Steel Dynamics, Inc. (STLD) Earns Buy Rating from Jefferies Group LLC
Jefferies Group LLC reissued their buy rating on shares of Steel Dynamics, Inc. (NASDAQ:STLD) in a research report report published on Thursday morning. The brokerage currently has a $43.00 price objective on the basic materials company’s stock.
STLD has been the subject of a number of other reports. Zacks Investment Research upgraded shares of Steel Dynamics from a hold rating to a buy rating and set a $38.00 price target for the company in a research report on Saturday, May 20th. Bank of America Corporation lifted their price target on shares of Steel Dynamics from $40.00 to $42.00 and gave the company a buy rating in a research report on Friday, July 21st. Morgan Stanley reiterated a buy rating on shares of Steel Dynamics in a research report on Tuesday, July 18th. Cowen and Company reiterated a buy rating and set a $44.00 price target on shares of Steel Dynamics in a research report on Wednesday, July 19th. Finally, BidaskClub upgraded shares of Steel Dynamics from a hold rating to a buy rating in a research report on Tuesday, July 25th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $40.59.
Shares of Steel Dynamics (STLD) traded up 0.93% during trading on Thursday, hitting $34.77. The company’s stock had a trading volume of 1,493,096 shares. The stock has a market cap of $8.34 billion, a PE ratio of 15.97 and a beta of 1.26. The company has a 50-day moving average price of $35.51 and a 200-day moving average price of $35.18. Steel Dynamics has a one year low of $22.79 and a one year high of $40.17.
Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.63. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same period last year, the firm earned $0.58 EPS. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. Equities analysts predict that Steel Dynamics will post $2.82 EPS for the current fiscal year.
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In other news, insider Christopher A. Graham sold 5,021 shares of the business’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total transaction of $191,049.05. Following the completion of the sale, the insider now directly owns 26,778 shares of the company’s stock, valued at approximately $1,018,902.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Keith E. Busse sold 4,965 shares of the business’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total transaction of $190,755.30. Following the sale, the director now directly owns 1,005,666 shares of the company’s stock, valued at $38,637,687.72. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.
Several hedge funds have recently made changes to their positions in STLD. BlackRock Inc. boosted its stake in shares of Steel Dynamics by 11,858.1% in the first quarter. BlackRock Inc. now owns 20,091,806 shares of the basic materials company’s stock valued at $698,391,000 after buying an additional 19,923,788 shares in the last quarter. Steadfast Capital Management LP bought a new stake in shares of Steel Dynamics during the first quarter valued at about $81,408,000. Boston Partners boosted its stake in shares of Steel Dynamics by 11.9% in the second quarter. Boston Partners now owns 16,383,812 shares of the basic materials company’s stock valued at $586,703,000 after buying an additional 1,742,242 shares in the last quarter. State Street Corp boosted its stake in shares of Steel Dynamics by 17.9% in the second quarter. State Street Corp now owns 8,857,134 shares of the basic materials company’s stock valued at $317,162,000 after buying an additional 1,346,487 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Steel Dynamics during the first quarter valued at about $46,032,000. 82.68% of the stock is owned by institutional investors.
About Steel Dynamics
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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