Steel Dynamics Lowered to “Neutral” at Credit Suisse (STLD)
Steel Dynamics (NASDAQ:STLD) was downgraded by Credit Suisse from an “outperform” rating to a “neutral” rating in a research note issued on Monday, TheFlyOnTheWall.com reports. They currently have a $23.00 target price on the stock, down from their previous target price of $23.30. Credit Suisse’s target price suggests a potential downside of 1.29% from the company’s current price.
The analysts wrote, “A recent Non-Deal Roadshow and trip to Fort Wayne (IN) to visit the Structural & Rail Division (SRD) and nearby Recycling assets confirmed our view that STLD is a high quality business run by highly capable people. We continue to believe that STLD is an attractive longer term holding. That said, recent share price outperformance leaves us on the sideline for now as we await a more attractive entry point. Our rating falls to NEUTRAL.”
Shares of Steel Dynamics (NASDAQ:STLD) traded up 0.41% during mid-day trading on Monday, hitting $23.395. The stock had a trading volume of 285,411 shares. Steel Dynamics has a 52 week low of $15.05 and a 52 week high of $23.38. The stock has a 50-day moving average of $20.85 and a 200-day moving average of $18.49. The company has a market cap of $5.616 billion and a price-to-earnings ratio of 24.17.
Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Monday, July 21st. The company reported $0.31 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.32 by $0.01. The company had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $1.99 billion. During the same quarter last year, the company posted $0.13 earnings per share. Steel Dynamics’s revenue was up 14.9% compared to the same quarter last year. Analysts expect that Steel Dynamics will post $1.21 EPS for the current fiscal year.
STLD has been the subject of a number of other recent research reports. Analysts at KeyCorp upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Monday, August 4th. They now have a $28.00 price target on the stock. Separately, analysts at Nomura reiterated a “buy” rating on shares of Steel Dynamics in a research note on Wednesday, July 23rd. They now have a $28.00 price target on the stock, up previously from $22.00. Finally, analysts at Deutsche Bank reiterated a “buy” rating on shares of Steel Dynamics in a research note on Wednesday, July 23rd. They now have a $23.50 price target on the stock, up previously from $21.50. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $23.17.
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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