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Steel Dynamics (NASDAQ:STLD) reached a new 52-week high on Wednesday , StockRatingsNetwork.com reports. The company traded as high as $23.86 and last traded at $23.78, with a volume of 2,408,108 shares changing hands. The stock had previously closed at $23.21.

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, August 28th. 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, August 25th. 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, August 25th. They now have a $23.00 price target on the stock, down previously from $23.30. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Steel Dynamics currently has a consensus rating of “Buy” and an average price target of $23.45.

The stock has a 50-day moving average of $21.74 and a 200-day moving average of $18.81. The company has a market cap of $5.739 billion and a P/E ratio of 24.08. Steel Dynamics also was the recipient of a large increase in short interest in the month of August. As of August 15th, there was short interest totalling 5,301,258 shares, an increase of 21.9% from the July 31st total of 4,349,484 shares. Approximately 2.5% of the shares of the company are sold short. Based on an average trading volume of 3,313,737 shares, the days-to-cover ratio is currently 1.6 days.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results 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. On average, analysts predict that Steel Dynamics will post $1.20 earnings per share 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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