Steel Dynamics (NASDAQ:STLD) Now Covered by KeyCorp

KeyCorp began coverage on shares of Steel Dynamics (NASDAQ:STLD) in a research report released on Wednesday morning, MarketBeat.com reports. The brokerage issued an overweight rating and a $190.00 price objective on the basic materials company’s stock.

Several other research firms have also issued reports on STLD. Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a report on Tuesday, March 17th. Morgan Stanley reissued an “underperform” rating and issued a $190.00 price objective on shares of Steel Dynamics in a research report on Tuesday, March 17th. Weiss Ratings reissued a “hold (c+)” rating on shares of Steel Dynamics in a research note on Monday, December 29th. Wells Fargo & Company dropped their target price on Steel Dynamics from $210.00 to $196.00 and set an “overweight” rating for the company in a research report on Wednesday, March 18th. Finally, JPMorgan Chase & Co. cut their target price on Steel Dynamics from $194.00 to $192.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 18th. Five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Steel Dynamics currently has an average rating of “Hold” and a consensus price target of $182.44.

Steel Dynamics Stock Performance

NASDAQ STLD opened at $173.47 on Wednesday. The business’s 50 day moving average price is $184.68 and its 200-day moving average price is $166.19. Steel Dynamics has a fifty-two week low of $103.17 and a fifty-two week high of $208.47. The company has a market cap of $25.13 billion, a P/E ratio of 21.66, a P/E/G ratio of 0.47 and a beta of 1.43. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.29 and a current ratio of 3.06.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.10. The company had revenue of $4.41 billion during 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 was up 14.0% on a year-over-year basis. During the same period last year, the company earned $1.36 earnings per share. Sell-side analysts predict that Steel Dynamics will post 9.01 earnings per share for the current year.

Steel Dynamics Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.50. This represents a $2.12 dividend on an annualized basis and a yield of 1.2%. Steel Dynamics’s dividend payout ratio is 24.97%.

Institutional Trading of Steel Dynamics

Several hedge funds have recently modified their holdings of STLD. Prosperity Bancshares Inc purchased a new position in shares of Steel Dynamics in the 4th quarter worth approximately $25,000. Cornerstone Planning Group LLC boosted its stake in Steel Dynamics by 1,636.4% in the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 180 shares in the last quarter. MV Capital Management Inc. acquired a new stake in Steel Dynamics in the fourth quarter valued at approximately $27,000. Sound Income Strategies LLC grew its holdings in Steel Dynamics by 1,500.0% in the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 150 shares during the last quarter. Finally, DV Equities LLC acquired a new position in shares of Steel Dynamics during the fourth quarter worth $33,000. 82.41% of the stock is owned by hedge funds and other 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.