Bank of America Corp. Reaffirms Hold Rating for Steel Dynamics Inc. (STLD)
Steel Dynamics Inc. (NASDAQ:STLD)‘s stock had its “hold” rating reiterated by investment analysts at Bank of America Corp. in a research report issued on Tuesday. They presently have a $27.00 price target on the stock. Bank of America Corp.’s target price would suggest a potential upside of 11.11% from the company’s current price.
A number of other analysts have also recently issued reports on the company. Jefferies Group reissued a “buy” rating on shares of Steel Dynamics in a research note on Wednesday, August 3rd. Cowen and Company raised their price target on shares of Steel Dynamics from $30.00 to $33.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 20th. Morgan Stanley reaffirmed a “buy” rating and set a $27.00 price target on shares of Steel Dynamics in a research note on Tuesday, August 16th. Zacks Investment Research cut shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Saturday, August 13th. Finally, Citigroup Inc. assumed coverage on shares of Steel Dynamics in a research note on Monday, August 22nd. They set a “buy” rating and a $33.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. Steel Dynamics currently has an average rating of “Buy” and a consensus target price of $27.81.
Steel Dynamics (NASDAQ:STLD) opened at 24.01 on Tuesday. The company’s 50-day moving average is $25.06 and its 200-day moving average is $24.52. Steel Dynamics has a 12 month low of $15.32 and a 12 month high of $28.01. The company has a market cap of $5.85 billion, a price-to-earnings ratio of 490.00 and a beta of 1.70.
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Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Monday, July 18th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. Steel Dynamics had a return on equity of 10.79% and a net margin of 0.17%. The business earned $2.02 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the prior year, the business earned $0.22 EPS. On average, equities research analysts anticipate that Steel Dynamics will post $2.08 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.30%. Steel Dynamics’s payout ratio is currently 1,120.00%.
In related news, Director Keith E. Busse sold 13,155 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $27.00, for a total value of $355,185.00. Following the transaction, the director now owns 1,006,894 shares in the company, valued at $27,186,138. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jurgen Dr Kolb sold 1,000 shares of the firm’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $26.50, for a total value of $26,500.00. Following the completion of the transaction, the director now owns 65,014 shares in the company, valued at approximately $1,722,871. The disclosure for this sale can be found here. 4.10% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. boosted its position in shares of Steel Dynamics by 54.8% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 4,800 shares of the company’s stock worth $118,000 after buying an additional 1,700 shares during the last quarter. Acrospire Investment Management LLC boosted its position in shares of Steel Dynamics by 137.5% in the second quarter. Acrospire Investment Management LLC now owns 5,699 shares of the company’s stock worth $140,000 after buying an additional 3,299 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Steel Dynamics by 1,676.0% in the second quarter. Tower Research Capital LLC TRC now owns 5,843 shares of the company’s stock worth $143,000 after buying an additional 5,514 shares during the last quarter. Loomis Sayles & Co. L P boosted its position in shares of Steel Dynamics by 991.5% in the second quarter. Loomis Sayles & Co. L P now owns 7,029 shares of the company’s stock worth $172,000 after buying an additional 6,385 shares during the last quarter. Finally, North Point Portfolio Managers Corp OH bought a new position in shares of Steel Dynamics during the second quarter worth approximately $203,000. Institutional investors own 82.54% of the company’s stock.
About Steel Dynamics
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