Steel Dynamics (NASDAQ:STLD) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Steel Dynamics (NASDAQ:STLD) had its target price upped by stock analysts at Wells Fargo & Company from $190.00 to $210.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 6.84% from the stock’s current price.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. raised their price target on shares of Steel Dynamics from $165.00 to $190.00 and gave the stock a “neutral” rating in a report on Friday, December 5th. Morgan Stanley restated an “equal weight” rating and issued a $194.00 target price (up from $173.00) on shares of Steel Dynamics in a research report on Friday, January 9th. KeyCorp reaffirmed an “overweight” rating and issued a $190.00 price target on shares of Steel Dynamics in a research note on Wednesday, January 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of Steel Dynamics in a research report on Monday, December 29th. Finally, Jefferies Financial Group boosted their price objective on shares of Steel Dynamics from $180.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 10th. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $184.22.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD traded up $3.43 during midday trading on Monday, hitting $196.56. The company had a trading volume of 244,593 shares, compared to its average volume of 1,345,237. Steel Dynamics has a twelve month low of $103.17 and a twelve month high of $208.47. The stock has a market cap of $28.71 billion, a price-to-earnings ratio of 24.52, a price-to-earnings-growth ratio of 0.52 and a beta of 1.43. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.06 and a quick ratio of 1.29. The business’s 50-day simple moving average is $182.38 and its 200-day simple moving average is $160.25.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.10. The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.62 billion. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The company’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same period last year, the company earned $1.36 EPS. On average, research analysts predict that Steel Dynamics will post 9.01 earnings per share for the current year.

Hedge Funds Weigh In On Steel Dynamics

A number of large investors have recently bought and sold shares of STLD. Prosperity Bancshares Inc purchased a new stake in shares of Steel Dynamics during the fourth quarter worth about $25,000. MV Capital Management Inc. purchased a new position in Steel Dynamics in the 4th quarter worth about $27,000. Sound Income Strategies LLC grew its position in Steel Dynamics by 1,500.0% in the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 150 shares during the period. Cornerstone Planning Group LLC grew its holdings in shares of Steel Dynamics by 1,636.4% in the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 180 shares during the period. Finally, DV Equities LLC bought a new stake in shares of Steel Dynamics during the 4th quarter valued at about $33,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

About Steel Dynamics

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.