BidaskClub upgraded shares of Steel Dynamics (NASDAQ:STLD) from a buy rating to a strong-buy rating in a report published on Wednesday.

A number of other analysts have also weighed in on STLD. 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 report on Friday, October 20th. Citigroup raised their price target on shares of Steel Dynamics from $41.00 to $42.00 and gave the company a buy rating in a report on Friday, October 20th. Cowen set a $43.00 price target on shares of Steel Dynamics and gave the company a buy rating in a report on Friday, October 20th. Bank of America raised their price target on shares of Steel Dynamics from $44.00 to $45.00 and gave the company a buy rating in a report on Friday, October 20th. Finally, Morgan Stanley set a $36.00 price target on shares of Steel Dynamics and gave the company a hold rating in a report on Tuesday, October 24th. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Steel Dynamics presently has a consensus rating of Buy and a consensus target price of $46.64.

Shares of Steel Dynamics (STLD) traded up $1.93 during trading on Wednesday, hitting $46.79. 2,773,200 shares of the company were exchanged, compared to its average volume of 2,437,888. The company has a current ratio of 4.04, a quick ratio of 2.29 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $10,629.66, a price-to-earnings ratio of 13.88, a P/E/G ratio of 0.97 and a beta of 1.34. Steel Dynamics has a fifty-two week low of $32.15 and a fifty-two week high of $48.28.

Hedge funds have recently made changes to their positions in the business. Toronto Dominion Bank bought a new position in Steel Dynamics in the second quarter valued at approximately $107,000. Steward Partners Investment Advisory LLC bought a new position in Steel Dynamics in the third quarter valued at approximately $112,000. Cubist Systematic Strategies LLC boosted its stake in Steel Dynamics by 80.8% in the third quarter. Cubist Systematic Strategies LLC now owns 3,555 shares of the basic materials company’s stock valued at $123,000 after acquiring an additional 1,589 shares during the last quarter. Cerebellum GP LLC bought a new position in Steel Dynamics in the fourth quarter valued at approximately $132,000. Finally, Amica Retiree Medical Trust bought a new position in Steel Dynamics in the fourth quarter valued at approximately $143,000. 83.47% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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