Steel Dynamics, Inc. (NASDAQ:STLD) Receives $259.09 Consensus Target Price from Brokerages

Steel Dynamics, Inc. (NASDAQ:STLD) has been assigned an average recommendation of “Moderate Buy” from the twelve analysts that are presently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $257.2727.

Several brokerages have commented on STLD. UBS Group upped their price objective on shares of Steel Dynamics from $165.00 to $276.00 and gave the stock a “neutral” rating in a report on Monday, August 10th. JPMorgan Chase & Co. boosted their price target on shares of Steel Dynamics from $256.00 to $260.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Morgan Stanley decreased their price target on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 22nd. Barclays lifted their price objective on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a research report on Wednesday, July 22nd. Finally, Bank of America decreased their target price on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction on 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 completion of the transaction, the senior vice president owned 102,837 shares in the company, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 6.60% of the company’s stock.

Institutional Trading of Steel Dynamics

Several institutional investors have recently bought and sold shares of STLD. California State Teachers Retirement System increased its position in Steel Dynamics by 26,381.3% in the second quarter. California State Teachers Retirement System now owns 42,793,831 shares of the basic materials company’s stock worth $9,819,472,000 after buying an additional 42,632,231 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Steel Dynamics during the 2nd quarter valued at about $2,844,501,000. Life Cycle Investment Partners Ltd bought a new position in shares of Steel Dynamics during the 4th quarter valued at approximately $586,702,000. Norges Bank bought a new position in shares of Steel Dynamics during the 4th quarter valued at approximately $564,590,000. Finally, Bank of America Corp DE purchased a new stake in Steel Dynamics in the 2nd quarter worth approximately $264,212,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Stock Up 2.1%

Shares of NASDAQ STLD opened at $235.90 on Monday. Steel Dynamics has a one year low of $126.88 and a one year high of $288.74. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.18 and a quick ratio of 1.45. The firm’s 50 day simple moving average is $242.65 and its two-hundred day simple moving average is $223.31. The stock has a market capitalization of $33.81 billion, a P/E ratio of 21.39, a PEG ratio of 0.44 and a beta of 1.52.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. The firm had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same period last year, the firm earned $2.01 earnings per share. As a group, analysts expect that Steel Dynamics will post 17.16 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is presently 19.22%.

About Steel Dynamics

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.