Bank of America Lowers Steel Dynamics (NASDAQ:STLD) Price Target to $260.00

Steel Dynamics (NASDAQ:STLD) had its price objective cut by research analysts at Bank of America from $280.00 to $260.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the basic materials company’s stock. Bank of America‘s price target points to a potential upside of 13.66% from the stock’s current price.

Several other equities research analysts also recently commented on STLD. BMO Capital Markets lifted their price objective on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 22nd. KeyCorp lifted their price target on Steel Dynamics from $241.00 to $262.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 24th. Weiss Ratings upgraded Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. Morgan Stanley raised their price objective on Steel Dynamics from $227.00 to $270.00 and gave the stock an “equal weight” rating in a research note on Monday, June 22nd. Finally, Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Steel Dynamics currently has a consensus rating of “Moderate Buy” and a consensus price target of $234.55.

Steel Dynamics Trading Down 0.4%

Steel Dynamics stock opened at $228.76 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.33 and a current ratio of 3.13. The stock has a market cap of $33.11 billion, a PE ratio of 24.47, a price-to-earnings-growth ratio of 0.45 and a beta of 1.53. The stock has a 50-day moving average of $246.02 and a two-hundred day moving average of $206.25. Steel Dynamics has a one year low of $119.89 and a one year high of $288.74.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.01). The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The business’s revenue was up 19.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.44 EPS. On average, research analysts anticipate that Steel Dynamics will post 16.78 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP James Stanley Anderson sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the sale, the senior vice president owned 102,837 shares of the company’s stock, valued at $27,632,301.90. This trade represents a 8.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Miguel Alvarez sold 4,825 shares of Steel Dynamics stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total transaction of $1,088,423.50. Following the transaction, the senior vice president directly owned 122,257 shares of the company’s stock, valued at approximately $27,578,734.06. This trade represents a 3.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,125 shares of company stock valued at $5,438,226 in the last three months. 6.60% of the stock is currently owned by insiders.

Institutional Trading of Steel Dynamics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its position in shares of Steel Dynamics by 307.5% during the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock valued at $102,000 after acquiring an additional 618 shares during the period. Acadian Asset Management LLC boosted its position in Steel Dynamics by 82.7% during the first quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock worth $435,000 after purchasing an additional 1,578 shares in the last quarter. Jump Financial LLC acquired a new stake in Steel Dynamics in the second quarter valued at approximately $1,019,000. Qube Research & Technologies Ltd acquired a new stake in Steel Dynamics in the second quarter valued at approximately $48,746,000. Finally, Sei Investments Co. increased its position in shares of Steel Dynamics by 7.9% in the second quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company’s stock valued at $13,447,000 after buying an additional 7,712 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

About Steel Dynamics

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.