Steel Dynamics Inc. (STLD) Given a $33.00 Price Target at Cowen and Company
Steel Dynamics Inc. (NASDAQ:STLD) received a $33.00 price objective from Cowen and Company in a research note issued to investors on Tuesday. The brokerage presently has a a “buy” rating on the stock. Cowen and Company’s price objective would indicate a potential upside of 36.31% from the stock’s previous close.
Several other brokerages have also recently commented on STLD. Berenberg Bank set a $35.00 price target on shares of Steel Dynamics and gave the stock a “buy” rating in a research note on Tuesday. Credit Agricole SA decreased their price target on shares of Steel Dynamics from $29.00 to $27.00 and set a “market perform” rating on the stock in a research note on Wednesday. Bank of America Corp. reiterated a “hold” rating and issued a $27.00 price target on shares of Steel Dynamics in a research note on Tuesday. Jefferies Group set a $28.00 price target on shares of Steel Dynamics and gave the stock a “buy” rating in a research note on Thursday, September 15th. Finally, Citigroup Inc. started coverage on shares of Steel Dynamics in a research note on Monday, August 22nd. They issued a “buy” rating and a $33.00 price target on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $27.77.
Steel Dynamics (NASDAQ:STLD) traded up 1.879% during mid-day trading on Tuesday, hitting $24.665. 2,062,368 shares of the stock were exchanged. Steel Dynamics has a 52 week low of $15.32 and a 52 week high of $28.01. The firm has a market capitalization of $6.01 billion, a price-to-earnings ratio of 503.367 and a beta of 1.70. The company’s 50-day moving average price is $25.00 and its 200 day moving average price is $24.55.
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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 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 had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the previous year, the company earned $0.22 EPS. Equities research analysts expect that Steel Dynamics will post $2.09 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a $0.14 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.56 annualized dividend and a dividend yield of 2.31%. Steel Dynamics’s payout ratio is presently 1,120.00%.
In other news, Director Jurgen Dr Kolb sold 1,000 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,722,871. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Keith E. Busse sold 13,155 shares of the company’s stock in a transaction that occurred 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 directly owns 1,006,894 shares of the company’s stock, valued at approximately $27,186,138. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in STLD. 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. 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 last quarter. BlackRock Fund Advisors boosted its stake in Steel Dynamics by 6.2% in the second quarter. BlackRock Fund Advisors now owns 8,542,872 shares of the company’s stock worth $209,300,000 after buying an additional 496,570 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Steel Dynamics by 6.6% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 8,266,562 shares of the company’s stock worth $202,531,000 after buying an additional 508,330 shares during the last quarter. Finally, State Street Corp boosted its stake in Steel Dynamics by 3.7% in the second quarter. State Street Corp now owns 7,602,249 shares of the company’s stock worth $186,255,000 after buying an additional 272,753 shares during the last quarter. 82.42% of the stock is owned by hedge funds and other institutional investors.
About Steel Dynamics
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