Ameriprise Financial Inc. Sells 32,841 Shares of Steel Dynamics, Inc. (STLD)

Ameriprise Financial Inc. lessened its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 1.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,937,317 shares of the basic materials company’s stock after selling 32,841 shares during the period. Ameriprise Financial Inc. owned approximately 1.22% of Steel Dynamics worth $105,188,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Sheaff Brock Investment Advisors LLC boosted its position in Steel Dynamics by 0.3% in the 2nd quarter. Sheaff Brock Investment Advisors LLC now owns 6,408 shares of the basic materials company’s stock valued at $229,000 after buying an additional 20 shares during the period. O Shaughnessy Asset Management LLC boosted its position in Steel Dynamics by 1.5% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 10,424 shares of the basic materials company’s stock valued at $362,000 after buying an additional 154 shares during the period. Alpha Windward LLC boosted its position in Steel Dynamics by 1.1% in the 2nd quarter. Alpha Windward LLC now owns 14,244 shares of the basic materials company’s stock valued at $510,000 after buying an additional 154 shares during the period. ARP Americas LLC boosted its position in Steel Dynamics by 2.6% in the 2nd quarter. ARP Americas LLC now owns 7,783 shares of the basic materials company’s stock valued at $279,000 after buying an additional 200 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its position in Steel Dynamics by 1.8% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 14,717 shares of the basic materials company’s stock valued at $527,000 after buying an additional 259 shares during the period. 82.70% of the stock is owned by institutional investors.

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Shares of Steel Dynamics, Inc. (NASDAQ STLD) opened at 33.34 on Friday. The stock has a 50 day moving average of $34.61 and a 200-day moving average of $34.97. Steel Dynamics, Inc. has a one year low of $23.34 and a one year high of $40.17. The firm has a market capitalization of $8.00 billion, a price-to-earnings ratio of 15.31 and a beta of 1.26.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, meeting the consensus estimate of $0.63. The business 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%. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.58 earnings per share. On average, equities analysts anticipate that Steel Dynamics, Inc. will post $2.79 earnings per share for the current fiscal year.

In other news, insider Christopher A. Graham sold 5,021 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Keith E. Busse sold 4,965 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total transaction of $190,755.30. Following the completion of the transaction, the director now owns 1,005,666 shares of the company’s stock, valued at $38,637,687.72. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by corporate insiders.

Several brokerages have commented on STLD. Jefferies Group LLC reissued a “buy” rating on shares of Steel Dynamics in a research report on Saturday. Citigroup Inc. decreased their price target on shares of Steel Dynamics from $43.00 to $41.00 and set a “buy” rating for the company in a research report on Friday. Morgan Stanley cut shares of Steel Dynamics from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $45.00 to $33.00 in a research report on Tuesday, September 12th. Macquarie began coverage on shares of Steel Dynamics in a research report on Wednesday, September 6th. They issued a “neutral” rating and a $36.00 price target for the company. Finally, Bank of America Corporation reissued a “buy” rating and issued a $44.00 price target (up previously from $42.00) on shares of Steel Dynamics in a research report on Tuesday, September 5th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Steel Dynamics currently has a consensus rating of “Buy” and a consensus price target of $39.68.

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.

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

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