Steel Dynamics (STLD) : Traders are bullish on Steel Dynamics (STLD) as it has outperformed the S&P 500 by a wide margin of 4.29% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 1.77%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 1.71% in the last 1 week, and is up 7.8% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 1.13% and the 50-Day Moving Average is 5.33%. Steel Dynamics Inc. is up 7.03% in the last 3-month period. Year-to-Date the stock performance stands at 51.95%.
Steel Dynamics (NASDAQ:STLD): stock turned positive on Friday. Though the stock opened at $26.77, the bulls momentum made the stock top out at $27.01 level for the day. The stock recorded a low of $26.53 and closed the trading day at $26.82, in the green by 0.19%. The total traded volume for the day was 2,576,495. The stock had closed at $26.77 in the previous days trading.
Also, Bank of America downgrades its rating on Steel Dynamics (NASDAQ:STLD). Analysts at the Bank of America have a current rating of Neutral on the shares. The shares were previously rated Buy. The rating by the firm was issued on July 20, 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.