Steel Dynamics, Inc. (STLD) Shares Sold by Eaton Vance Management
Eaton Vance Management lessened its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 23.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,477 shares of the basic materials company’s stock after selling 39,877 shares during the quarter. Eaton Vance Management owned about 0.06% of Steel Dynamics worth $4,780,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in STLD. Washington Trust Bank boosted its position in shares of Steel Dynamics by 48.8% during the 2nd quarter. Washington Trust Bank now owns 3,393 shares of the basic materials company’s stock worth $122,000 after purchasing an additional 1,113 shares in the last quarter. Creative Planning boosted its position in shares of Steel Dynamics by 36.3% during the 2nd quarter. Creative Planning now owns 4,718 shares of the basic materials company’s stock worth $169,000 after purchasing an additional 1,256 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of Steel Dynamics during the 2nd quarter worth about $179,000. Nomura Asset Management Co. Ltd. boosted its position in shares of Steel Dynamics by 11.1% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 5,390 shares of the basic materials company’s stock worth $187,000 after purchasing an additional 540 shares in the last quarter. Finally, Eagle Global Advisors LLC bought a new position in shares of Steel Dynamics during the 2nd quarter worth about $212,000. 82.70% of the stock is currently owned by institutional investors.
Shares of Steel Dynamics, Inc. (NASDAQ:STLD) opened at 33.34 on Friday. The company has a market capitalization of $8.00 billion, a P/E ratio of 15.31 and a beta of 1.26. Steel Dynamics, Inc. has a 12-month low of $23.34 and a 12-month high of $40.17. The stock’s 50 day moving average is $34.61 and its 200-day moving average is $34.97.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.63. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same quarter last year, the business earned $0.58 earnings per share. Steel Dynamics’s quarterly revenue was up 18.1% compared to the same quarter last year. Analysts anticipate that Steel Dynamics, Inc. will post $2.79 earnings per share for the current year.
In other Steel Dynamics news, insider Christopher A. Graham sold 5,021 shares of the firm’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 transaction, the insider now owns 26,778 shares of the company’s stock, valued at approximately $1,018,902.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Keith E. Busse sold 4,965 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total transaction of $190,755.30. Following the transaction, the director now directly owns 1,005,666 shares in the company, valued at approximately $38,637,687.72. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by company insiders.
Several equities analysts recently weighed in on STLD shares. Zacks Investment Research raised shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research report on Saturday, May 20th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $43.00 price target (up previously from $42.00) on shares of Steel Dynamics in a research report on Saturday, July 22nd. Bank of America Corporation raised their price target on shares of Steel Dynamics from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Friday, July 21st. Citigroup Inc. dropped their price target on shares of Steel Dynamics from $43.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of Steel Dynamics in a research report on Tuesday, July 18th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $39.68.
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.
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