Steel Dynamics Inc. (STLD) Receives Outperform Rating from Credit Agricole SA
Steel Dynamics Inc. (NASDAQ:STLD)‘s stock had its “outperform” rating restated by research analysts at Credit Agricole SA in a report issued on Wednesday. They presently have a $27.00 target price on the stock, down from their prior target price of $29.00. Credit Agricole SA’s price objective would indicate a potential upside of 9.22% from the stock’s current price.
Other equities research analysts have also recently issued research reports about the company. Rosenblatt Securities started coverage on Steel Dynamics in a report on Wednesday, June 1st. They issued a “buy” rating and a $21.00 price target for the company. Cowen and Company set a $33.00 price target on Steel Dynamics and gave the company a “buy” rating in a report on Monday, August 1st. Jefferies Group reaffirmed a “buy” rating and issued a $31.00 price target on shares of Steel Dynamics in a report on Wednesday, July 20th. Zacks Investment Research raised Steel Dynamics from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a report on Tuesday, June 28th. Finally, Berenberg Bank reiterated a “buy” rating and issued a $35.00 price objective on shares of Steel Dynamics in a research report on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $27.87.
Shares of Steel Dynamics (NASDAQ:STLD) traded up 0.40% during midday trading on Wednesday, reaching $24.82. The company’s stock had a trading volume of 1,018,194 shares. The stock’s 50-day moving average is $24.90 and its 200-day moving average is $24.56. Steel Dynamics has a one year low of $15.32 and a one year high of $28.01. The company has a market capitalization of $6.05 billion, a P/E ratio of 506.53 and a beta of 1.70.
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Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Monday, July 18th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.56 by $0.02. Steel Dynamics had a return on equity of 10.79% and a net margin of 0.17%. The firm earned $2.02 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter last year, the firm earned $0.22 earnings per share. On average, equities analysts expect that Steel Dynamics will post $2.07 earnings per share for the current fiscal year.
The firm 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 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date is Wednesday, September 28th. Steel Dynamics’s dividend payout ratio is presently 1,120.00%.
In other Steel Dynamics 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 sale, the director now directly owns 1,006,894 shares in the company, valued at $27,186,138. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jurgen Dr Kolb sold 1,000 shares of the firm’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 completion of the sale, the director now 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 owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. Boston Partners boosted its stake in Steel Dynamics by 124.9% in the second quarter. Boston Partners now owns 11,042,580 shares of the company’s stock worth $270,544,000 after buying an additional 6,132,303 shares during the period. Norges Bank purchased a new stake in Steel Dynamics during the fourth quarter worth approximately $84,058,000. Vanguard Group Inc. boosted its stake in Steel Dynamics by 23.7% in the second quarter. Vanguard Group Inc. now owns 20,810,938 shares of the company’s stock worth $509,869,000 after buying an additional 3,982,588 shares during the period. Bank of Montreal Can purchased a new stake in Steel Dynamics during the second quarter worth approximately $45,158,000. Finally, Prudential Financial Inc. boosted its stake in Steel Dynamics by 69.9% in the second quarter. Prudential Financial Inc. now owns 3,465,741 shares of the company’s stock worth $84,910,000 after buying an additional 1,425,548 shares during the period. Institutional investors own 82.42% of the company’s stock.
Steel Dynamics Company Profile
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