Steel Dynamics (NASDAQ:STLD – Get Rating) had its target price lifted by Morgan Stanley from $78.00 to $85.00 in a report released on Friday, Stock Target Advisor reports. The firm currently has an “equal weight” rating on the basic materials company’s stock. Morgan Stanley’s target price would indicate a potential downside of 6.89% from the company’s current price.
Several other equities research analysts also recently commented on STLD. Citigroup upped their target price on Steel Dynamics to $110.00 in a report on Tuesday, September 13th. The Goldman Sachs Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and reduced their target price for the company from $89.00 to $88.00 in a report on Thursday, October 6th. BMO Capital Markets upped their target price on Steel Dynamics from $77.00 to $89.00 in a report on Friday. Finally, StockNews.com initiated coverage on Steel Dynamics in a report on Wednesday, October 12th. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $91.00.
Steel Dynamics Price Performance
Shares of Steel Dynamics stock traded up $5.64 during trading on Friday, hitting $91.29. The stock had a trading volume of 101,190 shares, compared to its average volume of 1,449,094. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.52 and a quick ratio of 1.87. The firm has a market cap of $16.67 billion, a P/E ratio of 4.00 and a beta of 1.38. The business has a fifty day moving average of $79.03 and a two-hundred day moving average of $77.95. Steel Dynamics has a fifty-two week low of $50.54 and a fifty-two week high of $100.37.
Steel Dynamics (NASDAQ:STLD – Get Rating) last announced its quarterly earnings data on Wednesday, July 20th. The basic materials company reported $6.73 earnings per share for the quarter, beating the consensus estimate of $6.34 by $0.39. Steel Dynamics had a return on equity of 71.50% and a net margin of 19.81%. The business had revenue of $6.21 billion during the quarter, compared to analyst estimates of $5.93 billion. During the same quarter in the prior year, the firm posted $3.40 earnings per share. The company’s revenue was up 39.1% on a year-over-year basis. On average, sell-side analysts expect that Steel Dynamics will post 20.95 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its position in Steel Dynamics by 3.2% in the 1st quarter. BlackRock Inc. now owns 25,820,456 shares of the basic materials company’s stock worth $2,154,201,000 after purchasing an additional 801,335 shares during the last quarter. State Street Corp boosted its stake in shares of Steel Dynamics by 9.5% during the 1st quarter. State Street Corp now owns 9,207,455 shares of the basic materials company’s stock worth $771,198,000 after acquiring an additional 800,656 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Steel Dynamics by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,579,529 shares of the basic materials company’s stock worth $548,937,000 after acquiring an additional 131,147 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Steel Dynamics by 2.4% during the 1st quarter. Victory Capital Management Inc. now owns 4,719,986 shares of the basic materials company’s stock worth $394,294,000 after acquiring an additional 111,469 shares in the last quarter. Finally, Royal London Asset Management Ltd. boosted its stake in shares of Steel Dynamics by 0.6% during the 2nd quarter. Royal London Asset Management Ltd. now owns 2,530,249 shares of the basic materials company’s stock worth $167,427,000 after acquiring an additional 14,929 shares in the last quarter. 80.36% of the stock is owned by institutional investors and hedge funds.
Steel Dynamics Company Profile
Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.
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