Short Interest in Steel Dynamics Inc. (STLD) Grows By 49.5%
Steel Dynamics Inc. (NASDAQ:STLD) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 11,355,002 shares, an increase of 49.5% from the October 14th total of 7,595,537 shares. Based on an average daily trading volume, of 4,948,261 shares, the short-interest ratio is presently 2.3 days. Currently, 4.9% of the shares of the stock are short sold.
Steel Dynamics (NASDAQ:STLD) opened at 33.38 on Friday. Steel Dynamics has a 52-week low of $15.32 and a 52-week high of $33.60. The company has a market cap of $8.14 billion, a PE ratio of 75.18 and a beta of 1.33. The stock’s 50 day moving average is $27.02 and its 200-day moving average is $25.68.
Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, October 19th. The company reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by $0.03. Steel Dynamics had a return on equity of 14.52% and a net margin of 1.46%. The company had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $865.67 million. During the same period in the prior year, the firm posted $0.25 earnings per share. The business’s revenue was up 7.7% on a year-over-year basis. Equities research analysts predict that Steel Dynamics will post $1.91 EPS for the current fiscal year.
In related news, Director Keith E. Busse sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $27.33, for a total value of $54,660.00. Following the completion of the sale, the director now directly owns 1,004,923 shares in the company, valued at $27,464,545.59. The sale was disclosed in a filing with the SEC, which is available at this link. 4.10% of the stock is owned by corporate insiders.
Several hedge funds have recently bought and sold shares of STLD. DekaBank Deutsche Girozentrale increased its stake in Steel Dynamics by 181.0% in the third quarter. DekaBank Deutsche Girozentrale now owns 4,496 shares of the company’s stock worth $113,000 after buying an additional 2,896 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in Steel Dynamics by 54.8% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 4,800 shares of the company’s stock valued at $118,000 after buying an additional 1,700 shares in the last quarter. Acrospire Investment Management LLC increased its stake in Steel Dynamics by 137.5% in the second quarter. Acrospire Investment Management LLC now owns 5,699 shares of the company’s stock valued at $140,000 after buying an additional 3,299 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Steel Dynamics by 1,676.0% in the second quarter. Tower Research Capital LLC TRC now owns 5,843 shares of the company’s stock valued at $143,000 after buying an additional 5,514 shares in the last quarter. Finally, Loomis Sayles & Co. L P increased its stake in Steel Dynamics by 991.5% in the second quarter. Loomis Sayles & Co. L P now owns 7,029 shares of the company’s stock valued at $172,000 after buying an additional 6,385 shares in the last quarter. 83.43% of the stock is owned by institutional investors.
Several brokerages recently issued reports on STLD. Berenberg Bank cut Steel Dynamics from a “buy” rating to a “hold” rating and boosted their price target for the company from $35.00 to $36.50 in a research note on Monday. Rosenblatt Securities cut Steel Dynamics from a “buy” rating to a “neutral” rating and set a $32.00 price target for the company. in a research note on Monday. Cowen and Company set a $33.00 target price on Steel Dynamics and gave the stock a “buy” rating in a research note on Monday, August 1st. Jefferies Group restated a “buy” rating on shares of Steel Dynamics in a research note on Wednesday, August 3rd. Finally, BMO Capital Markets restated a “buy” rating on shares of Steel Dynamics in a research note on Thursday, October 20th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and seventeen have assigned a buy rating to the company. Steel Dynamics presently has an average rating of “Buy” and an average price target of $28.44.
Steel Dynamics Company Profile
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