5 Best Cement and Construction Materials Stocks To Buy Now

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

Number of Hedge Fund Holders: 29

Steel Dynamics, Inc. (NASDAQ:STLD) operates as a steel producer and metal recycler in the United States. It operates through three segments – Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. Steel Dynamics, Inc. (NASDAQ:STLD) reported better than anticipated Q3 adjusted earnings and revenues, and steel shipments came in at a quarterly record of 3.2 million tons. Steel Dynamics, Inc. (NASDAQ:STLD) is one of the best materials stocks to buy now. 

On October 21, BMO Capital analyst David Gagliano raised the price target on Steel Dynamics, Inc. (NASDAQ:STLD) to $89 from $77 and reiterated a Market Perform rating on the shares. He is lifting his short-term estimates after Q3 results as downstream fabrication contributions “continue to surprise to the upside.” 

According to Insider Monkey’s Q2 data, 29 hedge funds were long Steel Dynamics, Inc. (NASDAQ:STLD), compared to 30 funds in the prior quarter. Cliff Asness’ AQR Capital Management is the biggest stakeholder of the company, with 2.12 million shares worth $137.75 million.