Steel Dynamics (NASDAQ:STLD) Price Target Raised to $265.00

by · The Cerbat Gem

Steel Dynamics (NASDAQ:STLD – Free Report) had its price target boosted by KeyCorp from $262.00 to $265.00 in a research note released on Friday morning, Marketbeat Ratings reports. KeyCorp currently has an overweight rating on the basic materials company’s stock.

Other equities analysts have also recently issued research reports about the company. UBS Group upped their price target on Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Bank of America decreased their price objective on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Morgan Stanley decreased their price objective on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 22nd. Barclays set a $280.00 price objective on Steel Dynamics in a research report on Friday. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $299.00 target price on shares of Steel Dynamics in a research note on Tuesday, October 20th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $259.64.

Read Our Latest Report on Steel Dynamics

Steel Dynamics Price Performance

Shares of STLD opened at $241.53 on Friday. The company has a 50-day simple moving average of $237.13 and a 200-day simple moving average of $238.89. The firm has a market capitalization of $34.62 billion, a P/E ratio of 17.83, a P/E/G ratio of 0.35 and a beta of 1.48. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.48 and a current ratio of 3.14. Steel Dynamics has a 52 week low of $150.03 and a 52 week high of $288.74.

Steel Dynamics (NASDAQ:STLD – Get Free Report) last released its earnings results on Monday, October 19th. The basic materials company reported $5.26 earnings per share for the quarter, missing the consensus estimate of $5.48 by ($0.22). Steel Dynamics had a net margin of 8.82% and a return on equity of 21.57%. The company had revenue of $6.51 billion during the quarter, compared to the consensus estimate of $6.43 billion. During the same quarter in the previous year, the business posted $2.74 EPS. The firm’s quarterly revenue was up 34.8% on a year-over-year basis. On average, equities research analysts expect that Steel Dynamics will post 18.13 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th were paid a dividend of $0.53 per share. The ex-dividend date was Wednesday, September 30th. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. Steel Dynamics’s dividend payout ratio (DPR) is currently 15.65%.

Institutional Investors Weigh In On Steel Dynamics

Institutional investors have recently added to or reduced their stakes in the stock. Baird Financial Group Inc. lifted its position in shares of Steel Dynamics by 9.9% during the 2nd quarter. Baird Financial Group Inc. now owns 187,906 shares of the basic materials company’s stock worth $43,117,000 after buying an additional 16,930 shares during the period. Sapient Capital LLC boosted its stake in Steel Dynamics by 34.6% in the 2nd quarter. Sapient Capital LLC now owns 447,664 shares of the basic materials company’s stock valued at $102,958,000 after buying an additional 115,080 shares in the last quarter. BlackRock Inc. bought a new stake in Steel Dynamics in the second quarter valued at $2,844,501,000. Public Employees Retirement System of Ohio bought a new stake in Steel Dynamics in the second quarter valued at $10,169,000. Finally, OP Asset Management Ltd bought a new stake in Steel Dynamics in the first quarter valued at $2,568,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Company Profile

(Get Free Report)

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. The company manufactures steel products using electric arc furnace technology and serves customers across industries such as construction, automotive, manufacturing, and energy.

Its operations include the production of flat rolled steel, long steel products, structural steel, rail, and specialty products. Steel Dynamics also provides steel processing and fabrication services, including the manufacture of steel joists, deck systems, and other components used in commercial and industrial construction.

The company operates metals recycling facilities that collect, process, and supply ferrous and nonferrous scrap to support its steelmaking operations.

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