JPMorgan Chase & Co. Increases Steel Dynamics (NASDAQ:STLD) Price Target to $118.00

Steel Dynamics (NASDAQ:STLD) had its price target boosted by JPMorgan Chase & Co. from $100.00 to $118.00 in a research note released on Tuesday, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the basic materials company’s stock.

Other research analysts have also issued reports about the stock. Citigroup raised their price target on shares of Steel Dynamics from $130.00 to $160.00 and gave the company a buy rating in a research report on Wednesday, March 13th. BMO Capital Markets lifted their price objective on shares of Steel Dynamics from $110.00 to $120.00 and gave the stock a market perform rating in a research report on Monday, March 18th. Finally, UBS Group lowered their price objective on shares of Steel Dynamics from $120.00 to $119.00 and set a neutral rating on the stock in a research report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Steel Dynamics currently has a consensus rating of Hold and an average price target of $120.29.

Steel Dynamics Stock Up 0.6 %

STLD opened at $136.90 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.91 and a quick ratio of 1.67. The company’s 50-day moving average is $136.21 and its 200 day moving average is $121.37. Steel Dynamics has a fifty-two week low of $90.55 and a fifty-two week high of $151.34. The firm has a market capitalization of $21.62 billion, a P/E ratio of 9.38 and a beta of 1.42.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, January 23rd. The basic materials company reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.02). Steel Dynamics had a net margin of 13.04% and a return on equity of 29.49%. The firm had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the previous year, the business earned $4.37 earnings per share. The firm’s revenue for the quarter was down 12.3% on a year-over-year basis. Research analysts expect that Steel Dynamics will post 11.79 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, April 14th. Stockholders of record on Sunday, March 31st were paid a $0.46 dividend. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.84 annualized dividend and a dividend yield of 1.34%. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.61%.

Hedge Funds Weigh In On Steel Dynamics

Large investors have recently modified their holdings of the business. CVA Family Office LLC purchased a new position in shares of Steel Dynamics in the fourth quarter worth about $28,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Steel Dynamics in the fourth quarter worth about $29,000. Lindbrook Capital LLC increased its stake in shares of Steel Dynamics by 117.5% in the fourth quarter. Lindbrook Capital LLC now owns 248 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 134 shares in the last quarter. Security National Bank purchased a new position in shares of Steel Dynamics in the fourth quarter worth about $30,000. Finally, Wellington Shields & Co. LLC increased its stake in shares of Steel Dynamics by 50.0% in the fourth quarter. Wellington Shields & Co. LLC now owns 300 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.