Steel Dynamics (NASDAQ:STLD) was upgraded by analysts at Longbow Research from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports.
Several other equities analysts have also commented on STLD. Bank of America reissued a “buy” rating and issued a $44.00 target price (up from $42.00) on shares of Steel Dynamics in a report on Tuesday, September 5th. Jefferies Group reaffirmed a “buy” rating and set a $43.00 price target on shares of Steel Dynamics in a report on Thursday, August 31st. Macquarie began coverage on shares of Steel Dynamics in a report on Wednesday, September 6th. They set a “neutral” rating and a $36.00 price target on the stock. Morgan Stanley set a $36.00 price target on shares of Steel Dynamics and gave the company a “hold” rating in a report on Tuesday, October 24th. Finally, KeyCorp raised shares of Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $44.00 price target on the stock in a report on Friday, October 20th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $41.70.
Shares of Steel Dynamics (NASDAQ STLD) traded up $1.91 during trading on Wednesday, reaching $43.31. 4,018,789 shares of the company’s stock traded hands, compared to its average volume of 3,081,858. Steel Dynamics has a twelve month low of $32.15 and a twelve month high of $43.56. The company has a quick ratio of 1.95, a current ratio of 3.35 and a debt-to-equity ratio of 0.80. The firm has a market cap of $9,990.00, a PE ratio of 16.09, a price-to-earnings-growth ratio of 1.28 and a beta of 1.39.
A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Steel Dynamics by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 24,405,049 shares of the basic materials company’s stock valued at $873,945,000 after purchasing an additional 611,096 shares in the last quarter. BlackRock Inc. grew its stake in shares of Steel Dynamics by 9.2% in the 2nd quarter. BlackRock Inc. now owns 21,932,609 shares of the basic materials company’s stock worth $785,405,000 after acquiring an additional 1,840,803 shares in the last quarter. Boston Partners grew its stake in shares of Steel Dynamics by 3.6% in the 3rd quarter. Boston Partners now owns 16,977,310 shares of the basic materials company’s stock worth $585,208,000 after acquiring an additional 593,498 shares in the last quarter. State Street Corp grew its stake in shares of Steel Dynamics by 17.9% in the 2nd quarter. State Street Corp now owns 8,857,134 shares of the basic materials company’s stock worth $317,162,000 after acquiring an additional 1,346,487 shares in the last quarter. Finally, Prudential Financial Inc. grew its stake in shares of Steel Dynamics by 13.2% in the 3rd quarter. Prudential Financial Inc. now owns 4,619,005 shares of the basic materials company’s stock worth $159,217,000 after acquiring an additional 539,480 shares in the last quarter. Institutional investors and hedge funds own 83.38% of the company’s stock.
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About Steel Dynamics
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.