Steel Dynamics (NASDAQ:STLD) Given New $196.00 Price Target at Wells Fargo & Company

Steel Dynamics (NASDAQ:STLD) had its price objective cut by Wells Fargo & Company from $210.00 to $196.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 13.54% from the stock’s current price.

A number of other analysts have also weighed in on STLD. JPMorgan Chase & Co. upped their price objective on shares of Steel Dynamics from $165.00 to $190.00 and gave the stock a “neutral” rating in a research note on Friday, December 5th. Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a report on Tuesday. KeyCorp reaffirmed an “overweight” rating and issued a $190.00 price target on shares of Steel Dynamics in a research report on Wednesday, January 7th. Morgan Stanley reiterated an “underperform” rating and set a $190.00 price objective on shares of Steel Dynamics in a research note on Tuesday. Finally, Wall Street Zen downgraded shares of Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 7th. Five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Steel Dynamics presently has a consensus rating of “Hold” and a consensus price target of $182.22.

Steel Dynamics Trading Down 0.9%

STLD opened at $172.63 on Wednesday. The company has a quick ratio of 1.29, a current ratio of 3.06 and a debt-to-equity ratio of 0.48. The stock’s fifty day moving average is $184.86 and its two-hundred day moving average is $164.86. The company has a market capitalization of $25.01 billion, a P/E ratio of 21.55, a PEG ratio of 0.46 and a beta of 1.43. Steel Dynamics has a 52 week low of $103.17 and a 52 week high of $208.47.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.10. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.62 billion. During the same period in the prior year, the business earned $1.36 EPS. The business’s revenue for the quarter was up 14.0% compared to the same quarter last year. Analysts forecast that Steel Dynamics will post 9.01 earnings per share for the current year.

Hedge Funds Weigh In On Steel Dynamics

Large investors have recently made changes to their positions in the business. NewEdge Advisors LLC increased its position in Steel Dynamics by 307.5% during the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock valued at $102,000 after buying an additional 618 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in Steel Dynamics by 82.7% in the first quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock worth $435,000 after acquiring an additional 1,578 shares in the last quarter. Police & Firemen s Retirement System of New Jersey boosted its holdings in Steel Dynamics by 1.1% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 21,250 shares of the basic materials company’s stock worth $2,720,000 after acquiring an additional 241 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Steel Dynamics by 4.6% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 33,861 shares of the basic materials company’s stock worth $4,335,000 after acquiring an additional 1,482 shares during the last quarter. Finally, Creative Planning grew its stake in shares of Steel Dynamics by 5.5% during the second quarter. Creative Planning now owns 31,598 shares of the basic materials company’s stock worth $4,045,000 after acquiring an additional 1,648 shares during the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.

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.