Wedge Capital Management L L P NC Has $5.86 Million Stock Position in Steel Dynamics, Inc. $STLD

Wedge Capital Management L L P NC reduced its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 36.2% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 25,556 shares of the basic materials company’s stock after selling 14,474 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Steel Dynamics were worth $5,864,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Tema ETFs LLC lifted its holdings in shares of Steel Dynamics by 7.0% during the 2nd quarter. Tema ETFs LLC now owns 2,203 shares of the basic materials company’s stock valued at $506,000 after buying an additional 145 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in Steel Dynamics by 19.3% in the second quarter. Handelsbanken Fonder AB now owns 44,600 shares of the basic materials company’s stock worth $10,234,000 after buying an additional 7,200 shares during the last quarter. Centurion Wealth Management LLC acquired a new position in Steel Dynamics in the second quarter worth approximately $274,000. Wealthcare Capital Partners LLC bought a new position in Steel Dynamics during the second quarter valued at approximately $237,000. Finally, Sapient Capital LLC raised its position in Steel Dynamics by 34.6% during the second quarter. Sapient Capital LLC now owns 447,664 shares of the basic materials company’s stock valued at $102,958,000 after acquiring an additional 115,080 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Price Performance

NASDAQ STLD opened at $263.18 on Thursday. Steel Dynamics, Inc. has a 1 year low of $124.77 and a 1 year high of $288.74. The company has a fifty day simple moving average of $249.26 and a 200 day simple moving average of $219.35. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. The company has a market cap of $37.72 billion, a P/E ratio of 23.86, a P/E/G ratio of 0.50 and a beta of 1.52.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, topping the consensus estimate of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The firm had revenue of $6.09 billion for the quarter, compared to the consensus estimate of $5.56 billion. During the same quarter last year, the firm posted $2.01 EPS. The business’s quarterly revenue was up 33.4% on a year-over-year basis. On average, sell-side analysts predict that Steel Dynamics, Inc. will post 17.16 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on STLD. Wells Fargo & Company decreased their target price on shares of Steel Dynamics from $291.00 to $275.00 and set an “overweight” rating for the company in a research report on Wednesday, July 22nd. UBS Group raised their price target on shares of Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a report on Monday. Citigroup lifted their price objective on shares of Steel Dynamics from $180.00 to $255.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Bank of America decreased their price objective on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. Finally, KeyCorp reissued an “overweight” rating on shares of Steel Dynamics in a research report on Wednesday, July 22nd. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Steel Dynamics has a consensus rating of “Moderate Buy” and a consensus target price of $259.09.

Insider Activity at Steel Dynamics

In related news, SVP James Stanley Anderson sold 10,000 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the transaction, the senior vice president owned 102,837 shares of the company’s stock, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 6.60% of the company’s stock.

Steel Dynamics Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.