Wells Fargo & Company Has Lowered Expectations for Steel Dynamics (NASDAQ:STLD) Stock Price

Steel Dynamics (NASDAQ:STLD) had its price target cut by research analysts at Wells Fargo & Company from $275.00 to $255.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 8.53% from the company’s current price.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. upped their price target on shares of Steel Dynamics from $256.00 to $260.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Bank of America lowered their price objective on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th. UBS Group boosted their price objective on Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Barclays upped their target price on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a research report on Wednesday, July 22nd. Finally, The Goldman Sachs Group began coverage on Steel Dynamics in a research note on Wednesday, July 29th. They set a “buy” rating and a $300.00 target price for the company. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $257.27.

Steel Dynamics Trading Up 2.7%

Shares of NASDAQ STLD traded up $6.29 during midday trading on Monday, reaching $234.97. The stock had a trading volume of 435,605 shares, compared to its average volume of 1,243,375. The firm has a market cap of $33.68 billion, a price-to-earnings ratio of 21.29, a price-to-earnings-growth ratio of 0.43 and a beta of 1.52. Steel Dynamics has a twelve month low of $126.88 and a twelve month high of $288.74. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. The company’s 50 day moving average price is $245.06 and its 200 day moving average price is $222.52.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, topping the consensus estimate of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The company had revenue of $6.09 billion during the quarter, compared to analysts’ expectations of $5.56 billion. During the same period in the prior year, the company posted $2.01 earnings per share. Steel Dynamics’s revenue for the quarter was up 33.4% compared to the same quarter last year. As a group, sell-side analysts expect that Steel Dynamics will post 17.16 EPS for the current year.

Insider Buying and Selling

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $268.70, for a total value of $2,687,000.00. Following the transaction, the senior vice president owned 102,837 shares of the company’s stock, valued at approximately $27,632,301.90. The trade was a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Prosperity Bancshares Inc bought a new position in Steel Dynamics during the fourth quarter valued at $25,000. Meeder Asset Management Inc. purchased a new position in Steel Dynamics during the 2nd quarter valued at about $26,000. MV Capital Management Inc. purchased a new position in Steel Dynamics during the fourth quarter valued at approximately $27,000. Cedar Mountain Advisors LLC purchased a new position in shares of Steel Dynamics during the 1st quarter valued at $31,000. Finally, NBH Bank purchased a new position in Steel Dynamics during the second quarter worth about $31,000. 82.41% of the stock is owned by institutional investors.

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.