Steel Dynamics (NASDAQ:STLD) Price Target Raised to $260.00

Steel Dynamics (NASDAQ:STLD) had its price objective boosted by JPMorgan Chase & Co. from $256.00 to $260.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the basic materials company’s stock.

Several other research firms have also issued reports on STLD. BMO Capital Markets increased their target price on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” 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 note on Saturday, April 18th. Wells Fargo & Company reduced their price target on Steel Dynamics from $291.00 to $275.00 and set an “overweight” rating for the company in a report on Wednesday. Citigroup increased their price target on Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Finally, Bank of America dropped their price objective on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $237.36.

Steel Dynamics Price Performance

NASDAQ:STLD opened at $247.11 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.33. The company has a 50 day moving average price of $246.36 and a 200-day moving average price of $211.12. Steel Dynamics has a 1-year low of $119.89 and a 1-year high of $288.74. The firm has a market cap of $35.76 billion, a price-to-earnings ratio of 22.40, a price-to-earnings-growth ratio of 0.46 and a beta of 1.53.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Monday, July 20th. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.63 by $0.06. The firm had revenue of $6.09 billion for the quarter, compared to the consensus estimate of $5.56 billion. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The firm’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.01 earnings per share. Equities research analysts forecast that Steel Dynamics will post 17.09 EPS for the current year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th were given a $0.53 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. Steel Dynamics’s dividend payout ratio (DPR) is 19.22%.

Insider Transactions at Steel Dynamics

In related news, SVP Richard A. Poinsatte sold 2,300 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total transaction of $538,453.00. Following the completion of the transaction, the senior vice president owned 28,618 shares in the company, valued at $6,699,759.98. This represents a 7.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP James Stanley Anderson sold 10,000 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the transaction, the senior vice president owned 102,837 shares of the company’s stock, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their position. The disclosure for this sale is available in the SEC filing. 6.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Steel Dynamics

Several hedge funds and other institutional investors have recently made changes to their positions in STLD. Prosperity Bancshares Inc purchased a new stake in shares of Steel Dynamics during the fourth quarter worth approximately $25,000. MV Capital Management Inc. purchased a new position in Steel Dynamics in the 4th quarter valued at $27,000. Sound Income Strategies LLC boosted its stake in Steel Dynamics by 1,500.0% during the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 150 shares during the last quarter. Cedar Mountain Advisors LLC acquired a new stake in Steel Dynamics during the 1st quarter worth $31,000. Finally, DV Equities LLC purchased a new stake in shares of Steel Dynamics during the fourth quarter worth $33,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

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.