Wells Fargo & Company Has Lowered Expectations for Steel Dynamics (NASDAQ:STLD) Stock Price

Steel Dynamics (NASDAQ:STLD) had its target price cut by equities research analysts at Wells Fargo & Company from $210.00 to $196.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 16.97% from the company’s current price.

Several other research firms have also recently commented on STLD. Jefferies Financial Group reaffirmed a “buy” rating on shares of Steel Dynamics in a research report on Tuesday. Morgan Stanley restated an “underperform” rating and set a $190.00 target price on shares of Steel Dynamics in a research note on Tuesday. JPMorgan Chase & Co. raised their price target on shares of Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a report on Friday, December 5th. KeyCorp reiterated an “overweight” rating and issued a $190.00 price target on shares of Steel Dynamics in a research note on Wednesday, January 7th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $182.44.

Steel Dynamics Stock Down 0.7%

Shares of Steel Dynamics stock opened at $167.56 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.29 and a current ratio of 3.06. The stock has a market capitalization of $24.28 billion, a PE ratio of 20.92, a price-to-earnings-growth ratio of 0.46 and a beta of 1.43. Steel Dynamics has a 52-week low of $103.17 and a 52-week high of $208.47. The company has a 50-day simple moving average of $184.79 and a two-hundred day simple moving average of $164.90.

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

Institutional Investors Weigh In On Steel Dynamics

A number of large investors have recently made changes to their positions in the company. Stance Capital LLC grew its position in Steel Dynamics by 5,245.7% during the fourth quarter. Stance Capital LLC now owns 8,072 shares of the basic materials company’s stock valued at $1,368,000 after buying an additional 7,921 shares during the period. Rockefeller Capital Management L.P. raised its position in Steel Dynamics by 3.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 25,640 shares of the basic materials company’s stock worth $4,345,000 after acquiring an additional 801 shares during the period. World Investment Advisors purchased a new position in shares of Steel Dynamics during the 4th quarter worth $291,000. Hsbc Holdings PLC boosted its stake in shares of Steel Dynamics by 92.4% during the 4th quarter. Hsbc Holdings PLC now owns 1,030,448 shares of the basic materials company’s stock worth $174,609,000 after acquiring an additional 494,828 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Steel Dynamics by 864.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 733 shares of the basic materials company’s stock valued at $124,000 after acquiring an additional 657 shares during the period. 82.41% of the stock is currently owned by institutional investors.

About Steel Dynamics

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.