Steel Dynamics (NASDAQ:STLD) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Steel Dynamics, Inc. is unique among American steel companies. It is one of the youngest of America’s major steel companies. It quickly grew to become one of the premier carbon steel producers in the United States. Steel Dynamics’ historic growth is a combination of organic capacity greenfield additions and strategic acquisitions. By adding upstream assets that provide raw materials needed to produce high quality steel at each of its mills, and bridging downstream assets that fabricate a variety of high quality steel products, Steel Dynamics has both broadened its product portfolio and expanded its market diversity. As the company’s steelmaking capacity grew and it introduced new products to the market, the company began delivering strong earnings. “
Several other analysts have also issued reports on STLD. BidaskClub lowered Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 8th. Jefferies Group reaffirmed a “buy” rating on shares of Steel Dynamics in a research note on Wednesday, January 24th. KeyCorp set a $49.00 target price on Steel Dynamics and gave the stock a “buy” rating in a research note on Wednesday, January 10th. ValuEngine raised Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Finally, BMO Capital Markets upped their target price on Steel Dynamics to $55.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $46.64.
Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Monday, January 22nd. The basic materials company reported $0.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.05. The business had revenue of $2.34 billion during the quarter, compared to analyst estimates of $2.17 billion. Steel Dynamics had a return on equity of 21.48% and a net margin of 8.52%. equities analysts anticipate that Steel Dynamics will post 4 earnings per share for the current fiscal year.
A number of hedge funds have recently made changes to their positions in STLD. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its position in Steel Dynamics by 3,458.0% in the fourth quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 99,624 shares of the basic materials company’s stock worth $100,000 after purchasing an additional 96,824 shares during the last quarter. Toronto Dominion Bank purchased a new position in Steel Dynamics in the second quarter worth about $107,000. Steward Partners Investment Advisory LLC purchased a new position in Steel Dynamics in the third quarter worth about $112,000. DekaBank Deutsche Girozentrale boosted its position in Steel Dynamics by 181.0% in the third quarter. DekaBank Deutsche Girozentrale now owns 4,496 shares of the basic materials company’s stock worth $113,000 after purchasing an additional 2,896 shares during the last quarter. Finally, Advantage Investment Management LLC lifted its position in shares of Steel Dynamics by 39.6% during the 1st quarter. Advantage Investment Management LLC now owns 3,350 shares of the basic materials company’s stock valued at $116,000 after buying an additional 950 shares in the last quarter. 85.46% of the stock is owned by institutional investors.
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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