Steel Dynamics (NASDAQ:STLD) Upgraded by Bank of America to Buy

Steel Dynamics (NASDAQ:STLD) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday, FinViz reports. The firm presently has a $155.00 target price on the basic materials company’s stock, up from their previous target price of $140.00. Bank of America‘s price objective points to a potential upside of 22.94% from the stock’s current price.

A number of other brokerages also recently weighed in on STLD. BMO Capital Markets lowered their target price on shares of Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating on the stock in a research note on Tuesday, September 17th. Morgan Stanley lowered their price objective on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their target price for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. raised Steel Dynamics from an “underweight” rating to a “neutral” rating and increased their target price for the company from $120.00 to $131.00 in a research note on Monday, September 9th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $142.71.

Steel Dynamics Stock Up 0.4 %

STLD opened at $126.08 on Tuesday. The firm has a market capitalization of $19.45 billion, a P/E ratio of 8.66 and a beta of 1.32. Steel Dynamics has a one year low of $98.25 and a one year high of $151.34. The company has a fifty day moving average price of $119.44 and a 200-day moving average price of $128.69. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.67 by $0.05. The business had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.43 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The firm’s revenue was down 8.8% on a year-over-year basis. During the same period in the previous year, the business earned $4.81 earnings per share. Equities research analysts expect that Steel Dynamics will post 10.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Steel Dynamics

Large investors have recently made changes to their positions in the business. Larson Financial Group LLC purchased a new stake in Steel Dynamics in the first quarter worth $25,000. LifeSteps Financial Inc. bought a new position in Steel Dynamics in the 1st quarter worth $26,000. Security National Bank purchased a new stake in shares of Steel Dynamics in the 4th quarter worth about $30,000. Innealta Capital LLC bought a new position in Steel Dynamics in the second quarter worth about $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in Steel Dynamics during the 2nd quarter valued at approximately $41,000. 82.41% of the stock is currently owned by institutional investors.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.