Steel Dynamics (NASDAQ:STLD) Receives Overweight Rating from KeyCorp

Steel Dynamics (NASDAQ:STLD)‘s stock had its “overweight” rating restated by investment analysts at KeyCorp in a report issued on Wednesday,Benzinga reports. They currently have a $190.00 price objective on the basic materials company’s stock. KeyCorp’s target price suggests a potential upside of 9.48% from the company’s previous close.

A number of other research firms have also recently commented on STLD. Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. Morgan Stanley reaffirmed an “underperform” rating and issued a $190.00 price objective on shares of Steel Dynamics in a research report on Tuesday, March 17th. JPMorgan Chase & Co. reduced their target price on Steel Dynamics from $194.00 to $192.00 and set a “neutral” rating for the company in a report on Wednesday, March 18th. Wall Street Zen downgraded Steel Dynamics from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 7th. Finally, Wells Fargo & Company reduced their price objective on Steel Dynamics from $210.00 to $196.00 and set an “overweight” rating for the company in a report on Wednesday, March 18th. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Steel Dynamics has an average rating of “Hold” and a consensus target price of $182.44.

Steel Dynamics Stock Up 2.3%

STLD stock opened at $173.56 on Wednesday. The stock has a 50-day simple moving average of $184.62 and a two-hundred day simple moving average of $166.14. Steel Dynamics has a twelve month low of $103.17 and a twelve month high of $208.47. The firm has a market capitalization of $25.14 billion, a PE ratio of 21.40, a PEG 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 (NASDAQ:STLD) last announced its earnings results on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.10. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.62 billion. Steel Dynamics had a net margin of 6.52% and a return on equity of 13.56%. Steel Dynamics’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period last year, the firm posted $1.36 earnings per share. On average, equities analysts predict that Steel Dynamics will post 9.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Steel Dynamics

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp grew its stake in shares of Steel Dynamics by 3.3% during the 2nd quarter. State Street Corp now owns 7,300,813 shares of the basic materials company’s stock valued at $938,196,000 after acquiring an additional 230,582 shares during the period. Capital Research Global Investors raised its position in Steel Dynamics by 0.3% during the 4th quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company’s stock valued at $613,926,000 after purchasing an additional 9,959 shares in the last quarter. Life Cycle Investment Partners Ltd purchased a new stake in shares of Steel Dynamics in the 4th quarter worth $586,702,000. Norges Bank purchased a new position in shares of Steel Dynamics during the fourth quarter valued at $564,590,000. Finally, Nordea Investment Management AB raised its holdings in shares of Steel Dynamics by 12.1% in the third quarter. Nordea Investment Management AB now owns 2,340,480 shares of the basic materials company’s stock valued at $322,518,000 after acquiring an additional 252,108 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

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.