Steel Dynamics Inc. (STLD) Given New $41.00 Price Target at JPMorgan Chase & Co.
Steel Dynamics Inc. (NASDAQ:STLD) had its target price boosted by analysts at JPMorgan Chase & Co. from $31.00 to $41.00 in a report issued on Wednesday. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.’s price target suggests a potential upside of 15.53% from the company’s current price.
A number of other analysts have also commented on the company. Bank of America Corp. reissued a “hold” rating and issued a $27.00 target price on shares of Steel Dynamics in a report on Tuesday, September 20th. Jefferies Group reissued a “buy” rating on shares of Steel Dynamics in a report on Wednesday, August 3rd. Berenberg Bank lowered Steel Dynamics from a “buy” rating to a “hold” rating and lifted their target price for the stock from $35.00 to $36.50 in a report on Monday, November 14th. Morgan Stanley reissued a “buy” rating and issued a $27.00 target price on shares of Steel Dynamics in a report on Tuesday, August 16th. Finally, Citigroup Inc. initiated coverage on Steel Dynamics in a report on Monday, August 22nd. They issued a “buy” rating and a $33.00 target price for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the stock. Steel Dynamics has an average rating of “Buy” and a consensus price target of $30.11.
Shares of Steel Dynamics (NASDAQ:STLD) traded up 0.71% during mid-day trading on Wednesday, reaching $35.48. The company had a trading volume of 2,993,452 shares. Steel Dynamics has a one year low of $15.32 and a one year high of $36.43. The stock has a market capitalization of $8.65 billion, a P/E ratio of 79.91 and a beta of 1.33. The firm has a 50 day moving average of $28.88 and a 200-day moving average of $26.16.
Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, October 19th. The company reported $0.64 EPS for the quarter, missing the Zacks’ consensus estimate of $0.67 by $0.03. The business earned $2.10 billion during the quarter, compared to the consensus estimate of $865.67 million. Steel Dynamics had a return on equity of 14.52% and a net margin of 1.46%. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.25 EPS. Analysts forecast that Steel Dynamics will post $1.91 EPS for the current fiscal year.
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In related news, Director Keith E. Busse sold 2,000 shares of the business’s stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $27.33, for a total value of $54,660.00. Following the sale, the director now directly owns 1,004,923 shares in the company, valued at $27,464,545.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.10% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of the company. Hartford Investment Management Co. purchased a new stake in Steel Dynamics during the second quarter worth approximately $252,000. First Quadrant L P CA bought a new stake in shares of Steel Dynamics during the second quarter valued at $17,402,000. Acadian Asset Management LLC boosted its stake in shares of Steel Dynamics by 1,305.1% in the second quarter. Acadian Asset Management LLC now owns 124,129 shares of the company’s stock valued at $3,040,000 after buying an additional 115,295 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its stake in shares of Steel Dynamics by 11.3% in the second quarter. Nikko Asset Management Americas Inc. now owns 354,700 shares of the company’s stock valued at $8,378,000 after buying an additional 36,000 shares during the last quarter. Finally, Nordea Investment Management AB bought a new stake in shares of Steel Dynamics during the second quarter valued at $449,000. Institutional investors own 80.33% of the company’s stock.
About Steel Dynamics
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