Bank of America Issues Pessimistic Forecast for Steel Dynamics (NASDAQ:STLD) Stock Price

Steel Dynamics (NASDAQ:STLD) had its price objective reduced by investment analysts at Bank of America from $280.00 to $260.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the basic materials company’s stock. Bank of America‘s price objective would suggest a potential upside of 13.66% from the stock’s current price.

STLD has been the topic of a number of other research reports. Barclays assumed coverage on Steel Dynamics in a report on Thursday, May 21st. They issued an “overweight” rating and a $270.00 price objective on the stock. Wells Fargo & Company reduced their target price on shares of Steel Dynamics from $293.00 to $291.00 and set an “overweight” rating for the company in a research report on Thursday, June 18th. JPMorgan Chase & Co. raised their price target on shares of Steel Dynamics from $192.00 to $205.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 14th. Morgan Stanley boosted their price target on shares of Steel Dynamics from $227.00 to $270.00 and gave the stock an “equal weight” rating in a research report on Monday, June 22nd. Finally, KeyCorp upped their price objective on shares of Steel Dynamics from $241.00 to $262.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $234.55.

Steel Dynamics Trading Down 0.4%

Shares of Steel Dynamics stock opened at $228.76 on Thursday. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46. Steel Dynamics has a twelve month low of $119.89 and a twelve month high of $288.74. The firm has a market capitalization of $33.11 billion, a PE ratio of 24.47, a P/E/G ratio of 0.45 and a beta of 1.53. The firm’s 50-day moving average price is $246.02 and its 200 day moving average price is $206.25.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. Steel Dynamics’s revenue was up 19.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.44 EPS. On average, sell-side analysts predict that Steel Dynamics will post 16.78 EPS for the current fiscal year.

Insider Activity

In other Steel Dynamics news, Director Kenneth W. Cornew sold 5,000 shares of Steel Dynamics stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the transaction, the director directly owned 31,299 shares of the company’s stock, valued at $7,038,206.13. The trade was a 13.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Miguel Alvarez sold 4,825 shares of the business’s stock in a transaction dated Thursday, April 23rd. The shares were 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 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. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 22,125 shares of company stock worth $5,438,226. 6.60% of the stock is owned by insiders.

Institutional Trading of Steel Dynamics

Institutional investors have recently made changes to their positions in the company. Life Cycle Investment Partners Ltd acquired a new stake in Steel Dynamics during the fourth quarter worth $586,702,000. Norges Bank acquired a new position in shares of Steel Dynamics in the 4th quarter valued at $564,590,000. Boston Partners grew its holdings in shares of Steel Dynamics by 147.9% during the 4th quarter. Boston Partners now owns 1,793,630 shares of the basic materials company’s stock worth $303,970,000 after purchasing an additional 1,070,042 shares during the period. Bessemer Group Inc. grew its holdings in shares of Steel Dynamics by 56,088.1% during the 1st quarter. Bessemer Group Inc. now owns 542,215 shares of the basic materials company’s stock worth $97,598,000 after purchasing an additional 541,250 shares during the period. Finally, Hsbc Holdings PLC increased its position in shares of Steel Dynamics by 92.4% during the 4th quarter. Hsbc Holdings PLC now owns 1,030,448 shares of the basic materials company’s stock worth $174,609,000 after purchasing an additional 494,828 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

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.