Stelco (TSE:STLC) Hits New 52-Week High Following Analyst Upgrade

Stelco Holdings Inc (TSE:STLC)’s share price hit a new 52-week high during mid-day trading on Tuesday after Royal Bank of Canada raised their price target on the stock from C$43.00 to C$70.00. The stock traded as high as C$66.04 and last traded at C$65.93, with a volume of 244181 shares changing hands. The stock had previously closed at C$65.00.

Other analysts also recently issued research reports about the stock. BMO Capital Markets cut their price objective on shares of Stelco from C$58.00 to C$55.00 and set an “outperform” rating for the company in a report on Monday, June 10th. Stifel Nicolaus downgraded Stelco from a “buy” rating to a “hold” rating and increased their price target for the stock from C$47.00 to C$70.00 in a research report on Tuesday. Cormark dropped their price objective on Stelco from C$60.00 to C$58.50 in a report on Wednesday, May 1st. National Bankshares reduced their target price on Stelco from C$54.00 to C$52.00 in a report on Friday, May 10th. Finally, JPMorgan Chase & Co. dropped their price target on Stelco from C$50.00 to C$47.00 and set an “overweight” rating for the company in a research note on Tuesday, June 11th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of C$56.44.

Stelco Price Performance

The company has a debt-to-equity ratio of 58.19, a quick ratio of 1.55 and a current ratio of 2.07. The business has a 50 day moving average price of C$39.83 and a 200-day moving average price of C$41.57. The company has a market capitalization of C$3.62 billion, a price-to-earnings ratio of 16.29, a P/E/G ratio of 0.03 and a beta of 2.40.

Stelco Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Friday, May 24th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date was Thursday, May 16th. Stelco’s payout ratio is 49.50%.

About Stelco

Stelco Holdings Inc is Canada-based company and owner of one of the technologically advanced integrated steelmaking facilities in North America. The Company produce flat-rolled value-added steels, including coated, cold-rolled and hot-rolled steel products as well as metallurgical coke. With gauge, crown, and shape control, as well as reliable uniformity of mechanical properties, The Company’s steel products are supplied to customers in the construction, automotive and energy industries across Canada and the United States, as well as to a variety of steel service centers, which are regional distributors of steel products.