Steel Dynamics’ (STLD) Outperform Rating Reaffirmed at Cowen

Steel Dynamics (NASDAQ:STLD)‘s stock had its “outperform” rating reaffirmed by research analysts at Cowen in a research note issued on Wednesday, MarketBeat.com reports. They presently have a $60.00 price objective on the basic materials company’s stock, up from their prior price objective of $53.00. Cowen’s price objective would indicate a potential upside of 26.34% from the stock’s previous close.

Several other equities analysts have also recently commented on STLD. Zacks Investment Research cut Steel Dynamics from a “hold” rating to a “sell” rating in a report on Tuesday, December 26th. Morgan Stanley set a $36.00 price objective on Steel Dynamics and gave the company a “hold” rating in a research note on Tuesday, October 24th. KeyCorp upgraded Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $44.00 price objective on the stock in a research note on Friday, October 20th. BidaskClub upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Tuesday, December 12th. Finally, Citigroup upped their price objective on Steel Dynamics from $41.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, October 20th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $46.64.

Steel Dynamics (STLD) traded up $1.14 during midday trading on Wednesday, hitting $47.49. The company had a trading volume of 3,387,873 shares, compared to its average volume of 2,440,000. Steel Dynamics has a fifty-two week low of $32.15 and a fifty-two week high of $48.14. The company has a quick ratio of 1.95, a current ratio of 4.04 and a debt-to-equity ratio of 0.74. The firm has a market cap of $11,530.00, a PE ratio of 14.09, a PEG ratio of 1.03 and a beta of 1.40.

A number of institutional investors have recently modified their holdings of STLD. Toronto Dominion Bank acquired a new stake in shares of Steel Dynamics in the 2nd quarter valued at about $107,000. Steward Partners Investment Advisory LLC bought a new position in Steel Dynamics during the third quarter worth about $112,000. Hefty Wealth Partners grew its holdings in Steel Dynamics by 76.1% during the third quarter. Hefty Wealth Partners now owns 3,417 shares of the basic materials company’s stock worth $118,000 after purchasing an additional 1,477 shares during the period. Cubist Systematic Strategies LLC grew its holdings in Steel Dynamics by 80.8% during the third quarter. Cubist Systematic Strategies LLC now owns 3,555 shares of the basic materials company’s stock worth $123,000 after purchasing an additional 1,589 shares during the period. Finally, Cerebellum GP LLC bought a new position in Steel Dynamics during the fourth quarter worth about $132,000. 83.36% of the stock is currently owned by institutional investors and hedge funds.

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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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