Steel Dynamics (NASDAQ:STLD) Price Target Lowered to $256.00 at JPMorgan Chase & Co.

Steel Dynamics (NASDAQ:STLD) had its price objective trimmed by JPMorgan Chase & Co. from $262.00 to $256.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the basic materials company’s stock.

A number of other research analysts also recently issued reports on the company. Bank of America decreased their price target on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. Wall Street Zen raised shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Steel Dynamics in a report on Tuesday, March 17th. KeyCorp increased their price target on shares of Steel Dynamics from $241.00 to $262.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Finally, Wells Fargo & Company dropped their price target on shares of Steel Dynamics from $293.00 to $291.00 and set an “overweight” rating on the stock in a research report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $239.18.

Steel Dynamics Price Performance

NASDAQ:STLD opened at $235.56 on Wednesday. Steel Dynamics has a one year low of $119.89 and a one year high of $288.74. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. The firm has a market cap of $34.09 billion, a price-to-earnings ratio of 25.19, a PEG ratio of 0.45 and a beta of 1.53. The firm’s fifty day moving average is $245.90 and its two-hundred day moving average is $208.19.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data 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). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.39 billion. During the same quarter in the previous year, the business posted $1.44 EPS. The business’s quarterly revenue was up 19.1% on a year-over-year basis. Research analysts expect that Steel Dynamics will post 16.9 EPS for the current year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.53 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. Steel Dynamics’s dividend payout ratio is currently 22.67%.

Insider Activity at Steel Dynamics

In other news, Director Kenneth W. Cornew sold 5,000 shares of Steel Dynamics stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total value of $1,124,350.00. Following the sale, the director owned 31,299 shares in the company, valued at $7,038,206.13. This trade represents a 13.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP James Stanley Anderson sold 10,000 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the sale, the senior vice president directly owned 102,837 shares of the company’s stock, valued at $27,632,301.90. This represents a 8.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 22,125 shares of company stock valued at $5,438,226. 6.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Steel Dynamics

Several large investors have recently bought and sold shares of the company. Jacobi Capital Management LLC increased its position in shares of Steel Dynamics by 1.6% during the fourth quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company’s stock valued at $599,000 after acquiring an additional 55 shares during the last quarter. Optas LLC boosted its position in Steel Dynamics by 3.0% in the fourth quarter. Optas LLC now owns 1,979 shares of the basic materials company’s stock worth $335,000 after purchasing an additional 58 shares during the last quarter. Hohimer Wealth Management LLC grew its stake in Steel Dynamics by 1.1% in the 4th quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company’s stock valued at $967,000 after purchasing an additional 61 shares during the period. Wright Investors Service Inc. increased its position in shares of Steel Dynamics by 1.2% during the 4th quarter. Wright Investors Service Inc. now owns 5,555 shares of the basic materials company’s stock valued at $941,000 after purchasing an additional 64 shares during the last quarter. Finally, Kestra Private Wealth Services LLC increased its position in shares of Steel Dynamics by 2.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company’s stock valued at $431,000 after purchasing an additional 64 shares during the last quarter. 82.41% of the stock is currently 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.