Steel Dynamics (NASDAQ:STLD) Hits New 52-Week High – What’s Next?

Steel Dynamics, Inc. (NASDAQ:STLD) shares reached a new 52-week high during trading on Monday . The stock traded as high as $203.14 and last traded at $202.98, with a volume of 518494 shares changing hands. The stock had previously closed at $202.39.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on STLD. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “strong-buy” rating in a research report on Saturday, January 31st. The Goldman Sachs Group set a $172.00 target price on shares of Steel Dynamics and gave the company a “neutral” rating in a research report on Friday, October 31st. BMO Capital Markets lifted their target price on shares of Steel Dynamics from $155.00 to $167.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. JPMorgan Chase & Co. increased their price target on Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a research note on Friday, December 5th. Finally, UBS Group set a $165.00 price objective on Steel Dynamics in a research note on Tuesday, November 4th. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Steel Dynamics has an average rating of “Hold” and an average price target of $182.00.

Steel Dynamics Stock Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 3.06 and a quick ratio of 1.29. The stock’s 50-day moving average price is $174.83 and its 200 day moving average price is $152.91. The firm has a market cap of $29.61 billion, a P/E ratio of 25.31, a price-to-earnings-growth ratio of 0.55 and a beta of 1.46.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, January 27th. The basic materials company reported $1.82 EPS for the quarter, topping analysts’ consensus estimates 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 quarter last year, the company posted $1.36 earnings per share. Steel Dynamics’s quarterly revenue was up 14.0% on a year-over-year basis. As a group, equities analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Hedge Funds Weigh In On Steel Dynamics

Several institutional investors and hedge funds have recently added to or reduced their stakes in STLD. State Street Corp lifted its holdings in Steel Dynamics by 3.3% in the second quarter. State Street Corp now owns 7,300,813 shares of the basic materials company’s stock valued at $938,196,000 after buying an additional 230,582 shares during the period. Life Cycle Investment Partners Ltd acquired a new stake in Steel Dynamics in the fourth quarter valued at approximately $586,702,000. Norges Bank bought a new stake in Steel Dynamics during the 2nd quarter valued at $339,769,000. Nordea Investment Management AB increased its position in shares of Steel Dynamics by 12.1% during the third quarter. Nordea Investment Management AB now owns 2,340,480 shares of the basic materials company’s stock worth $322,518,000 after acquiring an additional 252,108 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Steel Dynamics by 3.7% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company’s stock worth $340,289,000 after purchasing an additional 72,122 shares during the last quarter. 82.41% of the stock is currently 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.