Morgan Stanley lowered shares of Steel Dynamics, Inc. (NASDAQ:STLD) from an overweight rating to an equal weight rating in a research note issued to investors on Tuesday, MarketBeat.com reports. They currently have $33.00 price target on the basic materials company’s stock, down from their prior price target of $45.00.
STLD has been the subject of a number of other reports. Jefferies Group LLC reiterated a buy rating and set a $45.00 target price on shares of Steel Dynamics in a research report on Monday, June 26th. Berenberg Bank reiterated a buy rating and set a $46.00 target price on shares of Steel Dynamics in a research report on Monday, June 19th. BidaskClub downgraded Steel Dynamics from a hold rating to a sell rating in a research report on Saturday, June 17th. Zacks Investment Research upgraded Steel Dynamics from a sell rating to a hold rating in a research report on Wednesday, July 26th. Finally, Longbow Research upgraded Steel Dynamics from a neutral rating to a buy rating in a research report on Monday, June 19th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $39.68.
Shares of Steel Dynamics (NASDAQ STLD) traded up 0.72% on Tuesday, hitting $33.63. 1,140,092 shares of the company traded hands. The firm’s 50 day moving average price is $34.70 and its 200-day moving average price is $35.00. Steel Dynamics has a 1-year low of $23.34 and a 1-year high of $40.17. The stock has a market capitalization of $8.07 billion, a price-to-earnings ratio of 15.45 and a beta of 1.26.
Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, meeting analysts’ consensus estimates of $0.63. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.37 billion. Steel Dynamics had a return on equity of 21.75% and a net margin of 6.07%. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.58 EPS. On average, equities research analysts expect that Steel Dynamics will post $2.79 earnings per share for the current year.
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In other Steel Dynamics news, insider Christopher A. Graham sold 5,021 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $38.05, for a total value of $191,049.05. Following the sale, the insider now owns 26,778 shares in the company, valued at $1,018,902.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Keith E. Busse sold 4,965 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total value of $190,755.30. Following the completion of the sale, the director now owns 1,005,666 shares in the company, valued at approximately $38,637,687.72. The disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Achmea Investment Management B.V. bought a new position in shares of Steel Dynamics during the 2nd quarter worth $534,000. Lord Abbett & CO. LLC grew its position in shares of Steel Dynamics by 10.3% during the 2nd quarter. Lord Abbett & CO. LLC now owns 1,177,700 shares of the basic materials company’s stock worth $42,173,000 after buying an additional 110,000 shares in the last quarter. USA Financial Portformulas Corp bought a new position in shares of Steel Dynamics during the 2nd quarter worth $525,000. Toronto Dominion Bank bought a new position in shares of Steel Dynamics during the 2nd quarter worth $107,000. Finally, Advisory Services Network LLC grew its position in shares of Steel Dynamics by 2.3% during the 2nd quarter. Advisory Services Network LLC now owns 4,414 shares of the basic materials company’s stock worth $158,000 after buying an additional 101 shares in the last quarter. 82.70% of the stock is currently owned by institutional investors and hedge funds.
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.
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