Short Interest in Steel Dynamics Grows By 21.9% (STLD)
Steel Dynamics (NASDAQ:STLD) saw a large growth in short interest during the month of 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, Analyst Ratings Network reports. Currently, 2.5% of the shares of the company are sold short. Based on an average trading volume of 3,313,737 shares, the short-interest ratio is currently 1.6 days.
Several analysts have recently commented on the stock. 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 analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $23.45.
Steel Dynamics (NASDAQ:STLD) opened at 23.90 on Thursday. Steel Dynamics has a 52 week low of $15.11 and a 52 week high of $23.96. The stock’s 50-day moving average is $21.9 and its 200-day moving average is $18.85. The company has a market cap of $5.737 billion and a price-to-earnings ratio of 24.08.
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 $1.20 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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