant Asset Management LLC acquired a new position in Steel Dynamics during the first quarter worth approximately $1,310,000. State of Alaska Department of Revenue acquired a new position in Steel Dynamics during the first quarter worth approximately $312,000. Sanders Morris Harris Inc. acquired a new position in Steel Dynamics during the first quarter worth approximately $348,000. Boston Advisors LLC increased its position in Steel Dynamics by 583.5% in the first quarter. Boston Advisors LLC now owns 332,072 shares of the basic materials company’s stock worth $11,543,000 after buying an additional 283,485 shares during the period. Finally, Affinity Wealth Management acquired a new position in Steel Dynamics during the first quarter worth approximately $265,000. 84.05% of the stock is currently owned by institutional investors and hedge funds.
Shares of Steel Dynamics, Inc. (NASDAQ:STLD) opened at 35.51 on Thursday. Steel Dynamics, Inc. has a 1-year low of $22.79 and a 1-year high of $40.17. The company has a 50-day moving average of $35.78 and a 200-day moving average of $35.22. The firm has a market capitalization of $8.57 billion, a PE ratio of 16.31 and a beta of 1.23.
Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.63. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.37 billion. Steel Dynamics had a return on equity of 21.75% and a net margin of 6.07%. The company’s revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.58 earnings per share. Equities research analysts predict that Steel Dynamics, Inc. will post $2.83 EPS for the current fiscal year.
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A number of research analysts have commented on the stock. Zacks Investment Research raised shares of Steel Dynamics from a “sell” rating to a “hold” rating in a research report on Wednesday, July 26th. Clarkson Capital restated a “neutral” rating on shares of Steel Dynamics in a report on Thursday, July 20th. BidaskClub upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Bank of America Corporation raised their price target on shares of Steel Dynamics from $40.00 to $42.00 and gave the company a “buy” rating in a report on Friday, July 21st. Finally, Jefferies Group LLC restated a “buy” rating and issued a $43.00 price target (up from $42.00) on shares of Steel Dynamics in a report on Saturday, July 22nd. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $39.79.
In other 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 value of $191,049.05. Following the completion of the sale, the insider now directly owns 26,778 shares of the company’s stock, valued at $1,018,902.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 completion of the sale, the director now directly owns 1,005,666 shares of the company’s stock, valued at $38,637,687.72. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by corporate insiders.
Steel Dynamics Company 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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