Longbow Research Lowers Steel Dynamics, Inc. (STLD) to Neutral
Steel Dynamics, Inc. (NASDAQ:STLD) was downgraded by investment analysts at Longbow Research from a “buy” rating to a “neutral” rating in a report released on Monday.
Several other equities research analysts have also commented on STLD. Jefferies Group LLC restated a “buy” rating on shares of Steel Dynamics in a research report on Saturday, September 16th. Citigroup Inc. lowered their price target on shares of Steel Dynamics from $43.00 to $41.00 and set a “buy” rating on the stock in a research note on Friday, September 15th. Morgan Stanley downgraded shares of Steel Dynamics from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $45.00 to $33.00 in a report on Tuesday, September 12th. Macquarie assumed coverage on shares of Steel Dynamics in a report on Wednesday, September 6th. They issued a “neutral” rating and a $36.00 price target for the company. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $44.00 price objective (up previously from $42.00) on shares of Steel Dynamics in a research note on Tuesday, September 5th. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $40.47.
Shares of Steel Dynamics (NASDAQ STLD) opened at 34.47 on Monday. The stock has a 50 day moving average of $34.53 and a 200 day moving average of $34.91. Steel Dynamics has a 12 month low of $23.34 and a 12 month high of $40.17. The firm has a market cap of $8.27 billion, a price-to-earnings ratio of 15.83 and a beta of 1.29.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.63. The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.37 billion. Steel Dynamics had a return on equity of 21.75% and a net margin of 6.07%. Steel Dynamics’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.58 earnings per share. On average, equities research analysts expect that Steel Dynamics will post $2.72 EPS for the current fiscal year.
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In other news, Director Keith E. Busse sold 4,965 shares of Steel Dynamics stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total transaction of $190,755.30. Following the completion of the sale, the director now directly owns 1,005,666 shares in the company, valued at $38,637,687.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Christopher A. Graham sold 5,021 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 26,778 shares of the company’s stock, valued at approximately $1,018,902.90. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.
Several large investors have recently bought and sold shares of the company. UBS Asset Management Americas Inc. boosted its position in Steel Dynamics by 51.0% during the first quarter. UBS Asset Management Americas Inc. now owns 226,946 shares of the basic materials company’s stock worth $7,889,000 after acquiring an additional 76,681 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in Steel Dynamics by 11.1% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 15,371 shares of the basic materials company’s stock worth $534,000 after acquiring an additional 1,536 shares during the period. Nordea Investment Management AB purchased a new stake in Steel Dynamics in the 1st quarter worth approximately $1,546,000. M&T Bank Corp grew its stake in Steel Dynamics by 6.4% in the 1st quarter. M&T Bank Corp now owns 19,314 shares of the basic materials company’s stock worth $672,000 after acquiring an additional 1,159 shares during the period. Finally, KBC Group NV purchased a new stake in Steel Dynamics in the 1st quarter worth approximately $790,000. 82.64% of the stock is owned by institutional investors and hedge funds.
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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