JPMorgan Chase & Co. Has Lowered Expectations for Steel Dynamics (NASDAQ:STLD) Stock Price

Steel Dynamics (NASDAQ:STLD) had its price target lowered by research analysts at JPMorgan Chase & Co. from $194.00 to $192.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 14.59% from the company’s previous close.

Several other equities analysts have also recently weighed in on STLD. Jefferies Financial Group reaffirmed a “buy” rating on shares of Steel Dynamics in a research note on Tuesday. Wall Street Zen lowered shares of Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 7th. Morgan Stanley restated an “underperform” rating and set a $190.00 price target on shares of Steel Dynamics in a report on Tuesday. Wells Fargo & Company dropped their price objective on shares of Steel Dynamics from $210.00 to $196.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Steel Dynamics in a research report on Monday, December 29th. Five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Steel Dynamics has a consensus rating of “Hold” and a consensus price target of $182.44.

Steel Dynamics Price Performance

STLD opened at $167.56 on Wednesday. The firm has a market capitalization of $24.28 billion, a P/E ratio of 20.92, a PEG ratio of 0.46 and a beta of 1.43. The stock has a fifty day moving average of $184.79 and a 200-day moving average of $164.90. The company has a quick ratio of 1.29, a current ratio of 3.06 and a debt-to-equity ratio of 0.48. Steel Dynamics has a 12-month low of $103.17 and a 12-month high of $208.47.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.10. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.62 billion. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.Steel Dynamics’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.36 earnings per share. Equities analysts forecast that Steel Dynamics will post 9.01 EPS for the current fiscal year.

Institutional Trading of Steel Dynamics

Several large investors have recently made changes to their positions in the stock. Prosperity Bancshares Inc bought a new position in shares of Steel Dynamics in the 4th quarter valued at approximately $25,000. Cornerstone Planning Group LLC boosted its position in Steel Dynamics by 1,636.4% during the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 180 shares during the period. MV Capital Management Inc. bought a new stake in Steel Dynamics during the fourth quarter worth approximately $27,000. Sound Income Strategies LLC grew its holdings in Steel Dynamics by 1,500.0% during the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 150 shares during the last quarter. Finally, DV Equities LLC bought a new position in shares of Steel Dynamics in the fourth quarter valued at approximately $33,000. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.