Steel Dynamics (NASDAQ:STLD) Price Target Raised to $190.00

Steel Dynamics (NASDAQ:STLD) had its target price hoisted by Wells Fargo & Company from $172.00 to $190.00 in a research note released on Monday morning,Benzinga reports. The firm currently has an overweight rating on the basic materials company’s stock.

Other research analysts have also recently issued reports about the stock. Citigroup boosted their price objective on shares of Steel Dynamics from $150.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. BMO Capital Markets lifted their target price on shares of Steel Dynamics from $155.00 to $167.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. UBS Group set a $165.00 price target on Steel Dynamics in a report on Tuesday, November 4th. Jefferies Financial Group raised their price target on Steel Dynamics from $180.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, December 10th. Finally, Morgan Stanley upped their price objective on Steel Dynamics from $145.00 to $173.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Steel Dynamics has a consensus rating of “Moderate Buy” and a consensus target price of $176.89.

Steel Dynamics Stock Performance

STLD stock opened at $172.74 on Monday. The stock has a market capitalization of $25.23 billion, a PE ratio of 22.88, a price-to-earnings-growth ratio of 1.13 and a beta of 1.47. The stock’s 50 day simple moving average is $158.07 and its 200 day simple moving average is $141.18. Steel Dynamics has a 12-month low of $103.17 and a 12-month high of $174.31. The company has a current ratio of 3.11, a quick ratio of 1.47 and a debt-to-equity ratio of 0.43.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.63 by $0.11. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.The firm had revenue of $4.83 billion for the quarter, compared to the consensus estimate of $4.74 billion. During the same period in the prior year, the company posted $2.05 earnings per share. The company’s quarterly revenue was up 11.2% on a year-over-year basis. As a group, research analysts forecast that Steel Dynamics will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $2.00 dividend on an annualized basis and a yield of 1.2%. Steel Dynamics’s dividend payout ratio (DPR) is currently 26.49%.

Insider Activity at Steel Dynamics

In other news, SVP Miguel Alvarez sold 8,251 shares of the company’s stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total value of $1,343,180.29. Following the completion of the transaction, the senior vice president owned 117,068 shares of the company’s stock, valued at $19,057,499.72. This represents a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 6.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Cornerstone Planning Group LLC grew its holdings in Steel Dynamics by 1,636.4% during the 3rd quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock valued at $27,000 after buying an additional 180 shares in the last quarter. Trust Co. of Toledo NA OH bought a new position in shares of Steel Dynamics during the second quarter worth $30,000. WPG Advisers LLC purchased a new position in Steel Dynamics during the first quarter valued at $32,000. Rosenberg Matthew Hamilton increased its holdings in Steel Dynamics by 306.2% in the 2nd quarter. Rosenberg Matthew Hamilton now owns 264 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 199 shares during the last quarter. Finally, True Wealth Design LLC increased its holdings in Steel Dynamics by 120.4% in the 2nd quarter. True Wealth Design LLC now owns 324 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 177 shares during the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

About Steel Dynamics

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.