Steel Dynamics (NASDAQ:STLD) Price Target Cut to $260.00 by Analysts at JPMorgan Chase & Co.

Steel Dynamics (NASDAQ:STLD) had its price target cut by stock analysts at JPMorgan Chase & Co. from $272.00 to $260.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 9.07% from the company’s current price.

A number of other equities research analysts have also recently weighed in on STLD. Bank of America dropped their price target on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Morgan Stanley cut their target price on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 22nd. KeyCorp reiterated an “overweight” rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Weiss Ratings upgraded shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, September 28th. Finally, UBS Group upped their target price on Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $257.45.

Steel Dynamics Stock Performance

Shares of STLD traded up $4.21 during midday trading on Friday, reaching $238.38. The stock had a trading volume of 599,305 shares, compared to its average volume of 1,203,678. The firm has a market cap of $34.17 billion, a PE ratio of 21.61, a P/E/G ratio of 0.42 and a beta of 1.48. The firm has a 50 day simple moving average of $241.43 and a 200-day simple moving average of $233.72. Steel Dynamics has a one year low of $140.87 and a one year high of $288.74. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The company had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $5.56 billion. During the same period in the prior year, the firm earned $2.01 EPS. Steel Dynamics’s quarterly revenue was up 33.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Steel Dynamics will post 18.2 EPS for the current year.

Hedge Funds Weigh In On Steel Dynamics

Hedge funds have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. bought a new stake in shares of Steel Dynamics during the 2nd quarter valued at $26,000. Wealth Enhancement Trust Services Inc. raised its stake in Steel Dynamics by 1,200.0% in the third quarter. Wealth Enhancement Trust Services Inc. now owns 117 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 108 shares in the last quarter. MV Capital Management Inc. bought a new stake in Steel Dynamics during the fourth quarter worth about $27,000. Cedar Mountain Advisors LLC bought a new stake in Steel Dynamics during the first quarter worth about $31,000. Finally, NBH Bank acquired a new position in Steel Dynamics during the second quarter valued at approximately $31,000. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnace steel mills that use recycled ferrous scrap and other raw materials to manufacture steel products for customers in construction, automotive, manufacturing, energy and other industrial markets.

Its steel operations produce flat-roll steel, long products, structural steel and rail products, along with specialized steel products such as galvanized, painted and other value-added coated materials.