Steel Dynamics (NASDAQ:STLD) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Steel Dynamics (NASDAQ:STLD) had its price target boosted by research analysts at JPMorgan Chase & Co. from $256.00 to $260.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 8.08% from the stock’s current price.

STLD has been the topic of several other reports. Bank of America cut their price objective on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Wall Street Zen raised Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Citigroup increased their target price on Steel Dynamics from $180.00 to $255.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. KeyCorp raised their target price on Steel Dynamics from $241.00 to $262.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. Finally, Wells Fargo & Company reduced their price target on Steel Dynamics from $291.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $237.36.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $240.57 on Wednesday. The company’s fifty day simple moving average is $246.00 and its 200-day simple moving average is $210.87. Steel Dynamics has a 52 week low of $119.89 and a 52 week high of $288.74. The company has a current ratio of 3.18, a quick ratio of 1.33 and a debt-to-equity ratio of 0.45. The company has a market cap of $34.82 billion, a PE ratio of 21.81, a P/E/G ratio of 0.54 and a beta of 1.53.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Monday, July 20th. The basic materials company reported $3.69 earnings per share for the quarter, topping analysts’ consensus estimates of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The firm had revenue of $6.09 billion during the quarter, compared to analysts’ expectations of $5.56 billion. During the same period in the prior year, the company earned $2.01 EPS. The firm’s revenue was up 33.4% on a year-over-year basis. As a group, equities research analysts anticipate that Steel Dynamics will post 14.28 EPS for the current year.

Insider Transactions at Steel Dynamics

In other news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics 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 approximately $27,632,301.90. The trade was a 8.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Richard A. Poinsatte sold 2,300 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $6,699,759.98. This trade represents a 7.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Steel Dynamics

Hedge funds have recently bought and sold shares of the business. Capital Research Global Investors boosted its stake in shares of Steel Dynamics by 0.3% during the 4th quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company’s stock valued at $613,926,000 after buying an additional 9,959 shares during the last quarter. Life Cycle Investment Partners Ltd bought a new stake in shares of Steel Dynamics in the fourth quarter worth $586,702,000. Norges Bank bought a new stake in shares of Steel Dynamics in the fourth quarter worth $564,590,000. Robeco Institutional Asset Management B.V. raised its holdings in Steel Dynamics by 3.7% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company’s stock valued at $340,289,000 after acquiring an additional 72,122 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Steel Dynamics by 6.3% in the fourth quarter. Invesco Ltd. now owns 1,965,092 shares of the basic materials company’s stock valued at $332,985,000 after acquiring an additional 116,379 shares in the last quarter. Institutional investors and hedge funds 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.