Steel Dynamics (NASDAQ:STLD) PT Lowered to $145.00

Steel Dynamics (NASDAQ:STLD) had its price objective cut by Bank of America from $150.00 to $145.00 in a report published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the basic materials company’s stock.

Several other research analysts also recently commented on STLD. Jefferies Financial Group began coverage on shares of Steel Dynamics in a research note on Monday, May 20th. They set a hold rating and a $150.00 price target on the stock. Citigroup lifted their target price on shares of Steel Dynamics from $130.00 to $160.00 and gave the stock a buy rating in a research report on Wednesday, March 13th. BMO Capital Markets cut their price target on shares of Steel Dynamics from $140.00 to $135.00 and set a market perform rating for the company in a research report on Tuesday, June 18th. Finally, JPMorgan Chase & Co. raised their price objective on Steel Dynamics from $100.00 to $118.00 and gave the company an underweight rating in a research note on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Steel Dynamics has a consensus rating of Hold and a consensus target price of $129.63.

Steel Dynamics Stock Performance

Steel Dynamics stock opened at $129.50 on Wednesday. Steel Dynamics has a fifty-two week low of $95.53 and a fifty-two week high of $151.34. The firm’s fifty day moving average price is $130.28 and its 200-day moving average price is $128.73. The stock has a market cap of $20.35 billion, a P/E ratio of 8.89 and a beta of 1.40. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.55 and a current ratio of 2.87.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share for the quarter, beating analysts’ consensus estimates of $3.54 by $0.13. The business had revenue of $4.69 billion for the quarter, compared to the consensus estimate of $4.74 billion. Steel Dynamics had a return on equity of 27.62% and a net margin of 12.89%. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same quarter last year, the business posted $4.01 earnings per share. On average, equities research analysts expect that Steel Dynamics will post 11.64 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Sunday, June 30th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.42%. Steel Dynamics’s dividend payout ratio is currently 12.64%.

Insider Buying and Selling

In other Steel Dynamics news, SVP Christopher A. Graham sold 21,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $136.81, for a total transaction of $2,873,010.00. Following the completion of the transaction, the senior vice president now owns 60,415 shares of the company’s stock, valued at approximately $8,265,376.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 6.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in STLD. Envestnet Portfolio Solutions Inc. bought a new position in Steel Dynamics in the third quarter worth about $297,000. Mariner LLC lifted its stake in shares of Steel Dynamics by 3.1% in the 3rd quarter. Mariner LLC now owns 21,503 shares of the basic materials company’s stock valued at $2,306,000 after purchasing an additional 654 shares during the period. Meiji Yasuda Asset Management Co Ltd. purchased a new position in shares of Steel Dynamics in the 3rd quarter valued at approximately $202,000. Treasurer of the State of North Carolina boosted its position in shares of Steel Dynamics by 2.1% during the third quarter. Treasurer of the State of North Carolina now owns 86,156 shares of the basic materials company’s stock valued at $9,238,000 after purchasing an additional 1,745 shares in the last quarter. Finally, Bank of Nova Scotia grew its stake in Steel Dynamics by 16.1% in the third quarter. Bank of Nova Scotia now owns 10,349 shares of the basic materials company’s stock worth $1,110,000 after purchasing an additional 1,433 shares during the period. 82.41% of the stock is owned by hedge funds and other institutional investors.

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.