Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 672,156 shares of the basic materials company’s stock, valued at approximately $24,070,000. Sumitomo Mitsui Trust Holdings Inc. owned 0.28% of Steel Dynamics as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. First Trust Advisors LP increased its position in shares of Steel Dynamics by 22.0% in the first quarter. First Trust Advisors LP now owns 307,586 shares of the basic materials company’s stock valued at $10,692,000 after buying an additional 55,415 shares during the last quarter. LSV Asset Management acquired a new position in shares of Steel Dynamics during the first quarter valued at about $4,025,000. State Treasurer State of Michigan increased its position in shares of Steel Dynamics by 0.3% in the first quarter. State Treasurer State of Michigan now owns 98,500 shares of the basic materials company’s stock valued at $3,424,000 after buying an additional 300 shares during the last quarter. Great West Life Assurance Co. Can increased its position in shares of Steel Dynamics by 4.9% in the first quarter. Great West Life Assurance Co. Can now owns 176,106 shares of the basic materials company’s stock valued at $6,121,000 after buying an additional 8,246 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new position in shares of Steel Dynamics during the first quarter valued at about $150,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics, Inc. (STLD) opened at 34.45 on Friday. The firm’s 50-day moving average is $35.57 and its 200-day moving average is $35.20. Steel Dynamics, Inc. has a 12 month low of $22.79 and a 12 month high of $40.17. The firm has a market cap of $8.26 billion, a PE ratio of 15.82 and a beta of 1.23.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, meeting the Zacks’ consensus estimate 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 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 EPS. Steel Dynamics’s revenue was up 18.1% on a year-over-year basis. Equities analysts expect that Steel Dynamics, Inc. will post $2.82 earnings per share for the current year.

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Several research analysts have issued reports on the stock. Jefferies Group LLC reissued a “buy” rating and set a $43.00 price objective on shares of Steel Dynamics in a research report on Thursday. BidaskClub downgraded shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Longbow Research reissued a “buy” rating and set a $40.00 price objective on shares of Steel Dynamics in a research report on Thursday, July 27th. Zacks Investment Research raised shares of Steel Dynamics from a “sell” rating to a “hold” rating in a research report on Wednesday, July 26th. Finally, Clarkson Capital reissued a “neutral” rating on shares of Steel Dynamics in a research report on Thursday, July 20th. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $40.59.

In other Steel Dynamics news, Director Keith E. Busse sold 4,965 shares of the company’s stock in a transaction dated Tuesday, July 25th. The shares were 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 of the company’s stock, valued at approximately $38,637,687.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christopher A. Graham sold 5,021 shares of the company’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total transaction of $191,049.05. Following the completion of the sale, the insider now directly 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 currently owned by corporate insiders.

About Steel Dynamics

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.

Institutional Ownership by Quarter for Steel Dynamics (NASDAQ:STLD)

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