JPMorgan Chase & Co. Increases Steel Dynamics (NASDAQ:STLD) Price Target to $118.00

Steel Dynamics (NASDAQ:STLD) had its price target increased by JPMorgan Chase & Co. from $100.00 to $118.00 in a report issued on Tuesday, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the basic materials company’s stock.

A number of other analysts have also weighed in on the stock. BMO Capital Markets raised their price objective on shares of Steel Dynamics from $110.00 to $120.00 and gave the company a market perform rating in a research note on Monday, March 18th. UBS Group reduced their price objective on shares of Steel Dynamics from $120.00 to $119.00 and set a neutral rating for the company in a research note on Wednesday, January 24th. Finally, Citigroup raised their price objective on shares of Steel Dynamics from $130.00 to $160.00 and gave the company a buy rating in a research note on Wednesday, March 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $120.29.

Steel Dynamics Stock Up 0.6 %

Shares of Steel Dynamics stock opened at $136.90 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.91 and a quick ratio of 1.67. The company has a 50-day moving average of $136.21 and a 200 day moving average of $121.37. The firm has a market cap of $21.62 billion, a price-to-earnings ratio of 9.38 and a beta of 1.42. Steel Dynamics has a 1 year low of $90.55 and a 1 year high of $151.34.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Tuesday, January 23rd. The basic materials company reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.02). The firm had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.22 billion. Steel Dynamics had a net margin of 13.04% and a return on equity of 29.49%. The firm’s revenue for the quarter was down 12.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.37 earnings per share. As a group, sell-side analysts anticipate that Steel Dynamics will post 11.79 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, April 14th. Stockholders of record on Sunday, March 31st were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date was Wednesday, March 27th. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.43. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.61%.

Institutional Trading of Steel Dynamics

A number of institutional investors have recently made changes to their positions in the stock. First Trust Direct Indexing L.P. boosted its holdings in shares of Steel Dynamics by 64.4% during the 1st quarter. First Trust Direct Indexing L.P. now owns 5,906 shares of the basic materials company’s stock valued at $875,000 after acquiring an additional 2,313 shares during the last quarter. Arcus Capital Partners LLC purchased a new position in shares of Steel Dynamics in the first quarter worth approximately $318,000. Norden Group LLC purchased a new position in shares of Steel Dynamics in the first quarter worth approximately $723,000. Denali Advisors LLC boosted its holdings in shares of Steel Dynamics by 26.4% in the first quarter. Denali Advisors LLC now owns 513 shares of the basic materials company’s stock worth $76,000 after buying an additional 107 shares during the last quarter. Finally, MV Capital Management Inc. boosted its holdings in shares of Steel Dynamics by 53.7% in the first quarter. MV Capital Management Inc. now owns 1,720 shares of the basic materials company’s stock worth $255,000 after buying an additional 601 shares during the last quarter. Hedge funds and other institutional investors 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.