Steel Dynamics (NASDAQ:STLD) Upgraded by JPMorgan Chase & Co. to “Neutral”

JPMorgan Chase & Co. upgraded shares of Steel Dynamics (NASDAQ:STLD) from an underweight rating to a neutral rating in a research note released on Monday, Marketbeat Ratings reports. The firm currently has $131.00 price target on the basic materials company’s stock, up from their previous price target of $120.00.

STLD has been the topic of a number of other research reports. BMO Capital Markets reduced their target price on Steel Dynamics from $140.00 to $135.00 and set a market perform rating on the stock in a research note on Tuesday, June 18th. Morgan Stanley lifted their price objective on shares of Steel Dynamics from $134.00 to $138.00 and gave the company an equal weight rating in a report on Thursday, August 15th. Bank of America dropped their target price on shares of Steel Dynamics from $150.00 to $145.00 and set a neutral rating on the stock in a research note on Wednesday, June 26th. Jefferies Financial Group initiated coverage on shares of Steel Dynamics in a research note on Monday, May 20th. They set a hold rating and a $150.00 price target for the company. Finally, UBS Group raised Steel Dynamics from a neutral rating to a buy rating and increased their price objective for the stock from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $143.43.

Steel Dynamics Trading Down 0.2 %

STLD stock opened at $110.74 on Monday. Steel Dynamics has a twelve month low of $95.53 and a twelve month high of $151.34. The stock has a market capitalization of $17.09 billion, a price-to-earnings ratio of 7.61 and a beta of 1.32. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. The firm’s fifty day simple moving average is $122.53 and its two-hundred day simple moving average is $130.13.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (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 the consensus estimate of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter last year, the firm earned $4.81 earnings per share. As a group, analysts anticipate that Steel Dynamics will post 10.74 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.84 annualized dividend and a yield of 1.66%. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.64%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Franklin Resources Inc. raised its holdings in Steel Dynamics by 12.0% in the fourth quarter. Franklin Resources Inc. now owns 344,569 shares of the basic materials company’s stock worth $40,694,000 after purchasing an additional 37,033 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Steel Dynamics by 2.5% in the first quarter. Nordea Investment Management AB now owns 1,034,133 shares of the basic materials company’s stock valued at $153,290,000 after acquiring an additional 25,280 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Steel Dynamics by 1.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 17,321 shares of the basic materials company’s stock worth $2,046,000 after purchasing an additional 278 shares during the last quarter. Schroder Investment Management Group boosted its position in Steel Dynamics by 15.3% during the fourth quarter. Schroder Investment Management Group now owns 743,697 shares of the basic materials company’s stock worth $87,831,000 after acquiring an additional 98,764 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in Steel Dynamics by 1,498.4% in the 1st quarter. SG Americas Securities LLC now owns 29,730 shares of the basic materials company’s stock valued at $4,407,000 after buying an additional 27,870 shares in the last quarter. 82.41% of the stock is owned by institutional investors.

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.