Other research analysts also recently issued research reports about the stock. Bank of America Corporation upped their price target on shares of Steel Dynamics from $40.00 to $42.00 and gave the stock a buy rating in a research report on Friday, July 21st. Cowen and Company reiterated a buy rating and set a $44.00 price target on shares of Steel Dynamics in a research report on Wednesday, July 19th. Morgan Stanley reiterated a buy rating on shares of Steel Dynamics in a research report on Tuesday, July 18th. Deutsche Bank AG reiterated a buy rating on shares of Steel Dynamics in a research report on Saturday, June 24th. Finally, Berenberg Bank reiterated a buy rating and set a $46.00 price target on shares of Steel Dynamics in a research report on Monday, June 19th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Steel Dynamics has an average rating of Buy and a consensus target price of $39.68.
Steel Dynamics (STLD) opened at 33.83 on Friday. The firm’s 50-day moving average is $34.53 and its 200 day moving average is $34.91. The firm has a market cap of $8.11 billion, a PE ratio of 15.54 and a beta of 1.26. Steel Dynamics has a 1-year low of $23.34 and a 1-year high of $40.17.
Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.63. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.37 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The firm’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.58 EPS. On average, equities analysts forecast that Steel Dynamics will post $2.79 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Saturday, September 30th will be given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 1.83%. Steel Dynamics’s payout ratio is presently 28.57%.
In other news, insider Christopher A. Graham sold 5,021 shares of the company’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $38.05, for a total value of $191,049.05. Following the completion of the sale, the insider now directly owns 26,778 shares of the company’s stock, valued at approximately $1,018,902.90. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Keith E. Busse sold 4,965 shares of the company’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total value of $190,755.30. Following the completion of the sale, the director now directly owns 1,005,666 shares of the company’s stock, valued at $38,637,687.72. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Achmea Investment Management B.V. bought a new stake in shares of Steel Dynamics in the 2nd quarter valued at about $534,000. Lord Abbett & CO. LLC increased its stake in shares of Steel Dynamics by 10.3% in the 2nd quarter. Lord Abbett & CO. LLC now owns 1,177,700 shares of the basic materials company’s stock valued at $42,173,000 after acquiring an additional 110,000 shares during the last quarter. USA Financial Portformulas Corp bought a new stake in shares of Steel Dynamics in the 2nd quarter valued at about $525,000. Toronto Dominion Bank bought a new stake in shares of Steel Dynamics in the 2nd quarter valued at about $107,000. Finally, Advisory Services Network LLC increased its stake in shares of Steel Dynamics by 2.3% in the 2nd quarter. Advisory Services Network LLC now owns 4,414 shares of the basic materials company’s stock valued at $158,000 after acquiring an additional 101 shares during the last quarter. 82.64% of the stock is owned by institutional investors.
Steel Dynamics Company Profile
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.
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