Steel Dynamics (NASDAQ:STLD) Research Coverage Started at KeyCorp

KeyCorp started coverage on shares of Steel Dynamics (NASDAQ:STLD) in a research report report published on Wednesday, Marketbeat reports. The firm issued an overweight rating and a $190.00 price target on the basic materials company’s stock.

Several other analysts also recently weighed in on STLD. Weiss Ratings reissued a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. Wells Fargo & Company cut their price target on Steel Dynamics from $210.00 to $196.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 18th. JPMorgan Chase & Co. reduced their price objective on Steel Dynamics from $194.00 to $192.00 and set a “neutral” rating for the company in a research note on Wednesday, March 18th. Wall Street Zen lowered shares of Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 7th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Steel Dynamics in a research report on Tuesday, March 17th. Five research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $182.44.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $170.97 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.29 and a current ratio of 3.06. The company has a 50 day moving average price of $184.61 and a 200 day moving average price of $166.50. Steel Dynamics has a fifty-two week low of $103.17 and a fifty-two week high of $208.47. The stock has a market capitalization of $24.77 billion, a P/E ratio of 21.34, a PEG ratio of 0.48 and a beta of 1.43.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.10. The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.62 billion. Steel Dynamics had a net margin of 6.52% and a return on equity of 13.56%. The firm’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.36 EPS. Equities research analysts forecast that Steel Dynamics will post 9.01 EPS for the current year.

Steel Dynamics Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be given a $0.53 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $2.12 annualized dividend and a dividend yield of 1.2%. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.50. Steel Dynamics’s payout ratio is presently 24.97%.

Hedge Funds Weigh In On Steel Dynamics

Institutional investors and hedge funds have recently modified their holdings of the company. Prosperity Bancshares Inc acquired a new position in Steel Dynamics in the fourth quarter valued at $25,000. Cornerstone Planning Group LLC raised its holdings in shares of Steel Dynamics by 1,636.4% in the 3rd quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 180 shares during the period. MV Capital Management Inc. purchased a new position in shares of Steel Dynamics in the 4th quarter worth about $27,000. Sound Income Strategies LLC lifted its stake in shares of Steel Dynamics by 1,500.0% in the 4th quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 150 shares in the last quarter. Finally, DV Equities LLC purchased a new stake in shares of Steel Dynamics during the 4th quarter worth about $33,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Company Profile

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.