Meeder Asset Management Inc. Has $2.22 Million Position in Steel Dynamics, Inc. (NASDAQ:STLD)
Meeder Asset Management Inc. raised its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 53.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 61,993 shares of the basic materials company’s stock after buying an additional 21,678 shares during the period. Meeder Asset Management Inc.’s holdings in Steel Dynamics were worth $2,220,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the company. Nordea Investment Management AB bought a new stake in Steel Dynamics during the first quarter valued at about $1,546,000. Hennessy Advisors Inc. acquired a new position in shares of Steel Dynamics during the first quarter valued at approximately $3,639,000. Airain ltd increased its stake in Steel Dynamics by 855.0% in the first quarter. Airain ltd now owns 245,479 shares of the basic materials company’s stock worth $8,533,000 after buying an additional 219,774 shares in the last quarter. Affinity Wealth Management purchased a new stake in Steel Dynamics during the first quarter worth approximately $265,000. Finally, KBC Group NV purchased a new stake in Steel Dynamics during the first quarter worth approximately $790,000. 84.05% of the stock is owned by institutional investors.
Shares of Steel Dynamics, Inc. (NASDAQ STLD) opened at 35.84 on Tuesday. Steel Dynamics, Inc. has a one year low of $22.79 and a one year high of $40.17. The stock has a market capitalization of $8.65 billion, a PE ratio of 16.46 and a beta of 1.23. The stock has a 50 day moving average of $35.49 and a 200-day moving average of $35.24.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, hitting analysts’ consensus estimates of $0.63. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.37 billion. During the same period in the previous year, the firm earned $0.58 EPS. Steel Dynamics’s revenue was up 18.1% on a year-over-year basis. Equities analysts predict that Steel Dynamics, Inc. will post $2.83 earnings per share for the current fiscal year.
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A number of equities research analysts have issued reports on the company. Deutsche Bank AG restated a “buy” rating on shares of Steel Dynamics in a research report on Saturday, June 24th. Clarkson Capital reissued a “neutral” rating on shares of Steel Dynamics in a research note on Thursday, July 20th. Longbow Research reaffirmed a “buy” rating and set a $40.00 target price on shares of Steel Dynamics in a research report on Thursday, July 27th. BidaskClub lowered Steel Dynamics from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, Zacks Investment Research upgraded Steel Dynamics from a “sell” rating to a “hold” rating in a report on Wednesday, July 26th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Steel Dynamics currently has a consensus rating of “Buy” and a consensus target price of $39.79.
In other news, Director Keith E. Busse sold 4,965 shares of Steel Dynamics 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 transaction, the director now directly owns 1,005,666 shares of the company’s stock, valued at $38,637,687.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Christopher A. Graham sold 5,021 shares of Steel Dynamics stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $38.05, for a total transaction of $191,049.05. Following the completion of the transaction, the insider now directly owns 26,778 shares in the company, valued at $1,018,902.90. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by 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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