Cowen and Company Reiterates $43.00 Price Target for Steel Dynamics, Inc. (STLD)
Steel Dynamics, Inc. (NASDAQ:STLD) has been given a $43.00 target price by analysts at Cowen and Company in a report released on Friday. The firm currently has a “buy” rating on the basic materials company’s stock. Cowen and Company’s price target indicates a potential upside of 13.82% from the stock’s current price.
Several other analysts have also commented on the stock. Citigroup Inc. increased their price target on shares of Steel Dynamics from $41.00 to $42.00 and gave the company a “buy” rating in a research report on Friday. KeyCorp raised shares of Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $44.00 price target for the company in a research report on Friday. Jefferies Group LLC reissued a “buy” rating and set a $43.00 price target on shares of Steel Dynamics in a research report on Friday, October 6th. Longbow Research lowered shares of Steel Dynamics from a “buy” rating to a “neutral” rating in a research report on Monday, October 2nd. Finally, Morgan Stanley lowered shares of Steel Dynamics from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $45.00 to $33.00 in a research report on Tuesday, September 12th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Steel Dynamics presently has a consensus rating of “Buy” and a consensus target price of $40.84.
Shares of Steel Dynamics (NASDAQ STLD) traded up 1.56% on Friday, reaching $38.37. 1,068,695 shares of the company’s stock traded hands. The company has a market cap of $9.20 billion, a PE ratio of 17.63 and a beta of 1.29. The stock has a 50-day moving average price of $34.72 and a 200-day moving average price of $34.98. Steel Dynamics has a 12-month low of $25.96 and a 12-month high of $40.17.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, October 18th. The basic materials company reported $0.66 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.66. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.41 billion. Steel Dynamics had a net margin of 5.79% and a return on equity of 21.61%. The company’s quarterly revenue was up 16.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 earnings per share. Equities research analysts anticipate that Steel Dynamics will post $2.70 EPS for the current fiscal year.
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In related news, Director Keith E. Busse sold 4,965 shares of the stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total value of $190,755.30. Following the transaction, the director now owns 1,005,666 shares in the company, valued at approximately $38,637,687.72. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Christopher A. Graham sold 5,021 shares of the stock in a transaction that occurred on Tuesday, July 25th. The stock was 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 owns 26,778 shares in the company, valued at approximately $1,018,902.90. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the stock. Toronto Dominion Bank acquired a new stake in shares of Steel Dynamics during the 2nd quarter worth approximately $107,000. Hefty Wealth Partners grew its stake in shares of Steel Dynamics by 76.1% during the 3rd quarter. Hefty Wealth Partners now owns 3,417 shares of the basic materials company’s stock worth $118,000 after purchasing an additional 1,477 shares during the period. Washington Trust Bank grew its stake in shares of Steel Dynamics by 48.8% during the 2nd quarter. Washington Trust Bank now owns 3,393 shares of the basic materials company’s stock worth $122,000 after purchasing an additional 1,113 shares during the period. Advisory Services Network LLC grew its stake in shares of Steel Dynamics by 2.3% during the 2nd quarter. Advisory Services Network LLC now owns 4,414 shares of the basic materials company’s stock worth $158,000 after purchasing an additional 101 shares during the period. Finally, Creative Planning grew its stake in shares of Steel Dynamics by 36.3% during the 2nd quarter. Creative Planning now owns 4,718 shares of the basic materials company’s stock worth $169,000 after purchasing an additional 1,256 shares during the period. Institutional investors own 82.58% of the company’s stock.
Steel Dynamics Company Profile
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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