Macquarie Reiterates “Neutral” Rating for Steel Dynamics, Inc. (STLD)
Steel Dynamics, Inc. (NASDAQ:STLD)‘s stock had its “neutral” rating reiterated by research analysts at Macquarie in a research note issued to investors on Monday.
Several other equities analysts also recently weighed in on the company. JPMorgan Chase & Co. raised their target price on Steel Dynamics from $31.00 to $41.00 and gave the company an “overweight” rating in a research report on Wednesday, November 30th. Credit Suisse Group AG downgraded Steel Dynamics from an “outperform” rating to a “neutral” rating and raised their target price for the company from $33.00 to $36.00 in a research report on Thursday, January 12th. Berenberg Bank downgraded Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Tuesday, January 31st. Vetr downgraded Steel Dynamics from a “hold” rating to a “sell” rating and set a $33.61 target price on the stock. in a research report on Tuesday, November 22nd. Finally, Citigroup Inc restated a “buy” rating and issued a $43.00 target price (up previously from $30.00) on shares of Steel Dynamics in a research report on Friday, January 20th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $34.75.
Shares of Steel Dynamics (NASDAQ:STLD) traded up 0.19% during midday trading on Monday, hitting $36.41. The company’s stock had a trading volume of 1,684,107 shares. The firm has a 50-day moving average of $35.64 and a 200 day moving average of $31.96. Steel Dynamics has a 12-month low of $21.57 and a 12-month high of $40.17. The firm has a market cap of $8.82 billion, a price-to-earnings ratio of 23.34 and a beta of 1.35.
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Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, January 24th. The company reported $0.43 earnings per share for the quarter, meeting the consensus estimate of $0.43. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.88 billion. Steel Dynamics had a return on equity of 17.30% and a net margin of 4.91%. The business’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.09 earnings per share. On average, equities research analysts predict that Steel Dynamics will post $2.60 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 10th. Stockholders of record on Friday, March 31st will be paid a $0.155 dividend. The ex-dividend date is Wednesday, March 29th. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.14. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.70%. Steel Dynamics’s payout ratio is presently 35.90%.
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In other news, Director Richard P. Teets, Jr. sold 140,295 shares of Steel Dynamics stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $35.64, for a total value of $5,000,113.80. Following the completion of the sale, the director now directly owns 5,042,939 shares of the company’s stock, valued at $179,730,345.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 4.10% of the company’s stock.
Several large investors have recently modified their holdings of the stock. 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 during the last quarter. Boston Partners boosted its position in Steel Dynamics by 2.2% in the third quarter. Boston Partners now owns 11,284,332 shares of the company’s stock valued at $281,995,000 after buying an additional 241,752 shares during the last quarter. BlackRock Fund Advisors boosted its position in Steel Dynamics by 4.4% in the third quarter. BlackRock Fund Advisors now owns 8,917,294 shares of the company’s stock valued at $222,843,000 after buying an additional 374,422 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in Steel Dynamics by 5.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 7,758,232 shares of the company’s stock valued at $174,638,000 after buying an additional 391,145 shares during the last quarter. Finally, State Street Corp boosted its position in Steel Dynamics by 7.0% in the first quarter. State Street Corp now owns 7,329,496 shares of the company’s stock valued at $164,995,000 after buying an additional 480,693 shares during the last quarter. 79.46% of the stock is owned by institutional investors and hedge funds.
About Steel Dynamics
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