JPMorgan Chase & Co. Cuts Steel Dynamics (NASDAQ:STLD) Price Target to $129.00

Steel Dynamics (NASDAQ:STLD) had its price target cut by stock analysts at JPMorgan Chase & Co. from $131.00 to $129.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 0.91% from the company’s previous close.

Other equities research analysts have also issued reports about the company. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price target for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Morgan Stanley lowered their price objective on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price objective for the company from $140.00 to $155.00 in a report on Tuesday, October 1st. Finally, BMO Capital Markets reduced their price objective 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. Four equities research 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 presently has an average rating of “Hold” and an average price target of $142.43.

Steel Dynamics Price Performance

NASDAQ STLD traded up $3.15 on Wednesday, reaching $130.18. 1,312,124 shares of the stock traded hands, compared to its average volume of 1,266,471. Steel Dynamics has a 12 month low of $98.25 and a 12 month high of $151.34. 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 $119.48 and its 200 day simple moving average is $128.13. The company has a market cap of $20.09 billion, a price-to-earnings ratio of 8.94 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.67 by $0.05. The firm 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 business’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same quarter last year, the firm earned $4.81 earnings per share. As a group, research analysts predict that Steel Dynamics will post 10.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC bought a new position in Steel Dynamics in the first quarter valued at about $25,000. Innealta Capital LLC bought a new stake in shares of Steel Dynamics during the 2nd quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Steel Dynamics in the second quarter valued at $41,000. Riverview Trust Co bought a new position in shares of Steel Dynamics in the 1st quarter worth $50,000. Finally, Quarry LP grew its holdings in shares of Steel Dynamics by 583.9% during the fourth quarter. Quarry LP now owns 383 shares of the basic materials company’s stock valued at $45,000 after buying an additional 327 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

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.