Steel Dynamics, Inc. (NASDAQ:STLD) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lessened its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 3.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,575 shares of the basic materials company’s stock after selling 2,385 shares during the period. Wedge Capital Management L L P NC’s holdings in Steel Dynamics were worth $7,585,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of STLD. International Assets Investment Management LLC boosted its stake in Steel Dynamics by 415.3% during the fourth quarter. International Assets Investment Management LLC now owns 107,825 shares of the basic materials company’s stock worth $12,734,000 after buying an additional 86,902 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in Steel Dynamics by 28.9% during the fourth quarter. Sequoia Financial Advisors LLC now owns 5,438 shares of the basic materials company’s stock worth $642,000 after purchasing an additional 1,220 shares during the period. Cerity Partners LLC acquired a new position in Steel Dynamics in the fourth quarter valued at approximately $7,547,000. Simplicity Solutions LLC lifted its position in Steel Dynamics by 64.6% in the fourth quarter. Simplicity Solutions LLC now owns 4,792 shares of the basic materials company’s stock valued at $566,000 after buying an additional 1,880 shares during the last quarter. Finally, Louisiana State Employees Retirement System purchased a new stake in Steel Dynamics in the fourth quarter valued at approximately $1,087,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on STLD. Morgan Stanley raised their price objective on shares of Steel Dynamics from $134.00 to $138.00 and gave the company an “equal weight” rating in a research note on Thursday. JPMorgan Chase & Co. increased their price objective on Steel Dynamics from $118.00 to $120.00 and gave the company an “underweight” rating in a research note on Tuesday, July 16th. Jefferies Financial Group began coverage on Steel Dynamics in a research note on Monday, May 20th. They set a “hold” rating and a $150.00 target price for the company. BMO Capital Markets decreased their price objective on Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating for the company in a research note on Tuesday, June 18th. Finally, Bank of America cut their target price on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $138.14.

Steel Dynamics Price Performance

Shares of STLD traded up $0.15 during mid-day trading on Friday, hitting $118.20. The company’s stock had a trading volume of 161,762 shares, compared to its average volume of 1,233,159. The company has a current ratio of 2.35, a quick ratio of 1.19 and a debt-to-equity ratio of 0.25. Steel Dynamics, Inc. has a 1-year low of $95.53 and a 1-year high of $151.34. The firm has a market capitalization of $18.57 billion, a P/E ratio of 8.11 and a beta of 1.35. The firm has a 50-day simple moving average of $125.23 and a 200 day simple moving average of $130.61.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.67 by $0.05. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.43 billion. During the same quarter last year, the company earned $4.81 earnings per share. Steel Dynamics’s quarterly revenue was down 8.8% compared to the same quarter last year. Analysts predict that Steel Dynamics, Inc. will post 11.05 EPS for the current fiscal year.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.