Morgan Stanley Reiterates $36.00 Price Target for Steel Dynamics, Inc. (NASDAQ:STLD)

Morgan Stanley set a $36.00 price objective on Steel Dynamics, Inc. (NASDAQ:STLD) in a report published on Tuesday, October 24th. The firm currently has a hold rating on the basic materials company’s stock.

Other research analysts have also recently issued reports about the stock. BidaskClub upgraded shares of Steel Dynamics from a sell rating to a hold rating in a research note on Saturday, July 1st. Clarkson Capital restated a neutral rating on shares of Steel Dynamics in a research note on Thursday, July 20th. Cowen and Company restated a buy rating and set a $44.00 price target on shares of Steel Dynamics in a research note on Wednesday, July 19th. Jefferies Group LLC restated a buy rating and set a $43.00 price target (up from $42.00) on shares of Steel Dynamics in a research note on Saturday, July 22nd. Finally, Bank of America Corporation upped their price target on shares of Steel Dynamics from $40.00 to $42.00 and gave the company a buy rating in a research note on Friday, July 21st. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $41.09.

Steel Dynamics (STLD) traded up $0.04 during trading on Tuesday, reaching $37.23. 3,209,800 shares of the company traded hands, compared to its average volume of 2,616,137. Steel Dynamics has a 1-year low of $31.28 and a 1-year high of $40.17. The stock has a market capitalization of $8,821.72, a PE ratio of 14.66, a PEG ratio of 1.17 and a beta of 1.40. The company has a current ratio of 3.35, a quick ratio of 1.95 and a debt-to-equity ratio of 0.80.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, October 18th. The basic materials company reported $0.66 earnings per share for the quarter, hitting the consensus estimate of $0.66. The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.41 billion. Steel Dynamics had a net margin of 5.79% and a return on equity of 21.45%. The firm’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.64 earnings per share. equities analysts predict that Steel Dynamics will post 2.67 EPS for the current fiscal year.

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Several hedge funds have recently added to or reduced their stakes in the stock. Dai Ichi Life Insurance Company Ltd bought a new position in shares of Steel Dynamics during the 3rd quarter valued at $1,875,000. Schroder Investment Management Group grew its holdings in shares of Steel Dynamics by 24.5% during the 3rd quarter. Schroder Investment Management Group now owns 1,467,843 shares of the basic materials company’s stock valued at $50,758,000 after purchasing an additional 289,193 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Steel Dynamics by 20.9% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 42,665 shares of the basic materials company’s stock valued at $1,471,000 after purchasing an additional 7,378 shares during the last quarter. Trexquant Investment LP bought a new position in shares of Steel Dynamics during the 3rd quarter valued at $361,000. Finally, Legal & General Group Plc grew its holdings in shares of Steel Dynamics by 11.0% during the 3rd quarter. Legal & General Group Plc now owns 521,127 shares of the basic materials company’s stock valued at $17,964,000 after purchasing an additional 51,791 shares during the last quarter. 82.82% of the stock is currently owned by institutional investors.

About Steel Dynamics

Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.

Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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