Pitcairn Co. Takes Position in Steel Dynamics, Inc. (STLD)
Pitcairn Co. bought a new position in Steel Dynamics, Inc. (NASDAQ:STLD) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 22,466 shares of the basic materials company’s stock, valued at approximately $805,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in Steel Dynamics by 11,858.1% in the first quarter. BlackRock Inc. now owns 20,091,806 shares of the basic materials company’s stock worth $698,391,000 after buying an additional 19,923,788 shares during the last quarter. Boston Partners raised its position in Steel Dynamics by 25.7% in the first quarter. Boston Partners now owns 14,641,570 shares of the basic materials company’s stock worth $508,941,000 after buying an additional 2,997,302 shares during the last quarter. Steadfast Capital Management LP purchased a new position in Steel Dynamics during the first quarter worth about $81,408,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Steel Dynamics during the first quarter worth about $46,032,000. Finally, Principal Financial Group Inc. raised its position in Steel Dynamics by 73.9% in the first quarter. Principal Financial Group Inc. now owns 2,440,881 shares of the basic materials company’s stock worth $84,845,000 after buying an additional 1,037,471 shares during the last quarter. 84.05% of the stock is currently owned by hedge funds and other institutional investors.
Steel Dynamics, Inc. (STLD) opened at 34.54 on Friday. The firm’s 50-day moving average price is $35.88 and its 200 day moving average price is $35.22. The stock has a market cap of $8.29 billion, a PE ratio of 15.87 and a beta of 1.23. Steel Dynamics, Inc. has a 1-year low of $22.79 and a 1-year high of $40.17.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share (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 company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same period in the prior year, the company earned $0.58 earnings per share. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. Equities research analysts expect that Steel Dynamics, Inc. will post $2.83 EPS for the current year.
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A number of research analysts recently issued reports on STLD shares. Credit Suisse Group raised Steel Dynamics from a “neutral” rating to an “outperform” rating and set a $36.00 target price on the stock in a report on Wednesday, May 24th. Jefferies Group LLC reissued a “buy” rating and issued a $45.00 price target on shares of Steel Dynamics in a research note on Monday, June 26th. Zacks Investment Research raised Steel Dynamics from a “hold” rating to a “buy” rating and set a $37.00 price target on the stock in a research note on Friday, April 21st. BidaskClub raised Steel Dynamics from a “sell” rating to a “hold” rating in a research note on Saturday, July 1st. Finally, Bank of America Corporation lifted their price target on Steel Dynamics from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, July 21st. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $39.79.
In other Steel Dynamics news, Director Keith E. Busse sold 4,965 shares of the stock in a transaction dated 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 directly owns 1,005,666 shares in the company, valued at $38,637,687.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christopher A. Graham sold 5,021 shares of the stock in a transaction dated 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 of the company’s stock, valued at $1,018,902.90. The disclosure for this sale can be found here. 4.20% of the stock is 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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