Steel Dynamics Sees Large Decline in Short Interest (STLD)
Shares of Steel Dynamics (NASDAQ:STLD) were the recipient of a large drop in short interest during the month of June. As of June 13th, there was short interest totalling 3,214,327 shares, a drop of 54.0% from the May 30th total of 6,980,421 shares, Stock Ratings Network.com reports. Based on an average daily volume of 2,973,412 shares, the days-to-cover ratio is presently 1.1 days. Approximately 1.5% of the shares of the company are short sold.
STLD has been the subject of a number of recent research reports. Analysts at Zacks upgraded shares of Steel Dynamics from an “underperform” rating to a “neutral” rating in a research note on Wednesday, May 21st. They now have a $18.10 price target on the stock. Separately, analysts at Jefferies Group reiterated a “buy” rating on shares of Steel Dynamics in a research note on Thursday, May 15th. They now have a $21.00 price target on the stock. Finally, analysts at Cowen and Company upgraded shares of Steel Dynamics from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 15th. They now have a $24.00 price target on the stock, up previously from $20.00. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $19.67.
Steel Dynamics (NASDAQ:STLD) opened at 17.77 on Monday. Steel Dynamics has a 1-year low of $14.96 and a 1-year high of $19.74. The stock’s 50-day moving average is $17.6 and its 200-day moving average is $17.87. The company has a market cap of $3.969 billion and a price-to-earnings ratio of 22.53.
Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, April 16th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the analysts’ consensus estimate of $0.20 by $0.04. The company had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the company posted $0.21 earnings per share. Steel Dynamics’s revenue was up 1.7% compared to the same quarter last year. Analysts expect that Steel Dynamics will post $1.19 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, July 11th. Investors of record on Monday, June 30th will be given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend is Thursday, June 26th.
Steel Dynamics, Inc is a steel producer and metals recycler in the United States. The Company operates in three segments: steel operations, metals recycling and ferrous resources operations, and steel fabrication operations.
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