Steel Dynamics Inc. (STLD) Stock Rating Lowered by Rosenblatt Securities
Steel Dynamics Inc. (NASDAQ:STLD) was downgraded by research analysts at Rosenblatt Securities from a “buy” rating to a “neutral” rating in a note issued to investors on Monday. They presently have a $32.00 price objective on the stock. Rosenblatt Securities’ price target would indicate a potential downside of 4.05% from the stock’s current price.
A number of other research firms have also weighed in on STLD. Berenberg Bank lowered shares of Steel Dynamics from a “buy” rating to a “hold” rating and boosted their price objective for the company from $35.00 to $36.50 in a research report on Monday. Jefferies Group reissued a “buy” rating and issued a $31.00 price objective on shares of Steel Dynamics in a research report on Wednesday, July 20th. Bank of America Corp. lowered shares of Steel Dynamics from a “buy” rating to a “neutral” rating and set a $28.00 price objective for the company. in a research report on Wednesday, July 20th. Cowen and Company boosted their price objective on shares of Steel Dynamics from $30.00 to $33.00 and gave the company an “outperform” rating in a research report on Wednesday, July 20th. Finally, Clarkson Capital reissued a “neutral” rating and issued a $24.00 price objective on shares of Steel Dynamics in a research report on Tuesday, July 19th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and seventeen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $28.44.
Steel Dynamics (NASDAQ:STLD) opened at 33.35 on Monday. The stock has a market cap of $8.13 billion, a PE ratio of 75.11 and a beta of 1.33. Steel Dynamics has a 12 month low of $15.32 and a 12 month high of $33.36. The firm has a 50-day moving average of $26.58 and a 200 day moving average of $25.57.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, October 19th. The company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by $0.03. Steel Dynamics had a net margin of 1.46% and a return on equity of 14.52%. The business earned $2.10 billion during the quarter, compared to analysts’ expectations of $865.67 million. During the same period last year, the company earned $0.25 EPS. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. Analysts anticipate that Steel Dynamics will post $1.91 EPS for the current year.
In other Steel Dynamics news, Director Keith E. Busse sold 2,000 shares of the stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $27.33, for a total transaction of $54,660.00. Following the transaction, the director now directly owns 1,004,923 shares in the company, valued at approximately $27,464,545.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.10% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Credit Suisse AG increased its position in Steel Dynamics by 25.7% in the third quarter. Credit Suisse AG now owns 1,220,520 shares of the company’s stock worth $30,501,000 after buying an additional 249,373 shares during the last quarter. Ameritas Investment Partners Inc. increased its position in Steel Dynamics by 90.7% in the third quarter. Ameritas Investment Partners Inc. now owns 73,458 shares of the company’s stock worth $1,836,000 after buying an additional 34,946 shares during the last quarter. Cetera Advisor Networks LLC acquired a new position in Steel Dynamics during the third quarter worth about $236,000. Cetera Advisors LLC increased its position in Steel Dynamics by 3.3% in the third quarter. Cetera Advisors LLC now owns 12,151 shares of the company’s stock worth $300,000 after buying an additional 383 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Steel Dynamics during the third quarter worth about $525,000. Institutional investors own 83.43% of the company’s stock.
About Steel Dynamics
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