Posted by admin on Jun 14th, 2022
Steel Dynamics (NASDAQ:STLD – Get Rating) had its price objective dropped by equities researchers at JPMorgan Chase & Co. from $129.00 to $110.00 in a research report issued to clients and investors on Tuesday, The Fly reports. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 55.85% from the company’s current price.
Several other equities analysts have also recently commented on the company. The Goldman Sachs Group cut Steel Dynamics from a “buy” rating to a “neutral” rating and reduced their target price for the company from $114.00 to $92.00 in a research note on Tuesday, May 31st. StockNews.com initiated coverage on Steel Dynamics in a research note on Thursday, March 31st. They set a “buy” rating for the company. Finally, BMO Capital Markets increased their target price on Steel Dynamics from $95.00 to $104.00 in a research note on Friday, April 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $85.86.
STLD opened at $70.58 on Tuesday. The firm has a 50 day moving average price of $82.93 and a 200 day moving average price of $72.06. The company has a market cap of $13.32 billion, a PE ratio of 3.64 and a beta of 1.30. Steel Dynamics has a 1 year low of $50.54 and a 1 year high of $100.37. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.74 and a current ratio of 3.42.
Steel Dynamics (NASDAQ:STLD – Get Rating) last released its quarterly earnings results on Wednesday, April 20th. The basic materials company reported $6.02 earnings per share for the quarter, topping analysts’ consensus estimates of $5.58 by $0.44. The firm had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Steel Dynamics had a return on equity of 69.88% and a net margin of 19.02%. Steel Dynamics’s quarterly revenue was up 57.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.10 EPS. On average, sell-side analysts predict that Steel Dynamics will post 21.52 earnings per share for the current year.
Steel Dynamics announced that its Board of Directors has authorized a stock buyback program on Monday, February 28th that authorizes the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 8.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In other Steel Dynamics news, Director Keith E. Busse sold 5,040 shares of the stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $83.51, for a total value of $420,890.40. Following the sale, the director now directly owns 724,034 shares of the company’s stock, valued at $60,464,079.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.40% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in STLD. Millennium Management LLC boosted its position in Steel Dynamics by 19.4% during the 3rd quarter. Millennium Management LLC now owns 1,907,985 shares of the basic materials company’s stock worth $111,579,000 after acquiring an additional 310,252 shares during the period. Centiva Capital LP raised its stake in shares of Steel Dynamics by 325.0% during the 3rd quarter. Centiva Capital LP now owns 22,089 shares of the basic materials company’s stock worth $1,292,000 after purchasing an additional 16,892 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of Steel Dynamics by 20.6% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 88,042 shares of the basic materials company’s stock worth $5,494,000 after purchasing an additional 15,044 shares in the last quarter. Leavell Investment Management Inc. raised its stake in shares of Steel Dynamics by 9.9% during the 4th quarter. Leavell Investment Management Inc. now owns 30,120 shares of the basic materials company’s stock worth $1,877,000 after purchasing an additional 2,710 shares in the last quarter. Finally, IFM Investors Pty Ltd raised its stake in shares of Steel Dynamics by 5.5% in the 4th quarter. IFM Investors Pty Ltd now owns 33,535 shares of the basic materials company’s stock valued at $2,082,000 after acquiring an additional 1,762 shares in the last quarter. Institutional investors and hedge funds own 83.19% of the company’s stock.
Steel Dynamics Company Profile (Get Rating)
Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.
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