Price Action Don’t Lie: Steel Dynamics, Inc. on Focus After Trading At 52-Week Highs

Price Action Don't Lie: Steel Dynamics, Inc. on Focus After Trading At 52 Week Highs

The stock of Steel Dynamics, Inc. (NASDAQ:STLD) hit a new 52-week high and has $45.09 target or 33.00% above today’s $33.90 share price. The 7 months bullish chart indicates low risk for the $8.26 billion company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $45.09 price target is reached, the company will be worth $2.73B 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 1.44M shares traded hands. Steel Dynamics, Inc. (NASDAQ:STLD) has risen 35.93% since April 19, 2016 and is uptrending. It has outperformed by 32.07% the S&P500.

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

Out of 12 analysts covering Steel Dynamics Inc. (NASDAQ:STLD), 9 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 75% are positive. Steel Dynamics Inc. has been the topic of 35 analyst reports since July 22, 2015 according to StockzIntelligence Inc. Bank of America downgraded Steel Dynamics, Inc. (NASDAQ:STLD) on Wednesday, July 20 to “Neutral” rating. The company was maintained on Friday, October 21 by Cowen & Co. Nomura maintained Steel Dynamics, Inc. (NASDAQ:STLD) on Wednesday, March 9 with “Buy” rating. Citigroup initiated the stock with “Buy” rating in Monday, August 22 report. The stock has “Buy” rating given by Rosenblatt on Wednesday, January 6. The rating was initiated by BB&T Capital with “Buy” on Tuesday, November 24. Credit Suisse maintained it with “Outperform” rating and $33 target price in Wednesday, June 8 report. On Tuesday, September 1 the stock rating was upgraded by TheStreet to “Hold”. The firm has “Outperform” rating given on Wednesday, March 23 by Credit Suisse. On Wednesday, January 13 the stock rating was reinitiated by Jefferies with “Buy”.

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 0.91 in 2016 Q2. Its down 0.48, from 1.39 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.
Moreover, Benjamin F Edwards And has 0.01% invested in Steel Dynamics, Inc. (NASDAQ:STLD) for 1,200 shares. Old Mutual Customised Solutions (Proprietary) Ltd has invested 0.04% of its portfolio in Steel Dynamics, Inc. (NASDAQ:STLD). Iowa Bankshares accumulated 400 shares or 0% of the stock. Fuller & Thaler Asset Mngmt Inc has 0% invested in the company for 4,800 shares. Blackrock Fund Advsrs owns 8.54 million shares or 0.05% of their US portfolio. Thompson Davis And Communication Inc has 0% invested in the company for 113 shares. The Illinois-based Envestnet Asset has invested 0% in Steel Dynamics, Inc. (NASDAQ:STLD). Ls Invest Advsrs Limited Liability Corp has 14,734 shares for 0.02% of their US portfolio. The Connecticut-based Paloma Prtn Mngmt has invested 0.03% in Steel Dynamics, Inc. (NASDAQ:STLD). Highbridge Cap Ltd Limited Liability Company holds 0.11% of its portfolio in Steel Dynamics, Inc. (NASDAQ:STLD) for 285,591 shares. Nikko Asset Americas Incorporated holds 354,700 shares or 0.8% of its portfolio. Numeric Invsts Limited, a Massachusetts-based fund reported 1.38 million shares. Teachers Advisors reported 1.09M shares or 0.05% of all its holdings. Great West Life Assurance Can holds 0% of its portfolio in Steel Dynamics, Inc. (NASDAQ:STLD) for 28,827 shares. Us Retail Bank De has 33,626 shares for 0% of their US portfolio.

Insider Transactions: Since July 25, 2016, the stock had 0 insider purchases, and 3 insider sales for $896,670 net activity. On Friday, July 29 the insider BUSSE KEITH E sold $355,185. 17,900 shares were sold by KOLB JURGEN DR, worth $486,825.

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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