Steel Dynamics, Inc. (NASDAQ:STLD) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a report released on Tuesday, July 25th.
STLD has been the topic of a number of other reports. Macquarie raised Steel Dynamics from a “neutral” rating to an “outperform” rating and raised their price target for the company from $38.00 to $44.00 in a report on Monday, April 24th. Barclays PLC reissued a “buy” rating and set a $43.00 price target on shares of Steel Dynamics in a report on Friday, May 5th. Jefferies Group LLC reissued a “buy” rating and set a $45.00 price target on shares of Steel Dynamics in a report on Monday, June 26th. Berenberg Bank reissued a “buy” rating and set a $46.00 price target on shares of Steel Dynamics in a report on Monday, June 19th. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, July 18th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $39.79.
Steel Dynamics (STLD) traded down 2.62% during midday trading on Tuesday, hitting $34.54. 2,276,902 shares of the stock traded hands. Steel Dynamics has a 12-month low of $22.79 and a 12-month high of $40.17. The company’s 50-day moving average is $35.88 and its 200 day moving average is $35.22. The firm has a market cap of $8.29 billion, a P/E ratio of 15.87 and a beta of 1.23.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, meeting analysts’ consensus estimates of $0.63. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.37 billion. Steel Dynamics had a return on equity of 21.75% and a net margin of 6.07%. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period last year, the company earned $0.58 earnings per share. On average, analysts anticipate that Steel Dynamics will post $2.83 EPS for the current fiscal year.
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In other news, insider Christopher A. Graham sold 5,021 shares of the company’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $38.05, for a total transaction of $191,049.05. Following the completion of the transaction, the insider now directly owns 26,778 shares of the company’s stock, valued at $1,018,902.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Keith E. Busse sold 4,965 shares of the company’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total value of $190,755.30. Following the sale, the director now owns 1,005,666 shares in the company, valued at approximately $38,637,687.72. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Advantage Investment Management LLC raised its stake in Steel Dynamics by 39.6% in the first quarter. Advantage Investment Management LLC now owns 3,350 shares of the basic materials company’s stock valued at $116,000 after buying an additional 950 shares during the last quarter. Washington Trust Bank raised its stake in Steel Dynamics by 48.8% in the second quarter. Washington Trust Bank now owns 3,393 shares of the basic materials company’s stock valued at $122,000 after buying an additional 1,113 shares during the last quarter. James Investment Research Inc. acquired a new stake in Steel Dynamics during the first quarter valued at about $145,000. Advisory Services Network LLC acquired a new stake in Steel Dynamics during the first quarter valued at about $150,000. Finally, IFP Advisors Inc raised its stake in Steel Dynamics by 163.8% in the first quarter. IFP Advisors Inc now owns 4,366 shares of the basic materials company’s stock valued at $152,000 after buying an additional 2,711 shares in the last quarter. Institutional investors and hedge funds own 84.05% of the company’s stock.
About Steel Dynamics
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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