Steel Dynamics’ (STLD) Overweight Rating Reiterated at Barclays PLC
Steel Dynamics, Inc. (NASDAQ:STLD)‘s stock had its “overweight” rating reissued by equities researchers at Barclays PLC in a research report issued on Thursday.
A number of other equities research analysts have also issued reports on STLD. Credit Agricole SA decreased their price target on Steel Dynamics from $29.00 to $27.00 and set a “market perform” rating for the company in a research note on Wednesday. Jefferies Group reissued a “buy” rating and set a $31.00 price target (up from $28.00) on shares of Steel Dynamics in a research note on Friday, June 10th. Cowen and Company set a $33.00 price target on Steel Dynamics and gave the stock a “buy” rating in a research note on Tuesday. Rosenblatt Securities started coverage on Steel Dynamics in a research note on Wednesday, June 1st. They set a “buy” rating and a $21.00 price target for the company. Finally, Berenberg Bank reissued a “buy” rating and set a $35.00 price target on shares of Steel Dynamics in a research note on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have given a buy rating to the company’s stock. Steel Dynamics has an average rating of “Buy” and a consensus price target of $27.77.
Shares of Steel Dynamics (NASDAQ:STLD) opened at 24.85 on Thursday. The company has a 50-day moving average price of $24.95 and a 200 day moving average price of $24.56. The stock has a market capitalization of $6.06 billion, a PE ratio of 507.14 and a beta of 1.70. Steel Dynamics has a 52 week low of $15.32 and a 52 week high of $28.01.
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Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Monday, July 18th. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. The business earned $2.02 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Steel Dynamics had a return on equity of 10.79% and a net margin of 0.17%. During the same quarter last year, the business posted $0.22 EPS. Equities analysts forecast that Steel Dynamics will post $2.07 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a dividend of $0.14 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.56 dividend on an annualized basis and a yield of 2.25%. Steel Dynamics’s dividend payout ratio is currently 1,120.00%.
In other Steel Dynamics news, Director Jurgen Dr Kolb sold 1,000 shares of Steel Dynamics stock in a transaction dated Monday, July 25th. The stock was 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 owns 65,014 shares of the company’s stock, valued at approximately $1,722,871. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Keith E. Busse sold 13,155 shares of Steel Dynamics stock in a transaction dated 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 of the company’s stock, valued at approximately $27,186,138. The disclosure for this sale can be found here. Company insiders own 4.10% of the company’s stock.
Hedge funds have recently modified their holdings of 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 worth $270,544,000 after buying an additional 6,132,303 shares in the last quarter. Norges Bank purchased a new stake in shares of Steel Dynamics during the fourth quarter worth 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 worth $509,869,000 after buying an additional 3,982,588 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Steel Dynamics during the second quarter worth 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 worth $84,910,000 after buying an additional 1,425,548 shares in the last quarter. 82.42% of the stock is owned by institutional investors.
About Steel Dynamics
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