Berenberg Bank Analysts Give Steel Dynamics Inc. (STLD) a $35.00 Price Target
Steel Dynamics Inc. (NASDAQ:STLD) has been given a $35.00 price target by equities research analysts at Berenberg Bank in a research report issued to clients and investors on Tuesday. The brokerage presently has a a “buy” rating on the stock. Berenberg Bank’s target price would indicate a potential upside of 44.57% from the stock’s previous close.
Other equities analysts have also issued reports about the stock. Credit Agricole SA lowered their target price on shares of Steel Dynamics from $29.00 to $27.00 and set a “market perform” rating for the company in a report on Wednesday. Jefferies Group reissued a “buy” rating and set a $31.00 price target (up previously from $28.00) on shares of Steel Dynamics in a research report on Friday, June 10th. Rosenblatt Securities began coverage on shares of Steel Dynamics in a research report on Wednesday, June 1st. They set a “buy” rating and a $21.00 price target for the company. Cowen and Company raised their price target on shares of Steel Dynamics from $30.00 to $33.00 and gave the company an “outperform” rating in a research report on Wednesday, July 20th. Finally, Barclays PLC reissued an “overweight” rating and set a $28.00 price target (up previously from $27.00) on shares of Steel Dynamics in a research report on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have issued a buy rating to the company. Steel Dynamics currently has a consensus rating of “Buy” and a consensus price target of $27.77.
Steel Dynamics (NASDAQ:STLD) traded up 1.879% during trading on Tuesday, reaching $24.665. The company had a trading volume of 2,062,368 shares. The firm has a market capitalization of $6.01 billion, a PE ratio of 503.367 and a beta of 1.70. The firm’s 50 day moving average price is $25.00 and its 200 day moving average price is $24.55. Steel Dynamics has a 12-month low of $15.32 and a 12-month high of $28.01.
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Steel Dynamics (NASDAQ:STLD) last released its earnings results on Monday, July 18th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.02. Steel Dynamics had a net margin of 0.17% and a return on equity of 10.79%. The firm earned $2.02 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same period last year, the business earned $0.22 earnings per share. Equities research analysts forecast that Steel Dynamics will post $2.09 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.31%. The ex-dividend date is Wednesday, September 28th. Steel Dynamics’s payout ratio is currently 1,120.00%.
In other Steel Dynamics news, 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 value of $26,500.00. Following the sale, the director now owns 65,014 shares in the company, valued at approximately $1,722,871. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Keith E. Busse sold 13,155 shares of the business’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $27.00, for a total transaction of $355,185.00. Following the completion of the sale, the director now owns 1,006,894 shares in the company, valued at approximately $27,186,138. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in the company. Boston Partners boosted its stake in shares of Steel Dynamics by 124.9% in the second quarter. Boston Partners now owns 11,042,580 shares of the company’s stock valued at $270,544,000 after buying an additional 6,132,303 shares during the last quarter. Norges Bank bought a new stake in shares of Steel Dynamics during the fourth quarter valued at approximately $84,058,000. Vanguard Group Inc. boosted its stake in shares of Steel Dynamics by 23.7% in the second quarter. Vanguard Group Inc. now owns 20,810,938 shares of the company’s stock valued at $509,869,000 after buying an additional 3,982,588 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of Steel Dynamics during the second quarter valued at approximately $45,158,000. Finally, Prudential Financial Inc. boosted its stake in shares of Steel Dynamics by 69.9% in the second quarter. Prudential Financial Inc. now owns 3,465,741 shares of the company’s stock valued at $84,910,000 after buying an additional 1,425,548 shares during the last quarter. Institutional investors and hedge funds own 82.42% of the company’s stock.
About Steel Dynamics
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