Steel Dynamics, Inc. (STLD) Short Interest Update

Steel Dynamics, Inc. (NASDAQ:STLD) was the target of a large decrease in short interest in the month of June. As of June 30th, there was short interest totalling 7,891,565 shares, a decrease of 21.4% from the June 15th total of 10,042,085 shares. Approximately 3.4% of the company’s shares are sold short. Based on an average daily trading volume, of 3,436,781 shares, the short-interest ratio is presently 2.3 days.

Several brokerages recently issued reports on STLD. Deutsche Bank AG restated a “buy” rating on shares of Steel Dynamics in a research report on Saturday, June 24th. Clarkson Capital reaffirmed a “neutral” rating on shares of Steel Dynamics in a report on Thursday, July 20th. BidaskClub downgraded shares of Steel Dynamics from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Zacks Investment Research raised shares of Steel Dynamics from a “sell” rating to a “hold” rating in a report on Wednesday, July 26th. Finally, Longbow Research reaffirmed a “buy” rating and set a $40.00 price target on shares of Steel Dynamics in a research note on Thursday, July 27th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $39.79.

In other Steel Dynamics news, 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 completion of the sale, the director now directly owns 1,005,666 shares in the company, valued at approximately $38,637,687.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Christopher A. Graham sold 5,021 shares of Steel Dynamics stock in a transaction that occurred on Tuesday, July 25th. The stock was 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 owns 26,778 shares of the company’s stock, valued at $1,018,902.90. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Sheaff Brock Investment Advisors LLC increased its stake in shares of Steel Dynamics by 0.3% in the second 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 in the last quarter. Jaffetilchin Investment Partners LLC increased its position in Steel Dynamics by 0.6% in the first quarter. Jaffetilchin Investment Partners LLC now owns 10,781 shares of the basic materials company’s stock valued at $375,000 after buying an additional 65 shares during the period. O Shaughnessy Asset Management LLC increased its position in Steel Dynamics by 1.5% in the first 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 increased its position in Steel Dynamics by 1.1% in the second 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. Finally, ARP Americas LLC increased its position in Steel Dynamics by 2.6% in the second 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. Institutional investors and hedge funds own 84.05% of the company’s stock.

Steel Dynamics (STLD) traded up 0.690% during mid-day trading on Thursday, reaching $35.755. 1,013,209 shares of the company were exchanged. The stock’s 50-day moving average price is $35.78 and its 200-day moving average price is $35.22. The stock has a market capitalization of $8.58 billion, a price-to-earnings ratio of 16.424 and a beta of 1.23. Steel Dynamics has a 1-year low of $22.79 and a 1-year high of $40.17.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.63. Steel Dynamics had a return on equity of 21.75% and a net margin of 6.07%. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same quarter in the prior year, the company earned $0.58 earnings per share. Steel Dynamics’s revenue was up 18.1% compared to the same quarter last year. On average, equities research analysts anticipate that Steel Dynamics will post $2.83 EPS for the current fiscal year.

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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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