Eventide Asset Management Lowers stake in Steel Dynamics (STLD)

Steel Dynamics (STLD) : Eventide Asset Management reduced its stake in Steel Dynamics by 14.46% during the most recent quarter end. The investment management company now holds a total of 1,275,000 shares of Steel Dynamics which is valued at $42,279,000 after selling 215,500 shares in Steel Dynamics , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Steel Dynamics makes up approximately 2.56% of Eventide Asset Management’s portfolio.

Other Hedge Funds, Including , Marshall Wace Llp boosted its stake in STLD in the latest quarter, The investment management firm added 115,992 additional shares and now holds a total of 161,283 shares of Steel Dynamics which is valued at $5,217,505. Steel Dynamics makes up approx 0.04% of Marshall Wace Llp’s portfolio. Summit Securities Group sold out all of its stake in STLD during the most recent quarter. The investment firm sold 21,280 shares of STLD which is valued $605,203.Capital One National Association reduced its stake in STLD by selling 21 shares or 0.05% in the most recent quarter. The Hedge Fund company now holds 42,894 shares of STLD which is valued at $1,177,869. Steel Dynamics makes up approx 0.10% of Capital One National Association’s portfolio.Ftb Advisors boosted its stake in STLD in the latest quarter, The investment management firm added 171 additional shares and now holds a total of 214 shares of Steel Dynamics which is valued at $5,876.

Steel Dynamics closed down -0.01 points or -0.03% at $33.37 with 51,75,485 shares getting traded on Monday. Post opening the session at $33.25, the shares hit an intraday low of $33.05 and an intraday high of $33.53 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Steel Dynamics reported $0.65 EPS for the quarter, based on the information available during the earnings call on Oct 19, 2016. Analyst had a consensus estimate of $0.65. The company had revenue of $2101.30 million for the quarter, compared to analysts expectations of $2061.01 million. The company’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 EPS.

Many Wall Street Analysts have commented on Steel Dynamics. Steel Dynamics was Downgraded by Berenberg to ” Hold” on Nov 14, 2016. Steel Dynamics was Downgraded by Rosenblatt to ” Neutral” on Nov 14, 2016. Steel Dynamics was Upgraded by BofA/Merrill to ” Buy” on Oct 26, 2016.

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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