Steel Dynamics, Inc. (NASDAQ:STLD) Given New $42.00 Price Target at Bank of America Corporation
Steel Dynamics, Inc. (NASDAQ:STLD) had its price target upped by Bank of America Corporation from $40.00 to $42.00 in a report issued on Friday. The brokerage presently has a “buy” rating on the basic materials company’s stock. Bank of America Corporation’s price target points to a potential upside of 11.97% from the stock’s previous close.
A number of other equities analysts have also commented on the stock. Cowen and Company restated a “buy” rating and issued a $42.00 price objective on shares of Steel Dynamics in a research report on Wednesday. Morgan Stanley restated a “buy” rating on shares of Steel Dynamics in a research report on Tuesday. Zacks Investment Research lowered shares of Steel Dynamics from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. BidaskClub upgraded shares of Steel Dynamics from a “sell” rating to a “hold” rating in a research report on Saturday, July 1st. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $45.00 target price on shares of Steel Dynamics in a research report on Monday, June 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the stock. Steel Dynamics presently has an average rating of “Buy” and a consensus target price of $39.78.
Steel Dynamics (NASDAQ:STLD) traded down 0.48% during trading on Friday, reaching $37.51. 2,629,628 shares of the company were exchanged. Steel Dynamics has a one year low of $22.79 and a one year high of $40.17. The company has a market capitalization of $9.07 billion, a P/E ratio of 17.71 and a beta of 1.25. The firm’s 50-day moving average is $35.13 and its 200 day moving average is $35.27.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, meeting analysts’ consensus estimates of $0.63. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.94%. The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same period last year, the business earned $0.58 earnings per share. Steel Dynamics’s revenue was up 18.1% compared to the same quarter last year. On average, analysts anticipate that Steel Dynamics will post $2.79 EPS for the current fiscal year.
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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Advantage Investment Management LLC increased its position in Steel Dynamics by 39.6% in the first quarter. Advantage Investment Management LLC now owns 3,350 shares of the basic materials company’s stock valued at $116,000 after buying an additional 950 shares during the period. Washington Trust Bank increased its position in Steel Dynamics by 48.8% in the second quarter. Washington Trust Bank now owns 3,393 shares of the basic materials company’s stock valued at $122,000 after buying an additional 1,113 shares during the period. James Investment Research Inc. acquired a new position in Steel Dynamics during the first quarter valued at approximately $145,000. Advisory Services Network LLC acquired a new position in Steel Dynamics during the first quarter valued at approximately $150,000. Finally, IFP Advisors Inc increased its position in Steel Dynamics by 163.8% in the first quarter. IFP Advisors Inc now owns 4,366 shares of the basic materials company’s stock valued at $152,000 after buying an additional 2,711 shares during the period. 83.59% 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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