Steel Dynamics, Inc. (NASDAQ:STLD) Receives $249.00 Average Price Target from Analysts

Shares of Steel Dynamics, Inc. (NASDAQ:STLD) have received an average rating of “Moderate Buy” from the twelve brokerages that are currently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $249.00.

Several analysts have recently issued reports on the company. Morgan Stanley reduced their target price on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 22nd. Weiss Ratings upgraded Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. Citigroup boosted their target price on Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Barclays increased their price objective on shares of Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a research note on Wednesday, July 22nd. Finally, The Goldman Sachs Group began coverage on shares of Steel Dynamics in a research note on Wednesday, July 29th. They set a “buy” rating and a $300.00 target price on the stock.

Steel Dynamics Trading Up 0.3%

Shares of Steel Dynamics stock opened at $265.96 on Thursday. The stock has a market cap of $38.12 billion, a P/E ratio of 24.11, a P/E/G ratio of 0.50 and a beta of 1.52. Steel Dynamics has a 12-month low of $119.89 and a 12-month high of $288.74. The business’s 50 day moving average is $249.45 and its 200-day moving average is $216.24. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.63 by $0.06. The firm had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The business’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.01 earnings per share. Equities research analysts predict that Steel Dynamics will post 17.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total value of $2,687,000.00. Following the completion of the transaction, the senior vice president directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Richard A. Poinsatte sold 2,300 shares of Steel Dynamics stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total value of $538,453.00. Following the sale, the senior vice president directly owned 28,618 shares in the company, valued at $6,699,759.98. The trade was a 7.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Steel Dynamics

Hedge funds have recently made changes to their positions in the stock. Prosperity Bancshares Inc bought a new position in Steel Dynamics during the 4th quarter worth approximately $25,000. MV Capital Management Inc. acquired a new stake in Steel Dynamics during the 4th quarter worth about $27,000. Sound Income Strategies LLC raised its position in shares of 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 acquiring an additional 150 shares in the last quarter. Cedar Mountain Advisors LLC acquired a new position in shares of Steel Dynamics in the 1st quarter valued at about $31,000. 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 currently owned by 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.