Steel Dynamics Inc. (STLD) Receives “Hold” Rating from Bank of America Corp.
Steel Dynamics Inc. (NASDAQ:STLD)‘s stock had its “hold” rating restated by equities research analysts at Bank of America Corp. in a note issued to investors on Tuesday. They currently have a $27.00 price target on the stock. Bank of America Corp.’s price objective suggests a potential upside of 11.11% from the stock’s current price.
STLD has been the subject of a number of other research reports. Zacks Investment Research upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $29.00 target price for the company in a research note on Thursday, July 7th. Berenberg Bank reiterated a “buy” rating and issued a $35.00 target price on shares of Steel Dynamics in a research note on Tuesday, August 2nd. Citigroup Inc. assumed coverage on shares of Steel Dynamics in a research note on Monday, August 22nd. They issued a “buy” rating and a $33.00 target price for the company. Jefferies Group reiterated a “buy” rating and issued a $31.00 target price on shares of Steel Dynamics in a research note on Wednesday, July 20th. Finally, Barclays PLC reiterated an “overweight” rating and issued a $28.00 target price (up previously from $27.00) on shares of Steel Dynamics in a research note on Tuesday, July 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seventeen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $27.81.
Shares of Steel Dynamics (NASDAQ:STLD) opened at 24.30 on Tuesday. The firm has a market cap of $5.92 billion, a P/E ratio of 495.92 and a beta of 1.70. Steel Dynamics has a 12 month low of $15.32 and a 12 month high of $28.01. The stock’s 50 day moving average price is $25.06 and its 200-day moving average price is $24.52.
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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, beating analysts’ consensus estimates of $0.56 by $0.02. Steel Dynamics had a net margin of 0.17% and a return on equity of 10.79%. The company earned $2.02 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the previous year, the company posted $0.22 earnings per share. Equities research analysts anticipate that Steel Dynamics will post $2.08 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.30%. Steel Dynamics’s dividend payout ratio (DPR) is 1,120.00%.
In related news, Director Keith E. Busse sold 13,155 shares of the business’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $27.00, for a total value of $355,185.00. Following the sale, the director now directly owns 1,006,894 shares of the company’s stock, valued at approximately $27,186,138. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jurgen Dr Kolb sold 1,000 shares of the business’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $26.50, for a total transaction of $26,500.00. Following the completion of the sale, the director now directly owns 65,014 shares in the company, valued at $1,722,871. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the stock. Macquarie Group Ltd. bought a new stake in Steel Dynamics during the second quarter valued at approximately $1,923,000. KAMES CAPITAL plc bought a new stake in Steel Dynamics during the second quarter valued at approximately $14,849,000. Mason Street Advisors LLC bought a new stake in Steel Dynamics during the second quarter valued at approximately $2,721,000. Royal Bank of Canada boosted its stake in Steel Dynamics by 12.0% in the second quarter. Royal Bank of Canada now owns 1,589,888 shares of the company’s stock valued at $38,952,000 after buying an additional 169,904 shares in the last quarter. Finally, Cohen & Steers Inc. bought a new stake in Steel Dynamics during the second quarter valued at approximately $6,725,000. 82.54% of the stock is currently owned by institutional investors and hedge funds.
Steel Dynamics Company Profile
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