Steel Dynamics, Inc. $STLD Position Trimmed by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management cut its Steel Dynamics stake by 36.2% in the second quarter, selling 14,474 shares and retaining 25,556 shares valued at approximately $5.86 million. Institutional investors collectively own 82.41% of the company.
• Analyst sentiment remains positive, with eight Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $259.09. Recent targets range from $260 to $276.
• Steel Dynamics exceeded quarterly expectations, reporting $3.69 in EPS and $6.09 billion in revenue, with revenue up 33.4% year over year. The stock opened at $263.18, compared with a 52-week range of $124.77 to $288.74.

Wedge Capital Management L L P NC decreased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 36.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 25,556 shares of the basic materials company's stock after selling 14,474 shares during the quarter. Wedge Capital Management L L P NC's holdings in Steel Dynamics were worth $5,864,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Prosperity Bancshares Inc bought a new stake in shares of Steel Dynamics during the 4th quarter worth $25,000. MV Capital Management Inc. acquired a new stake in shares of Steel Dynamics during the fourth quarter worth $27,000. Cedar Mountain Advisors LLC acquired a new stake in shares of Steel Dynamics during the first quarter worth $31,000. DV Equities LLC purchased a new stake in shares of Steel Dynamics during the fourth quarter valued at $33,000. Finally, Torren Management LLC purchased a new stake in shares of Steel Dynamics during the fourth quarter valued at $34,000. Institutional investors own 82.41% of the company's stock.

Analyst Ratings Changes

STLD has been the topic of a number of analyst reports. UBS Group lifted their price target on Steel Dynamics from $165.00 to $276.00 and gave the stock a "neutral" rating in a research note on Monday. KeyCorp reaffirmed an "overweight" rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Barclays raised their target price on shares of Steel Dynamics from $270.00 to $272.00 and gave the stock an "overweight" rating in a report on Wednesday, July 22nd. Bank of America dropped their target price on shares of Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating on the stock in a research report on Thursday, July 9th. Finally, Wall Street Zen upgraded shares of Steel Dynamics from a "hold" rating to a "buy" rating in a report on Saturday, April 18th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $259.09.

Insider Activity at Steel Dynamics

In related news, SVP James Stanley Anderson sold 10,000 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the transaction, the senior vice president directly owned 102,837 shares of the company's stock, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 6.60% of the company's stock.

Steel Dynamics Stock Down 0.2%

NASDAQ:STLD opened at $263.18 on Thursday. The business's fifty day moving average price is $249.26 and its 200 day moving average price is $219.35. The firm has a market capitalization of $37.72 billion, a price-to-earnings ratio of 23.86, a PEG ratio of 0.50 and a beta of 1.52. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. Steel Dynamics, Inc. has a 1-year low of $124.77 and a 1-year high of $288.74.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, topping analysts' consensus estimates of $3.63 by $0.06. The firm had revenue of $6.09 billion during the quarter, compared to analyst estimates of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The business's quarterly revenue was up 33.4% compared to the same quarter last year. During the same period last year, the company posted $2.01 EPS. On average, sell-side analysts forecast that Steel Dynamics, Inc. will post 17.16 earnings per share for the current fiscal year.

Steel Dynamics Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company's product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.

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