Peregrine Capital Management LLC decreased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 0.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 673,140 shares of the basic materials company’s stock after selling 1,685 shares during the period. Peregrine Capital Management LLC owned 0.28% of Steel Dynamics worth $24,105,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Sanders Morris Harris Inc. acquired a new stake in Steel Dynamics during the first quarter valued at about $348,000. Boston Advisors LLC boosted its stake in Steel Dynamics by 583.5% in the first quarter. Boston Advisors LLC now owns 332,072 shares of the basic materials company’s stock valued at $11,543,000 after buying an additional 283,485 shares during the last quarter. Affinity Wealth Management acquired a new stake in Steel Dynamics during the first quarter valued at about $265,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Steel Dynamics during the first quarter valued at about $798,000. Finally, Louisiana State Employees Retirement System boosted its stake in Steel Dynamics by 1.5% in the first quarter. Louisiana State Employees Retirement System now owns 61,200 shares of the basic materials company’s stock valued at $2,127,000 after buying an additional 900 shares during the last quarter. 84.05% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Steel Dynamics, Inc. (NASDAQ:STLD) traded up 0.907% on Tuesday, reaching $36.165. 672,433 shares of the company traded hands. Steel Dynamics, Inc. has a 1-year low of $22.79 and a 1-year high of $40.17. The stock has a market capitalization of $8.73 billion, a price-to-earnings ratio of 16.612 and a beta of 1.23. The company has a 50-day moving average of $35.49 and a 200-day moving average of $35.24.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.63. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.37 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. Steel Dynamics’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.58 EPS. Analysts anticipate that Steel Dynamics, Inc. will post $2.83 earnings per share for the current fiscal year.
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Several research firms have weighed in on STLD. Zacks Investment Research raised Steel Dynamics from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a research report on Saturday, May 20th. Jefferies Group LLC reaffirmed a “buy” rating and set a $43.00 price objective (up from $42.00) on shares of Steel Dynamics in a research report on Saturday, July 22nd. Bank of America Corporation lifted their target price on shares of Steel Dynamics from $40.00 to $42.00 and gave the company a “buy” rating in a report on Friday, July 21st. Morgan Stanley reiterated a “buy” rating on shares of Steel Dynamics in a report on Tuesday, July 18th. Finally, Cowen and Company reiterated a “buy” rating and set a $44.00 target price on shares of Steel Dynamics in a report on Wednesday, July 19th. Five investment 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 target price of $39.79.
In related news, Director Keith E. Busse sold 4,965 shares of the 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 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 SEC, which is available through this hyperlink. Also, insider Christopher A. Graham sold 5,021 shares of the 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 in the company, valued at $1,018,902.90. The disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.
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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