New Century Advisors Lowers stake in Steel Dynamics (STLD)

Steel Dynamics (STLD) : New Century Advisors reduced its stake in Steel Dynamics by 90.68% during the most recent quarter end. The investment management company now holds a total of 18,500 shares of Steel Dynamics which is valued at $455,100 after selling 180,000 shares in Steel Dynamics , the firm said in a disclosure report filed with the SEC on Apr 21, 2016.Steel Dynamics makes up approximately 0.54% of New Century Advisors’s portfolio.

Steel Dynamics opened for trading at $24.18 and hit $25.07 on the upside on Wednesday, eventually ending the session at $25.07, with a gain of 2.16% or 0.53 points. The heightened volatility saw the trading volume jump to 36,00,611 shares. Company has a market cap of $6,097 M.

Other Hedge Funds, Including , Gateway Investment Advisers boosted its stake in STLD in the latest quarter, The investment management firm added 112,234 additional shares and now holds a total of 665,964 shares of Steel Dynamics which is valued at $16,382,714. Steel Dynamics makes up approx 0.14% of Gateway Investment Advisers’s portfolio.Oregon Public Employees Retirement Fund boosted its stake in STLD in the latest quarter, The investment management firm added 3,132 additional shares and now holds a total of 107,445 shares of Steel Dynamics which is valued at $2,600,169. Steel Dynamics makes up approx 0.06% of Oregon Public Employees Retirement Fund’s portfolio.Acadian Asset Management boosted its stake in STLD in the latest quarter, The investment management firm added 8,596 additional shares and now holds a total of 8,834 shares of Steel Dynamics which is valued at $213,783.

On the company’s financial health, Steel Dynamics reported $0.26 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Apr 20, 2016. Analyst had a consensus of $0.24. The company had revenue of $1741.30 million for the quarter, compared to analysts expectations of $1724.06 million. The company’s revenue was down -15.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.17 EPS.

Many Wall Street Analysts have commented on Steel Dynamics. Company shares were Reiterated by Cowen on Apr 22, 2016 to “Outperform”, Firm has raised the Price Target to $ 30 from a previous price target of $25 .Company shares were Reiterated by Credit Suisse on Mar 23, 2016 to “Outperform”, Firm has raised the Price Target to $ 27 from a previous price target of $25 .Company shares were Reiterated by Deutsche Bank on Mar 23, 2016 to “Buy”, Firm has raised the Price Target to $ 25 from a previous price target of $23 .

Steel Dynamics Inc. (SDI) is a steel producing and a metal recycling company. The Company operates in three segments: steel operations metals recycling and ferrous resources operations and steel fabrication operations. The Company offers hot roll cold roll galvanized galvanneal Galvalume Galfan and painted sheet steel; a range of structural steel beams and rails; engineered steel of various sizes and chemistries; and various merchant-bar products rounds angles flats and channels. The Company also offers steel finishing and fabrication services. In the metals recycling operations of its metals recycling and ferrous resources segment its products include an array of both ferrous and non-ferrous scrap processing scrap management transportation and brokerage products and services. Its steel fabrication segment produces steel joists and steel decking materials.

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