Steel Dynamics (NASDAQ:STLD) Price Target Raised to $172.00 at Wells Fargo & Company

Steel Dynamics (NASDAQ:STLD) had its price target raised by Wells Fargo & Company from $169.00 to $172.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 10.09% from the stock’s current price.

STLD has been the subject of several other reports. Morgan Stanley raised their target price on shares of Steel Dynamics from $145.00 to $173.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. KeyCorp raised their price objective on shares of Steel Dynamics from $152.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. BMO Capital Markets lifted their price objective on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research report on Wednesday, October 22nd. The Goldman Sachs Group set a $172.00 target price on Steel Dynamics and gave the stock a “neutral” rating in a research report on Friday, October 31st. Finally, JPMorgan Chase & Co. raised their target price on Steel Dynamics from $150.00 to $160.00 and gave the company a “neutral” rating in a research note on Monday, October 13th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Steel Dynamics currently has an average rating of “Moderate Buy” and an average price target of $170.44.

Steel Dynamics Trading Up 1.1%

Shares of STLD stock traded up $1.64 during trading hours on Friday, reaching $156.23. The company’s stock had a trading volume of 243,688 shares, compared to its average volume of 1,525,054. The company has a current ratio of 3.11, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43. Steel Dynamics has a one year low of $103.17 and a one year high of $164.73. The stock has a market capitalization of $22.82 billion, a P/E ratio of 20.69, a P/E/G ratio of 1.39 and a beta of 1.45. The firm’s fifty day simple moving average is $145.17 and its 200 day simple moving average is $135.42.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, October 21st. The basic materials company reported $2.74 EPS for the quarter, beating analysts’ consensus estimates of $2.63 by $0.11. The company had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.74 billion. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.05 earnings per share. Equities research analysts expect that Steel Dynamics will post 9.01 EPS for the current year.

Insider Activity at Steel Dynamics

In other news, SVP Miguel Alvarez sold 8,251 shares of the stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total value of $1,343,180.29. Following the sale, the senior vice president directly owned 117,068 shares in the company, valued at approximately $19,057,499.72. This represents a 6.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 6.30% of the company’s stock.

Institutional Trading of Steel Dynamics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Versant Capital Management Inc boosted its stake in shares of Steel Dynamics by 13.2% during the third quarter. Versant Capital Management Inc now owns 548 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 64 shares during the period. Bartlett & CO. Wealth Management LLC boosted its position in Steel Dynamics by 24.8% in the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 377 shares of the basic materials company’s stock valued at $53,000 after buying an additional 75 shares during the period. Harbour Capital Advisors LLC grew its stake in Steel Dynamics by 0.5% in the 2nd quarter. Harbour Capital Advisors LLC now owns 14,828 shares of the basic materials company’s stock worth $1,988,000 after acquiring an additional 80 shares in the last quarter. Choreo LLC grew its stake in Steel Dynamics by 3.3% in the 3rd quarter. Choreo LLC now owns 2,521 shares of the basic materials company’s stock worth $353,000 after acquiring an additional 80 shares in the last quarter. Finally, Bessemer Group Inc. increased its position in shares of Steel Dynamics by 6.4% during the third quarter. Bessemer Group Inc. now owns 1,339 shares of the basic materials company’s stock worth $187,000 after acquiring an additional 81 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.

About Steel Dynamics

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.