Short Interest in Steel Dynamics, Inc. (NASDAQ:STLD) Grows By 20.5%

Steel Dynamics, Inc. (NASDAQ:STLD) was the target of a large increase in short interest in July. As of July 31st, there was short interest totalling 5,264,800 shares, an increase of 20.5% from the June 30th total of 4,369,600 shares. Based on an average trading volume of 2,840,000 shares, the short-interest ratio is currently 1.9 days. Approximately 2.4% of the company’s stock are sold short.

Several equities analysts have weighed in on the company. Citigroup set a $34.00 price objective on Steel Dynamics and gave the company a “buy” rating in a research note on Tuesday, June 11th. Macquarie set a $36.00 target price on Steel Dynamics and gave the company a “hold” rating in a research report on Tuesday, April 23rd. BidaskClub lowered Steel Dynamics from a “hold” rating to a “sell” rating in a research report on Tuesday. Goldman Sachs Group decreased their target price on Steel Dynamics from $44.00 to $36.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Finally, ValuEngine lowered Steel Dynamics from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $39.67.

Shares of Steel Dynamics stock traded down $1.13 during trading hours on Wednesday, hitting $26.75. 1,900,362 shares of the company’s stock traded hands, compared to its average volume of 2,441,918. Steel Dynamics has a 12-month low of $25.02 and a 12-month high of $48.17. The stock has a market capitalization of $6.11 billion, a PE ratio of 4.87, a price-to-earnings-growth ratio of 0.74 and a beta of 1.62. The stock’s fifty day moving average is $30.29. The company has a debt-to-equity ratio of 0.60, a current ratio of 4.35 and a quick ratio of 2.40.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Monday, July 22nd. The basic materials company reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.02). Steel Dynamics had a net margin of 9.11% and a return on equity of 28.50%. The business had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.78 billion. During the same period in the prior year, the business earned $1.53 earnings per share. The company’s revenue for the quarter was down 10.4% compared to the same quarter last year. Sell-side analysts anticipate that Steel Dynamics will post 3.19 earnings per share for the current fiscal year.

In related news, insider Glenn Pushis acquired 5,740 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were acquired at an average cost of $26.13 per share, for a total transaction of $149,986.20. Following the purchase, the insider now owns 91,289 shares in the company, valued at $2,385,381.57. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gabriel Shaheen acquired 5,000 shares of the company’s stock in a transaction on Friday, May 24th. The shares were bought at an average price of $27.03 per share, for a total transaction of $135,150.00. Following the completion of the purchase, the director now owns 58,635 shares in the company, valued at approximately $1,584,904.05. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 12,740 shares of company stock worth $336,296. Company insiders own 4.90% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in STLD. Parallel Advisors LLC purchased a new stake in Steel Dynamics in the 1st quarter worth about $27,000. Signaturefd LLC boosted its stake in Steel Dynamics by 752.6% in the 2nd quarter. Signaturefd LLC now owns 1,151 shares of the basic materials company’s stock worth $35,000 after purchasing an additional 1,016 shares during the period. AdvisorNet Financial Inc bought a new position in Steel Dynamics in the 2nd quarter worth about $43,000. Zions Bancorporation N.A. boosted its stake in Steel Dynamics by 440.5% in the 2nd quarter. Zions Bancorporation N.A. now owns 1,454 shares of the basic materials company’s stock worth $44,000 after purchasing an additional 1,185 shares during the period. Finally, Farmers & Merchants Trust Co of Chambersburg PA bought a new position in Steel Dynamics in the 1st quarter worth about $54,000. 80.91% of the stock is owned by institutional investors.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.

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