Jefferies Group LLC Reaffirms “Buy” Rating for Steel Dynamics, Inc. (STLD)
Steel Dynamics, Inc. (NASDAQ:STLD)‘s stock had its “buy” rating reaffirmed by Jefferies Group LLC in a research report issued to clients and investors on Saturday.
Other equities analysts have also recently issued research reports about the stock. Bank of America Corporation boosted their price objective on shares of Steel Dynamics from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, July 21st. Cowen and Company reaffirmed a “buy” rating and set a $44.00 price objective on shares of Steel Dynamics in a research note on Wednesday, July 19th. Morgan Stanley reaffirmed a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, July 18th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Steel Dynamics in a research note on Saturday, June 24th. Finally, Berenberg Bank reaffirmed a “buy” rating and set a $46.00 price objective on shares of Steel Dynamics in a research note on Monday, June 19th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Steel Dynamics currently has a consensus rating of “Buy” and a consensus price target of $39.68.
Shares of Steel Dynamics (NASDAQ STLD) opened at 33.34 on Friday. Steel Dynamics has a 52-week low of $23.34 and a 52-week high of $40.17. The company’s 50 day moving average is $34.61 and its 200 day moving average is $34.97. The firm has a market cap of $8.00 billion, a price-to-earnings ratio of 15.31 and a beta of 1.26.
Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, meeting 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 analyst estimates of $2.37 billion. During the same quarter in the previous year, the firm posted $0.58 earnings per share. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. Analysts anticipate that Steel Dynamics will post $2.79 earnings per share for the current year.
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In other Steel Dynamics news, Director Keith E. Busse sold 4,965 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total value of $190,755.30. Following the completion of the transaction, the director now owns 1,005,666 shares of the company’s stock, valued at approximately $38,637,687.72. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Christopher A. Graham sold 5,021 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $38.05, for a total transaction of $191,049.05. Following the completion of the transaction, the insider now directly owns 26,778 shares of the company’s stock, valued at approximately $1,018,902.90. The disclosure for this sale can be found here. 4.20% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in STLD. Shell Asset Management Co. bought a new stake in shares of Steel Dynamics in the 1st quarter worth approximately $357,000. First Trust Advisors LP lifted its holdings in shares of Steel Dynamics by 22.0% in the 1st quarter. First Trust Advisors LP now owns 307,586 shares of the basic materials company’s stock worth $10,692,000 after acquiring an additional 55,415 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Steel Dynamics by 59.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 9,903 shares of the basic materials company’s stock worth $342,000 after acquiring an additional 3,701 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Steel Dynamics by 19.9% in the 1st quarter. US Bancorp DE now owns 55,916 shares of the basic materials company’s stock worth $1,944,000 after acquiring an additional 9,295 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Steel Dynamics by 0.5% in the 1st quarter. Swiss National Bank now owns 402,900 shares of the basic materials company’s stock worth $14,005,000 after acquiring an additional 2,200 shares during the last quarter. Hedge funds and other institutional investors own 82.70% of the company’s stock.
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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