Steel Dynamics Receives Consensus Recommendation of “Buy” from Analysts (NASDAQ:STLD)
Steel Dynamics (NASDAQ:STLD) has earned an average rating of “Buy” from the twelve ratings firms that are currently covering the stock, Stock Ratings Network reports. Five equities research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $23.45.
STLD has been the subject of a number of recent research reports. Analysts at Bank of America reiterated a “buy” rating on shares of Steel Dynamics in a research note on Thursday. They now have a $26.00 price target on the stock, up previously from $23.00. Separately, analysts at Cowen and Company reiterated an “outperform” rating on shares of Steel Dynamics in a research note on Monday. They now have a $27.00 price target on the stock. Finally, analysts at Credit Suisse downgraded shares of Steel Dynamics from an “outperform” rating to a “neutral” rating in a research note on Monday. They now have a $23.00 price target on the stock, down previously from $23.30.
Shares of Steel Dynamics (NASDAQ:STLD) opened at 23.14 on Friday. Steel Dynamics has a 1-year low of $15.05 and a 1-year high of $23.71. The stock has a 50-day moving average of $21.35 and a 200-day moving average of $18.70. The company has a market cap of $5.555 billion and a price-to-earnings ratio of 24.00. Steel Dynamics also was the target of a large growth in short interest in August. As of August 15th, there was short interest totalling 5,301,258 shares, a growth of 21.9% from the July 31st total of 4,349,484 shares. Approximately 2.5% of the company’s stock are short sold. Based on an average daily volume of 3,313,737 shares, the days-to-cover ratio is currently 1.6 days.
Steel Dynamics (NASDAQ:STLD) last released its earnings data on Monday, July 21st. The company reported $0.31 EPS for the quarter, missing the Thomson Reuters 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 in the prior year, the company posted $0.13 earnings per share. The company’s quarterly revenue was up 14.9% on a year-over-year basis. Analysts expect that Steel Dynamics will post $1.22 EPS for the current fiscal year.
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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