Steel Dynamics (NASDAQ:STLD) PT Raised to $135.00

Steel Dynamics (NASDAQ:STLD) had its price objective upped by equities researchers at BMO Capital Markets from $130.00 to $135.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “market perform” rating on the basic materials company’s stock. BMO Capital Markets’ price target would suggest a potential downside of 1.15% from the company’s previous close.

Other analysts have also issued reports about the company. JPMorgan Chase & Co. lowered their price objective on Steel Dynamics from $131.00 to $129.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Morgan Stanley cut their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $140.00 to $155.00 in a report on Tuesday, October 1st. Finally, UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $144.29.

Steel Dynamics Trading Up 1.1 %

Shares of Steel Dynamics stock opened at $136.57 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19. The business has a 50 day moving average price of $120.79 and a 200 day moving average price of $127.37. The company has a market capitalization of $21.46 billion, a P/E ratio of 9.38 and a beta of 1.31. Steel Dynamics has a 1 year low of $98.25 and a 1 year high of $151.34.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.07. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The company had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.18 billion. During the same period last year, the business posted $3.47 EPS. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. Sell-side analysts anticipate that Steel Dynamics will post 10.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Steel Dynamics

A number of institutional investors have recently added to or reduced their stakes in STLD. National Bank of Canada FI raised its stake in Steel Dynamics by 481.2% in the second quarter. National Bank of Canada FI now owns 328,795 shares of the basic materials company’s stock valued at $42,461,000 after purchasing an additional 272,226 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its stake in Steel Dynamics by 65.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 571,787 shares of the basic materials company’s stock worth $74,064,000 after purchasing an additional 225,832 shares during the period. Swedbank AB acquired a new position in Steel Dynamics during the first quarter worth $32,178,000. Acadian Asset Management LLC raised its holdings in shares of Steel Dynamics by 21.6% in the first quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock valued at $168,550,000 after purchasing an additional 202,312 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in Steel Dynamics during the second quarter valued at about $24,670,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Company Profile

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.