Steel Dynamics, Inc. (STLD) Stock Rating Upgraded by KeyCorp
Steel Dynamics, Inc. (NASDAQ:STLD) was upgraded by stock analysts at KeyCorp from a “sector weight” rating to an “overweight” rating in a research report issued on Friday, MarketBeat Ratings reports. The brokerage presently has a $44.00 price target on the basic materials company’s stock. KeyCorp’s price objective would indicate a potential upside of 13.11% from the company’s previous close. KeyCorp also issued estimates for Steel Dynamics’ FY2017 earnings at $2.62 EPS.
Several other brokerages have also recently issued reports on STLD. Zacks Investment Research raised shares of Steel Dynamics from a “sell” rating to a “hold” rating in a research note on Wednesday, July 26th. Clarkson Capital reissued a “neutral” rating on shares of Steel Dynamics in a research note on Thursday, July 20th. BidaskClub raised shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Jefferies Group LLC reissued a “buy” rating and issued a $43.00 price objective (up from $42.00) on shares of Steel Dynamics in a research note on Saturday, July 22nd. Finally, 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. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Steel Dynamics has a consensus rating of “Buy” and a consensus price target of $40.91.
Shares of Steel Dynamics (STLD) traded up 2.96% during mid-day trading on Friday, reaching $38.90. 4,085,768 shares of the company were exchanged. Steel Dynamics has a 12 month low of $25.96 and a 12 month high of $40.17. The stock has a market capitalization of $9.33 billion, a P/E ratio of 17.87 and a beta of 1.29. The stock has a 50 day moving average price of $34.84 and a 200-day moving average price of $35.01.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, October 18th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.66. The company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.41 billion. Steel Dynamics had a net margin of 5.79% and a return on equity of 21.45%. Steel Dynamics’s revenue was up 16.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.64 EPS. Analysts predict that Steel Dynamics will post $2.68 earnings per share for the current year.
In related news, Director Keith E. Busse sold 4,965 shares of the business’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total value of $190,755.30. Following the sale, the director now directly owns 1,005,666 shares in the company, valued at approximately $38,637,687.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Christopher A. Graham sold 5,021 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 26,778 shares in the company, valued at $1,018,902.90. The disclosure for this sale can be found here. 4.20% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank purchased a new stake in shares of Steel Dynamics in the 2nd quarter worth about $107,000. Hefty Wealth Partners boosted its position in shares of Steel Dynamics by 76.1% in the 3rd quarter. Hefty Wealth Partners now owns 3,417 shares of the basic materials company’s stock worth $118,000 after buying an additional 1,477 shares in the last quarter. Washington Trust Bank boosted its position in shares of 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 buying an additional 1,113 shares in the last quarter. Advisory Services Network LLC boosted its position in shares of 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 buying an additional 101 shares in the last quarter. Finally, Creative Planning boosted its position in shares of 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 buying an additional 1,256 shares in the last quarter. Institutional investors and hedge funds own 82.58% 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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