Steel Dynamics (NASDAQ:STLD) Raised to Strong-Buy at Wall Street Zen

Steel Dynamics (NASDAQ:STLD) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “strong-buy” rating in a report issued on Saturday.

A number of other analysts also recently weighed in on the company. Jefferies Financial Group upped their target price on Steel Dynamics from $180.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday, December 10th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Steel Dynamics in a research report on Monday, December 29th. JPMorgan Chase & Co. increased their price objective on shares of Steel Dynamics from $165.00 to $190.00 and gave the stock a “neutral” rating in a research note on Friday, December 5th. BMO Capital Markets raised their target price on shares of Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a report on Wednesday, October 22nd. Finally, UBS Group set a $165.00 price target on shares of Steel Dynamics in a report on Tuesday, November 4th. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $182.00.

Steel Dynamics Stock Performance

Shares of NASDAQ:STLD opened at $179.57 on Friday. Steel Dynamics has a 12-month low of $103.17 and a 12-month high of $185.56. The company’s 50 day moving average price is $171.89 and its two-hundred day moving average price is $150.39. The firm has a market cap of $26.22 billion, a PE ratio of 22.42, a PEG ratio of 0.76 and a beta of 1.48. The company has a quick ratio of 1.47, a current ratio of 3.06 and a debt-to-equity ratio of 0.48.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Monday, January 26th. The basic materials company reported $1.82 earnings per share for the quarter, beating 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 net margin of 6.52% and a return on equity of 13.56%. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.36 earnings per share. Equities research analysts predict that Steel Dynamics will post 9.01 earnings per share for the current year.

Institutional Investors Weigh In On Steel Dynamics

Several hedge funds and other institutional investors have recently made changes to their positions in STLD. Norges Bank acquired a new position in Steel Dynamics during the 2nd quarter worth approximately $339,769,000. Boston Partners bought a new stake in shares of Steel Dynamics during the third quarter worth $101,254,000. Nordea Investment Management AB grew its stake in shares of Steel Dynamics by 43.3% during the second quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock worth $271,238,000 after buying an additional 630,935 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in shares of Steel Dynamics during the second quarter worth $48,746,000. Finally, Caisse de depot et placement du Quebec lifted its stake in shares of Steel Dynamics by 134.9% in the 3rd quarter. Caisse de depot et placement du Quebec now owns 493,290 shares of the basic materials company’s stock valued at $68,779,000 after acquiring an additional 283,300 shares during the last quarter. 82.41% of the stock is 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.