Steel Dynamics (NASDAQ:STLD) Shares Gap Down to $137.30

Steel Dynamics, Inc. (NASDAQ:STLD)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $137.30, but opened at $133.53. Steel Dynamics shares last traded at $133.85, with a volume of 186,022 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on STLD shares. BMO Capital Markets lifted their price objective on shares of Steel Dynamics from $110.00 to $120.00 and gave the company a “market perform” rating in a research note on Monday, March 18th. Citigroup boosted their price target on shares of Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, March 13th. UBS Group decreased their price target on shares of Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating for the company in a research note on Wednesday, January 24th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Steel Dynamics from $100.00 to $118.00 and gave the stock an “underweight” rating in a report on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Steel Dynamics has a consensus rating of “Hold” and a consensus target price of $121.17.

Steel Dynamics Price Performance

The stock has a market cap of $21.35 billion, a PE ratio of 9.41 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.91 and a quick ratio of 1.67. The firm’s 50 day moving average price is $136.48 and its two-hundred day moving average price is $121.79.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Tuesday, January 23rd. The basic materials company reported $2.61 earnings per share for the quarter, missing the consensus estimate of $2.63 by ($0.02). The business had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.22 billion. Steel Dynamics had a return on equity of 29.49% and a net margin of 13.04%. Steel Dynamics’s revenue for the quarter was down 12.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.37 EPS. On average, research analysts expect that Steel Dynamics, Inc. will post 11.79 earnings per share for the current year.

Steel Dynamics Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, April 14th. Stockholders of record on Sunday, March 31st were paid a $0.46 dividend. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.84 annualized dividend and a dividend yield of 1.36%. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.61%.

Hedge Funds Weigh In On Steel Dynamics

Large investors have recently modified their holdings of the business. CWM LLC grew its stake in Steel Dynamics by 30.4% during the third quarter. CWM LLC now owns 4,069 shares of the basic materials company’s stock valued at $436,000 after acquiring an additional 948 shares in the last quarter. IFP Advisors Inc grew its stake in Steel Dynamics by 5.1% during the third quarter. IFP Advisors Inc now owns 5,506 shares of the basic materials company’s stock valued at $590,000 after acquiring an additional 267 shares in the last quarter. HB Wealth Management LLC grew its stake in Steel Dynamics by 16.5% during the third quarter. HB Wealth Management LLC now owns 2,218 shares of the basic materials company’s stock valued at $238,000 after acquiring an additional 314 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in Steel Dynamics during the third quarter valued at approximately $206,000. Finally, Capital Asset Advisory Services LLC grew its stake in Steel Dynamics by 13.5% during the third quarter. Capital Asset Advisory Services LLC now owns 2,140 shares of the basic materials company’s stock valued at $236,000 after acquiring an additional 254 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.