Earnings Results Have These 5 Stocks On The Move Today

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All three index futures along with crude are slightly lower today as traders digest the latest corporate earnings reports. In this article we’ll take a closer look at the earnings results of five notable companies during their latest quarter, those being Equity Lifestyle Properties, Inc. (NYSE:ELS), Steel Dynamics, Inc. (NASDAQ:STLD), IDEX Corporation (NYSE:IEX), Brown & Brown, Inc. (NYSE:BRO), and Rambus Inc. (NASDAQ:RMBS). We’ll also peer into hedge fund filings to determine how the world’s greatest investors are positioned in the five equities.

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Equity Lifestyle’s FFO Exceeds Estimate

Equity Lifestyle Properties, Inc. (NYSE:ELS) reported FFO of $0.75 per share for the second quarter, beating the estimate by $0.01 per share. Revenue was $210.1 million, up by 4.3% year-over-year. Core property operating revenue excluding deferrals inched up by 4.2%, while core income from property operations excluding deferrals and property management rose by 6.1% year-over-year. On June 1, the company also completed the acquisition of a 1,168-site property located in Florida for $75.2 million and the assumption of mortgage debt of $22.6 million. Jim Simons‘ Renaissance Technologies owned 1.03 million shares of Equity Lifestyle Properties, Inc. (NYSE:ELS) at the end of March, up by 19% from the size of the fund’s holding at the end of December.

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Steel Dynamics Reports Mixed Results 

Steel Dynamics, Inc. (NASDAQ:STLD) earned $0.58 per share on revenue of $2.02 billion for the second quarter, beating the bottom-line estimate by $0.02 per share but missing the top-line consensus mark by $20 million. Consolidated operating earnings rose by 94% sequentially to $256 million, led by continued momentum in the flat roll steel supply sector. Meanwhile, import levels of flat roll steel have dropped and inventory levels are more in-line with demand requirements. These two factors have led to healthier utilization rates and generally higher margins. Nonetheless, shares are down by 3.5% in pre-market trading today. ClearBridge‘s Legg Mason Capital Management reported owning a stake of 4.83 million Steel Dynamics shares as of March 31.

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On the next page we’ll take a closer look at the results reported by IDEX Corporation, Brown & Brown Inc, and Rambus Inc.

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