Worth Watching: Steel Dynamics, Inc. Surges to 52-Week High, Is Now Top Performer

Worth Watching: Steel Dynamics, Inc. Surges to 52 Week High, Is Now Top Performer

The stock of Steel Dynamics, Inc. (NASDAQ:STLD) hit a new 52-week high and has $39.31 target or 39.00% above today’s $28.28 share price. The 9 months bullish chart indicates low risk for the $6.80 billion company. The 1-year high was reported on Nov, 7 by Barchart.com. If the $39.31 price target is reached, the company will be worth $2.65B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 463,417 shares traded hands. Steel Dynamics, Inc. (NASDAQ:STLD) has risen 22.12% since April 5, 2016 and is uptrending. It has outperformed by 20.16% the S&P500.

Steel Dynamics, Inc. (NASDAQ:STLD) Ratings Coverage

Out of 12 analysts covering Steel Dynamics Inc. (NASDAQ:STLD), 10 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 83% are positive. Steel Dynamics Inc. has been the topic of 33 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The stock of Steel Dynamics, Inc. (NASDAQ:STLD) has “Neutral” rating given on Monday, March 14 by Rosenblatt. The rating was maintained by Barclays Capital on Monday, October 5 with “Overweight”. The firm has “Overweight” rating given on Tuesday, April 19 by Barclays Capital. BB&T Capital initiated Steel Dynamics, Inc. (NASDAQ:STLD) on Tuesday, November 24 with “Buy” rating. The stock has “Buy” rating given by Bank of America on Wednesday, October 26. The rating was downgraded by KeyBanc Capital Markets on Friday, August 19 to “Sector Weight”. The rating was maintained by Barclays Capital with “Overweight” on Wednesday, July 13. The stock of Steel Dynamics, Inc. (NASDAQ:STLD) earned “Buy” rating by Nomura on Wednesday, March 9. Berenberg upgraded Steel Dynamics, Inc. (NASDAQ:STLD) on Tuesday, March 8 to “Buy” rating. TheStreet upgraded the stock to “Hold” rating in Tuesday, September 1 report.

According to Zacks Investment Research, “Steel Dynamics, Inc. owns and operates a flat-rolled steel mini-mill. Steel Dynamics operates in the production and sale of hot-rolled and cold-rolled steel coils. The company’s customers consist of intermediate steel processors, steel service centers and end users including manufacturers of cold-rolled strip, oil and gas transmission pipe, and mechanical and structural tubing.”

Insitutional Activity: The institutional sentiment decreased to 1.39 in Q2 2016. Its down 0.08, from 1.47 in 2016Q1. The ratio turned negative, as 38 funds sold all Steel Dynamics, Inc. shares owned while 104 reduced positions. 70 funds bought stakes while 128 increased positions. They now own 197.44 million shares or 4.76% more from 188.47 million shares in 2016Q1.
Prudential Fincl accumulated 3.47M shares or 0.14% of the stock. Loomis Sayles & Communications L P reported 7,029 shares or 0% of all its holdings. Northern Corp holds 0.01% or 1.89M shares in its portfolio. Calvert Investment, a Maryland-based fund reported 35,022 shares. Glenmede Trust Na reported 14,783 shares or 0% of all its holdings. California State Teachers Retirement has invested 0.03% of its portfolio in Steel Dynamics, Inc. (NASDAQ:STLD). Ellington Mgmt Group Ltd Com has 0.91% invested in the company for 26,700 shares. Legal And General Public Ltd Company last reported 160,153 shares in the company. Retirement Systems Of Alabama last reported 1.08 million shares in the company. The Minnesota-based Ameriprise Finance has invested 0.05% in Steel Dynamics, Inc. (NASDAQ:STLD). Washington Trust Fincl Bank, a Washington-based fund reported 2,280 shares. Stevens Capital Mngmt Limited Partnership, a Pennsylvania-based fund reported 243,666 shares. Secor Cap Advisors Lp has 0.98% invested in the company for 317,212 shares. Lazard Asset owns 94,027 shares or 0.01% of their US portfolio. Jpmorgan Chase & accumulated 0.03% or 4.09M shares.

Insider Transactions: Since July 25, 2016, the stock had 0 insider purchases, and 3 selling transactions for $896,670 net activity. 2,000 Steel Dynamics, Inc. (NASDAQ:STLD) shares with value of $54,660 were sold by BUSSE KEITH E. KOLB JURGEN DR sold 17,900 shares worth $486,825.

Another recent and important Steel Dynamics, Inc. (NASDAQ:STLD) news was published by Prnewswire.com which published an article titled: “Steel Dynamics Announces Share Repurchase Program” on October 18, 2016.

STLD Company Profile

Steel Dynamics, Inc., incorporated on June 16, 1994, is a steel producing and a metal recycling company. The Firm is engaged in manufacturing and selling of steel products, processing and selling of recycled ferrous and non-ferrous metals, and fabricating and selling of steel joist and deck products. The Company’s divisions include steel operations, metals recycling operations, steel fabrication activities and Other Operations. The Firm offers a range of steel products, which include sheet products, such as hot roll, cold roll and coated steel, including light gauge hot roll, galvanized and painted products; long products, such as structural steel beams, pilings, and various merchant-bar products, including rounds, angles, flats, channels and reinforcing bar, and steel fabrication products, including steel joists and steel deck material, including specialty deck. It offers an array of both ferrous and nonferrous scrap processing, scrap management, transportation, and brokerage services and products. The Firm also offers steel finishing and fabrication services.

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