Steel Dynamics, Inc. (STLD) Given New $41.00 Price Target at Citigroup Inc.
Steel Dynamics, Inc. (NASDAQ:STLD) had its price target decreased by stock analysts at Citigroup Inc. from $43.00 to $41.00 in a research note issued to investors on Friday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the basic materials company’s stock. Citigroup Inc.’s target price would suggest a potential upside of 22.98% from the company’s previous close.
Several other research analysts also recently commented on STLD. Zacks Investment Research raised shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a research note on Saturday, May 20th. Credit Suisse Group raised shares of Steel Dynamics from a “neutral” rating to an “outperform” rating and set a $36.00 price objective on the stock in a research report on Wednesday, May 24th. BidaskClub downgraded shares of Steel Dynamics from a “hold” rating to a “sell” rating in a research report on Saturday, June 17th. Longbow Research raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating in a research report on Monday, June 19th. Finally, Berenberg Bank reissued a “buy” rating and set a $46.00 price objective on shares of Steel Dynamics in a research report on Monday, June 19th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Steel Dynamics presently has an average rating of “Buy” and an average price target of $39.68.
Steel Dynamics (STLD) traded down 0.15% on Friday, hitting $33.34. 4,428,730 shares of the stock traded hands. The stock has a 50 day moving average of $34.70 and a 200 day moving average of $35.00. Steel Dynamics has a 52 week low of $23.34 and a 52 week high of $40.17. The firm has a market capitalization of $8.00 billion, a PE ratio of 15.31 and a beta of 1.26.
Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, hitting the consensus estimate of $0.63. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.37 billion. During the same period in the previous year, the firm earned $0.58 earnings per share. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. Equities research analysts anticipate that Steel Dynamics will post $2.79 earnings per share for the current year.
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In related news, insider Christopher A. Graham sold 5,021 shares of the company’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total value of $191,049.05. Following the transaction, the insider now owns 26,778 shares in the company, valued at approximately $1,018,902.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Keith E. Busse sold 4,965 shares of the company’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total transaction of $190,755.30. Following the completion of the transaction, the director now owns 1,005,666 shares in the company, valued at approximately $38,637,687.72. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. IHT Wealth Management LLC boosted its stake in Steel Dynamics by 0.7% in the 2nd quarter. IHT Wealth Management LLC now owns 407 shares of the basic materials company’s stock worth $198,000 after purchasing an additional 3 shares in the last quarter. Toronto Dominion Bank bought a new position in Steel Dynamics in the 2nd quarter worth about $107,000. Washington Trust Bank boosted its stake in Steel Dynamics by 48.8% in the 2nd quarter. Washington Trust Bank now owns 3,393 shares of the basic materials company’s stock worth $122,000 after purchasing an additional 1,113 shares in the last quarter. Advisory Services Network LLC boosted its stake in Steel Dynamics by 2.3% in the 2nd quarter. Advisory Services Network LLC now owns 4,414 shares of the basic materials company’s stock worth $158,000 after purchasing an additional 101 shares in the last quarter. Finally, Creative Planning boosted its stake in Steel Dynamics by 36.3% in the 2nd quarter. Creative Planning now owns 4,718 shares of the basic materials company’s stock worth $169,000 after purchasing an additional 1,256 shares in the last quarter. Institutional investors own 82.70% 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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