Morgan Stanley Increases Steel Dynamics (NASDAQ:STLD) Price Target to $270.00

Steel Dynamics (NASDAQ:STLD) had its target price boosted by investment analysts at Morgan Stanley from $227.00 to $270.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the basic materials company’s stock. Morgan Stanley’s target price points to a potential upside of 8.04% from the stock’s current price.

Other research analysts have also issued reports about the stock. Citigroup lifted their price objective on shares of Steel Dynamics from $180.00 to $255.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Jefferies Financial Group reissued a “buy” rating on shares of Steel Dynamics in a report on Tuesday, March 17th. Barclays initiated coverage on Steel Dynamics in a research note on Thursday, May 21st. They issued an “overweight” rating and a $270.00 target price for the company. Finally, JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $192.00 to $205.00 and gave the company a “neutral” rating in a report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $234.45.

Steel Dynamics Price Performance

STLD opened at $249.91 on Monday. The company has a market capitalization of $36.17 billion, a price-to-earnings ratio of 26.73, a PEG ratio of 0.52 and a beta of 1.50. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average price of $239.04 and a 200-day moving average price of $200.34. Steel Dynamics has a twelve month low of $119.89 and a twelve month high of $288.74.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The business’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same period last year, the firm earned $1.44 EPS. Equities analysts expect that Steel Dynamics will post 15.67 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Miguel Alvarez sold 4,825 shares of the business’s stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the completion of the transaction, the senior vice president directly owned 122,257 shares in the company, valued at $27,578,734.06. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP James Stanley Anderson sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the completion of the sale, the senior vice president directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 22,125 shares of company stock worth $5,438,226 over the last three months. Corporate insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Steel Dynamics

Several hedge funds have recently bought and sold shares of the stock. Fisher Asset Management LLC increased its holdings in shares of Steel Dynamics by 47.2% in the 3rd quarter. Fisher Asset Management LLC now owns 34,878 shares of the basic materials company’s stock worth $4,863,000 after buying an additional 11,183 shares during the last quarter. Strs Ohio increased its stake in Steel Dynamics by 7.3% in the fourth quarter. Strs Ohio now owns 153,878 shares of the basic materials company’s stock valued at $26,075,000 after acquiring an additional 10,519 shares during the last quarter. Concentric Capital Strategies LP purchased a new stake in Steel Dynamics during the third quarter valued at about $24,349,000. Robeco Institutional Asset Management B.V. lifted its stake in Steel Dynamics by 3.7% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company’s stock worth $340,289,000 after purchasing an additional 72,122 shares during the last quarter. Finally, Lansforsakringar Fondforvaltning AB publ lifted its stake in Steel Dynamics by 16.4% during the third quarter. Lansforsakringar Fondforvaltning AB publ now owns 47,912 shares of the basic materials company’s stock worth $6,680,000 after purchasing an additional 6,738 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Company Profile

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.