Steel Dynamics, Inc. (STLD) Upgraded at Zacks Investment Research
Steel Dynamics, Inc. (NASDAQ:STLD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The firm currently has a $37.00 price target on the basic materials company’s stock. Zacks Investment Research’s price objective suggests a potential upside of 5.99% from the company’s current price.
According to Zacks, “Steel Dynamics, Inc. owns and operates a flat-rolled steel mini-mill. Steel Dynamics operates in the production and sale of hot-rolled and cold-rolled steel coils. The company’s customers consist of intermediate steel processors, steel service centers and end users including manufacturers of cold-rolled strip, oil and gas transmission pipe, and mechanical and structural tubing. “
A number of other equities analysts have also weighed in on STLD. Vetr upgraded shares of Steel Dynamics from a “sell” rating to a “hold” rating and set a $34.51 target price for the company in a research report on Monday, January 2nd. Barclays PLC set a $40.00 target price on shares of Steel Dynamics and gave the stock a “buy” rating in a research report on Sunday, January 29th. Berenberg Bank reiterated a “buy” rating and set a $44.00 target price on shares of Steel Dynamics in a research report on Thursday, March 16th. Citigroup Inc reiterated a “buy” rating and set a $43.00 target price (up previously from $30.00) on shares of Steel Dynamics in a research report on Friday, January 20th. Finally, Credit Suisse Group AG lowered shares of Steel Dynamics from an “outperform” rating to a “neutral” rating and increased their target price for the stock from $33.00 to $36.00 in a research report on Thursday, January 12th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $36.50.
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Steel Dynamics (NASDAQ:STLD) opened at 34.91 on Friday. Steel Dynamics has a 12 month low of $22.62 and a 12 month high of $40.17. The company has a market cap of $8.46 billion, a P/E ratio of 22.38 and a beta of 1.35. The stock has a 50 day moving average of $34.59 and a 200-day moving average of $33.59.
Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, April 19th. The basic materials company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.03. The firm earned $2.37 billion during the quarter, compared to analyst estimates of $2.19 billion. Steel Dynamics had a net margin of 4.91% and a return on equity of 17.30%. The company’s quarterly revenue was up 36.0% on a year-over-year basis. During the same quarter last year, the business earned $0.26 earnings per share. Equities research analysts expect that Steel Dynamics will post $2.77 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, April 10th. Shareholders of record on Friday, March 31st were given a dividend of $0.155 per share. The ex-dividend date was Wednesday, March 29th. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.14. This represents a $0.62 annualized dividend and a yield of 1.78%. Steel Dynamics’s payout ratio is presently 35.90%.
In other Steel Dynamics news, Director Richard P. Teets, Jr. sold 140,295 shares of Steel Dynamics stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $35.64, for a total transaction of $5,000,113.80. Following the completion of the sale, the director now directly owns 5,042,939 shares in the company, valued at $179,730,345.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 4.10% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Steel Dynamics during the fourth quarter valued at about $213,607,000. FMR LLC raised its stake in shares of Steel Dynamics by 213.7% in the fourth quarter. FMR LLC now owns 5,798,084 shares of the basic materials company’s stock valued at $206,295,000 after buying an additional 3,949,708 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Steel Dynamics by 19.8% in the fourth quarter. AQR Capital Management LLC now owns 4,735,334 shares of the basic materials company’s stock valued at $168,484,000 after buying an additional 782,961 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Steel Dynamics by 8.4% in the first quarter. Bank of Montreal Can now owns 3,524,976 shares of the basic materials company’s stock valued at $122,528,000 after buying an additional 273,102 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Steel Dynamics by 3.7% in the third quarter. Wells Fargo & Company MN now owns 3,310,120 shares of the basic materials company’s stock valued at $82,720,000 after buying an additional 116,785 shares during the last quarter. Institutional investors and hedge funds own 79.46% of the company’s stock.
About Steel Dynamics
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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