Steel Dynamics, Inc. (STLD) Stock Rating Upgraded by 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 Saturday. The firm currently has a $38.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.23% from the stock’s previous close.
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. “
Several other research analysts also recently commented on the stock. Citigroup Inc reissued a “buy” rating and set a $43.00 price objective (up previously from $30.00) on shares of Steel Dynamics in a report on Friday, January 20th. Berenberg Bank reaffirmed a “buy” rating and issued a $44.00 price target on shares of Steel Dynamics in a report on Thursday, March 16th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $45.00 price target on shares of Steel Dynamics in a report on Thursday, March 16th. Deutsche Bank AG raised their price objective on shares of Steel Dynamics from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, March 21st. Finally, Macquarie raised shares of Steel Dynamics from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $38.00 to $44.00 in a research note on Monday, April 24th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Steel Dynamics has an average rating of “Buy” and an average target price of $37.91.
Steel Dynamics (NASDAQ:STLD) opened at 34.22 on Friday. Steel Dynamics has a 12-month low of $22.79 and a 12-month high of $40.17. The stock has a 50 day moving average price of $34.92 and a 200-day moving average price of $35.16. The company has a market capitalization of $8.27 billion, a price-to-earnings ratio of 16.16 and a beta of 1.35.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, April 19th. The basic materials company reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.79 by $0.03. Steel Dynamics had a return on equity of 17.30% and a net margin of 4.91%. The business had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the prior year, the business posted $0.26 EPS. Steel Dynamics’s revenue for the quarter was up 36.0% compared to the same quarter last year. Equities analysts predict that Steel Dynamics will post $3.04 EPS for the current fiscal year.
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In related news, Director Richard P. Teets, Jr. sold 140,295 shares of the company’s 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 sale, the director now directly owns 5,042,939 shares of the company’s stock, valued at approximately $179,730,345.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 4.10% of the company’s stock.
Large investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Steel Dynamics by 11,858.1% in the first quarter. BlackRock Inc. now owns 20,091,806 shares of the basic materials company’s stock valued at $698,391,000 after buying an additional 19,923,788 shares during the last quarter. Norges Bank purchased a new stake in shares of Steel Dynamics during the fourth quarter worth approximately $213,607,000. FMR LLC increased 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 worth $206,295,000 after buying an additional 3,949,708 shares in the last quarter. Boston Partners increased its stake in shares of Steel Dynamics by 25.7% in the first quarter. Boston Partners now owns 14,641,570 shares of the basic materials company’s stock worth $508,941,000 after buying an additional 2,997,302 shares in the last quarter. Finally, Highline Capital Management L.P. purchased a new stake in shares of Steel Dynamics during the third quarter worth approximately $70,494,000. 79.46% of the stock is currently owned by hedge funds and other institutional investors.
Steel Dynamics Company Profile
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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