Hedge Fund Bullishness on Metal Stocks Hits 3-Year High

1. Steel Dynamics, Inc. (NASDAQ:STLD)

As stated earlier, Steel Dynamics, Inc. (NASDAQ:STLD) saw the number of investors from our database holding shares increase by five to 36 during the second quarter of 2017. At the end of June, these funds held $693.64 million worth of stock, which was equal to around 8% of the company. Moreover, at the beginning of 2016, there were 28 investors long Steel Dynamics, Inc. (NASDAQ:STLD). Since then, the stock surged by 118% as the company managed to increase in revenue and posted a net profit for 2016, helped by growing steel prices. Among the hedge funds we track, Robert Pitts’ Steadfast Capital Management holds the largest stake, which contains 2.98 million shares, up by 28% on the quarter.

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Pixabay/Public Domain

Pixabay/Public Domain