Steel Dynamics (NASDAQ:STLD) Price Target Raised to $205.00
by Kim Johansen · The Markets DailySteel Dynamics (NASDAQ:STLD – Free Report) had its price objective upped by JPMorgan Chase & Co. from $192.00 to $205.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the basic materials company’s stock.
Other equities analysts have also recently issued research reports about the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. Wall Street Zen cut Steel Dynamics from a “buy” rating to a “hold” rating in a report on Saturday, April 4th. KeyCorp began coverage on Steel Dynamics in a report on Wednesday, March 25th. They issued an “overweight” rating and a $190.00 target price for the company. Morgan Stanley reiterated an “underperform” rating and issued a $190.00 target price on shares of Steel Dynamics in a report on Tuesday, March 17th. Finally, Wells Fargo & Company dropped their target price on Steel Dynamics from $210.00 to $196.00 and set an “overweight” rating for the company in a report on Wednesday, March 18th. Five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Steel Dynamics presently has an average rating of “Hold” and an average target price of $185.11.
Check Out Our Latest Stock Analysis on Steel Dynamics
Steel Dynamics Stock Performance
NASDAQ:STLD opened at $195.75 on Tuesday. The company has a market cap of $28.33 billion, a price-to-earnings ratio of 24.44, a PEG ratio of 0.52 and a beta of 1.39. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.06 and a quick ratio of 1.29. The stock’s 50 day simple moving average is $185.73 and its two-hundred day simple moving average is $171.32. Steel Dynamics has a 1 year low of $112.72 and a 1 year high of $208.47.
Steel Dynamics (NASDAQ:STLD – Get Free Report) last announced its earnings results on Tuesday, January 27th. The basic materials company reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.10. The firm had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.62 billion. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The company’s quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.36 EPS. As a group, equities analysts anticipate that Steel Dynamics will post 9.01 earnings per share for the current fiscal year.
Steel Dynamics Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st were given a $0.53 dividend. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $2.12 annualized dividend and a yield of 1.1%. Steel Dynamics’s dividend payout ratio is currently 26.47%.
Hedge Funds Weigh In On Steel Dynamics
Several hedge funds have recently bought and sold shares of the business. Lingohr Asset Management GmbH raised its position in shares of Steel Dynamics by 1,284.8% in the 3rd quarter. Lingohr Asset Management GmbH now owns 40,423 shares of the basic materials company’s stock worth $5,636,000 after acquiring an additional 37,504 shares in the last quarter. Ninety One UK Ltd grew its stake in Steel Dynamics by 33.5% during the 3rd quarter. Ninety One UK Ltd now owns 119,863 shares of the basic materials company’s stock valued at $16,712,000 after purchasing an additional 30,102 shares during the last quarter. Rakuten Investment Management Inc. purchased a new stake in Steel Dynamics during the 3rd quarter valued at about $8,592,000. Forvis Mazars Wealth Advisors LLC purchased a new stake in Steel Dynamics during the 3rd quarter valued at about $1,047,000. Finally, Mediolanum International Funds Ltd grew its stake in Steel Dynamics by 157.2% during the 3rd quarter. Mediolanum International Funds Ltd now owns 206,140 shares of the basic materials company’s stock valued at $28,629,000 after purchasing an additional 125,981 shares during the last quarter. Institutional investors own 82.41% of the company’s stock.
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.