ValuEngine upgraded shares of Steel Dynamics (NASDAQ:STLD) from a hold rating to a buy rating in a research report sent to investors on Friday, ValuEngine reports.
Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. set a $35.00 price objective on shares of Steel Dynamics and gave the stock a buy rating in a research note on Monday, September 23rd. Macquarie set a $31.00 price objective on shares of Steel Dynamics and gave the stock a hold rating in a research note on Wednesday, September 18th. Deutsche Bank reaffirmed a hold rating on shares of Steel Dynamics in a research note on Thursday, June 27th. BMO Capital Markets lowered shares of Steel Dynamics to a hold rating and set a $30.00 price objective for the company. in a research note on Friday, September 13th. Finally, BidaskClub lowered shares of Steel Dynamics from a hold rating to a sell rating in a research note on Friday, September 20th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Steel Dynamics currently has an average rating of Hold and an average target price of $33.40.
NASDAQ:STLD traded up $1.20 during trading hours on Friday, reaching $30.38. 1,974,456 shares of the company’s stock were exchanged, compared to its average volume of 2,118,576. The company has a market capitalization of $6.18 billion, a P/E ratio of 5.53, a price-to-earnings-growth ratio of 0.76 and a beta of 1.66. Steel Dynamics has a 12 month low of $25.02 and a 12 month high of $43.50. The company has a quick ratio of 2.40, a current ratio of 4.35 and a debt-to-equity ratio of 0.60. The business’s 50-day simple moving average is $28.80 and its two-hundred day simple moving average is $30.08.
Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Monday, July 22nd. The basic materials company reported $0.87 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($0.02). Steel Dynamics had a return on equity of 28.50% and a net margin of 9.11%. The business had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.78 billion. During the same quarter in the previous year, the business posted $1.53 earnings per share. The company’s quarterly revenue was down 10.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Steel Dynamics will post 3.1 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date was Friday, September 27th. Steel Dynamics’s dividend payout ratio (DPR) is currently 17.49%.
In related news, SVP Miguel Alvarez bought 8,920 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was bought at an average price of $27.72 per share, with a total value of $247,262.40. Following the purchase, the senior vice president now directly owns 700 shares of the company’s stock, valued at approximately $19,404. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.90% of the company’s stock.
Several large investors have recently modified their holdings of STLD. Eaton Vance Management boosted its stake in shares of Steel Dynamics by 466.8% during the 2nd quarter. Eaton Vance Management now owns 1,940,465 shares of the basic materials company’s stock valued at $58,602,000 after buying an additional 1,598,122 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Steel Dynamics by 463.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,891,700 shares of the basic materials company’s stock valued at $57,129,000 after buying an additional 1,555,900 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Steel Dynamics during the 2nd quarter valued at $35,753,000. Nuveen Asset Management LLC boosted its stake in shares of Steel Dynamics by 120.9% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,889,404 shares of the basic materials company’s stock valued at $57,060,000 after buying an additional 1,034,176 shares during the period. Finally, LSV Asset Management boosted its stake in shares of Steel Dynamics by 64.9% during the 2nd quarter. LSV Asset Management now owns 1,877,900 shares of the basic materials company’s stock valued at $56,712,000 after buying an additional 739,426 shares during the period. 79.78% of the stock is owned by institutional investors.
About Steel Dynamics
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.
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