Steel Dynamics (NASDAQ:STLD) Price Target Cut to $260.00 by Analysts at Bank of America

Steel Dynamics (NASDAQ:STLD) had its price objective lowered by Bank of America from $280.00 to $260.00 in a report published on Thursday morning,Benzinga reports. Bank of America currently has a neutral rating on the basic materials company’s stock.

Other research analysts also recently issued reports about the stock. BMO Capital Markets raised their price target on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 22nd. Jefferies Financial Group reaffirmed a “buy” rating on shares of Steel Dynamics in a research report on Tuesday, March 17th. Barclays initiated coverage on shares of Steel Dynamics in a research note on Thursday, May 21st. They set an “overweight” rating and a $270.00 price objective on the stock. KeyCorp lifted their target price on Steel Dynamics from $241.00 to $262.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. Finally, JPMorgan Chase & Co. upped their target price on Steel Dynamics from $192.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $234.55.

Steel Dynamics Stock Down 2.9%

Shares of Steel Dynamics stock opened at $222.06 on Thursday. The business has a 50-day moving average price of $245.92 and a 200 day moving average price of $206.58. Steel Dynamics has a fifty-two week low of $119.89 and a fifty-two week high of $288.74. The firm has a market cap of $32.14 billion, a P/E ratio of 23.75, a P/E/G ratio of 0.45 and a beta of 1.53. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. Steel Dynamics’s revenue was up 19.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.44 earnings per share. On average, sell-side analysts forecast that Steel Dynamics will post 16.73 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, June 30th. Steel Dynamics’s payout ratio is 22.67%.

Insiders Place Their Bets

In other news, SVP Richard A. Poinsatte sold 2,300 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total value of $538,453.00. Following the completion of the transaction, the senior vice president owned 28,618 shares of the company’s stock, valued at approximately $6,699,759.98. This represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP James Stanley Anderson sold 10,000 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the transaction, the senior vice president directly owned 102,837 shares in the company, valued at $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 22,125 shares of company stock valued at $5,438,226. 6.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Steel Dynamics

Several large investors have recently bought and sold shares of the stock. Prosperity Bancshares Inc bought a new position in shares of Steel Dynamics in the fourth quarter valued at approximately $25,000. MV Capital Management Inc. acquired a new stake in Steel Dynamics in the fourth quarter worth approximately $27,000. Sound Income Strategies LLC lifted its position 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 period. Cedar Mountain Advisors LLC bought a new position in Steel Dynamics during the 1st quarter valued at $31,000. Finally, DV Equities LLC bought a new position in Steel Dynamics during the 4th quarter valued at $33,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

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.