Steel Dynamics, Inc. (NASDAQ:STLD) has been assigned a $43.00 price target by investment analysts at Cowen and Company in a report released on Friday. The brokerage presently has a “buy” rating on the basic materials company’s stock. Cowen and Company’s price target would indicate a potential upside of 10.54% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Jefferies Group LLC reissued a “buy” rating and issued a $43.00 price target (up from $42.00) on shares of Steel Dynamics in a research note on Saturday, July 22nd. Bank of America Corporation raised their price target on shares of Steel Dynamics from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, July 21st. Morgan Stanley reissued a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, July 18th. Deutsche Bank AG reissued a “buy” rating on shares of Steel Dynamics in a research note on Saturday, June 24th. Finally, BidaskClub raised shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Steel Dynamics currently has a consensus rating of “Buy” and a consensus price target of $40.91.

Steel Dynamics (NASDAQ:STLD) traded up 2.96% during mid-day trading on Friday, hitting $38.90. 4,085,768 shares of the stock were exchanged. The firm has a market capitalization of $9.33 billion, a price-to-earnings ratio of 17.87 and a beta of 1.29. The company’s 50-day moving average price is $34.84 and its 200 day moving average price is $35.01. Steel Dynamics has a 52 week low of $25.96 and a 52 week high of $40.17.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Wednesday, October 18th. The basic materials company reported $0.66 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.66. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.41 billion. Steel Dynamics had a net margin of 5.79% and a return on equity of 21.61%. The company’s revenue for the quarter was up 16.3% on a year-over-year basis. During the same period last year, the firm posted $0.64 earnings per share. Equities research analysts expect that Steel Dynamics will post $2.68 EPS for the current year.

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In related news, Director Keith E. Busse sold 4,965 shares of Steel Dynamics 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 in the company, valued at $38,637,687.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher A. Graham sold 5,021 shares of Steel Dynamics stock in a transaction that occurred on Tuesday, July 25th. The shares were 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 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. Insiders own 4.20% of the company’s stock.

Several hedge funds have recently made changes to their positions in STLD. Vanguard Group Inc. lifted its stake in Steel Dynamics by 2.6% in the second quarter. Vanguard Group Inc. now owns 24,405,049 shares of the basic materials company’s stock worth $873,945,000 after acquiring an additional 611,096 shares during the last quarter. BlackRock Inc. lifted its stake in Steel Dynamics by 9.2% in the second quarter. BlackRock Inc. now owns 21,932,609 shares of the basic materials company’s stock worth $785,405,000 after acquiring an additional 1,840,803 shares during the last quarter. Boston Partners lifted its stake in Steel Dynamics by 11.9% in the second quarter. Boston Partners now owns 16,383,812 shares of the basic materials company’s stock worth $586,703,000 after acquiring an additional 1,742,242 shares during the last quarter. State Street Corp lifted its stake in Steel Dynamics by 17.9% in the second quarter. State Street Corp now owns 8,857,134 shares of the basic materials company’s stock worth $317,162,000 after acquiring an additional 1,346,487 shares during the last quarter. Finally, Prudential Financial Inc. lifted its stake in Steel Dynamics by 21.7% in the second quarter. Prudential Financial Inc. now owns 4,079,525 shares of the basic materials company’s stock worth $146,088,000 after acquiring an additional 727,722 shares during the last quarter. Hedge funds and other institutional investors own 82.58% 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.

Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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