JPMorgan Chase & Co. Cuts Steel Dynamics (NASDAQ:STLD) Price Target to $192.00

Steel Dynamics (NASDAQ:STLD) had its target price lowered by JPMorgan Chase & Co. from $194.00 to $192.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the basic materials company’s stock.

A number of other analysts have also recently weighed in on the stock. Wall Street Zen cut shares of Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 7th. KeyCorp restated an “overweight” rating and set a $190.00 price objective on shares of Steel Dynamics in a research note on Wednesday, January 7th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Steel Dynamics in a research report on Tuesday. Wells Fargo & Company lowered their target price on Steel Dynamics from $210.00 to $196.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Morgan Stanley reiterated an “underperform” rating and set a $190.00 target price on shares of Steel Dynamics in a report on Tuesday. Five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given 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 $182.44.

Steel Dynamics Trading Down 2.2%

Shares of STLD stock opened at $163.95 on Wednesday. The stock has a market cap of $23.75 billion, a price-to-earnings ratio of 20.47, a price-to-earnings-growth ratio of 0.46 and a beta of 1.43. The company has a quick ratio of 1.29, a current ratio of 3.06 and a debt-to-equity ratio of 0.48. Steel Dynamics has a fifty-two week low of $103.17 and a fifty-two week high of $208.47. The firm’s 50 day moving average price is $184.68 and its two-hundred day moving average price is $165.13.

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

Steel Dynamics Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.53 per share. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.50. The ex-dividend date is Tuesday, March 31st. This represents a $2.12 dividend on an annualized basis and a yield of 1.3%. Steel Dynamics’s payout ratio is 24.97%.

Hedge Funds Weigh In On Steel Dynamics

Institutional investors have recently made changes to their positions in the business. Prosperity Bancshares Inc purchased a new position in shares of Steel Dynamics during the 4th quarter valued at approximately $25,000. Cornerstone Planning Group LLC increased its stake in shares of Steel Dynamics by 1,636.4% in the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock worth $27,000 after buying an additional 180 shares during the last quarter. MV Capital Management Inc. bought a new stake in shares of Steel Dynamics in the fourth quarter worth $27,000. Sound Income Strategies LLC raised its holdings in Steel Dynamics by 1,500.0% in the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after acquiring an additional 150 shares in the last quarter. Finally, DV Equities LLC acquired a new stake in Steel Dynamics in the fourth quarter valued at $33,000. 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.