Steel Dynamics, Inc. (NASDAQ:STLD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.

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. “

Other research analysts have also recently issued research reports about the stock. Jefferies Group LLC reiterated a “buy” rating and set a $45.00 price target on shares of Steel Dynamics in a research note on Monday, June 26th. Deutsche Bank AG reiterated a “buy” rating on shares of Steel Dynamics in a research note on Saturday, June 24th. Berenberg Bank reiterated a “buy” rating and set a $46.00 price target on shares of Steel Dynamics in a research note on Monday, June 19th. Longbow Research upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating in a research note on Monday, June 19th. Finally, Barclays PLC reiterated a “buy” rating and set a $43.00 price target on shares of Steel Dynamics in a research note on Monday, May 15th. Four equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $39.78.

Steel Dynamics (NASDAQ STLD) traded down 2.13% during midday trading on Wednesday, hitting $37.28. The company’s stock had a trading volume of 498,537 shares. Steel Dynamics has a 12 month low of $22.79 and a 12 month high of $40.17. The company’s 50 day moving average price is $35.32 and its 200 day moving average price is $35.26. The firm has a market cap of $9.00 billion, a P/E ratio of 17.12 and a beta of 1.25.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.63. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The company’s revenue was up 18.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.58 EPS. Analysts expect that Steel Dynamics will post $2.85 EPS for the current year.

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A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Steel Dynamics by 2.5% in the first quarter. Vanguard Group Inc. now owns 23,793,953 shares of the basic materials company’s stock valued at $827,077,000 after buying an additional 590,652 shares during the last quarter. BlackRock Inc. boosted 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. Boston Partners boosted 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 valued at $508,941,000 after buying an additional 2,997,302 shares during the last quarter. State Street Corp increased its stake in Steel Dynamics by 2.9% in the first quarter. State Street Corp now owns 7,510,647 shares of the basic materials company’s stock worth $261,070,000 after buying an additional 209,388 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Steel Dynamics by 20.0% in the first quarter. Bank of New York Mellon Corp now owns 4,474,765 shares of the basic materials company’s stock worth $155,543,000 after buying an additional 745,978 shares during the period. Institutional investors and hedge funds own 83.63% 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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Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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