Bank of America Corp. Reiterates “Hold” Rating for Steel Dynamics Inc. (STLD)
Steel Dynamics Inc. (NASDAQ:STLD)‘s stock had its “hold” rating reissued by Bank of America Corp. in a research report issued to clients and investors on Tuesday. They presently have a $27.00 price objective on the stock. Bank of America Corp.’s target price indicates a potential upside of 8.65% from the stock’s current price.
STLD has been the topic of a number of other research reports. Zacks Investment Research raised Steel Dynamics from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research report on Thursday, July 7th. Berenberg Bank reaffirmed a “buy” rating and issued a $35.00 target price on shares of Steel Dynamics in a research report on Tuesday, August 2nd. Citigroup Inc. began coverage on Steel Dynamics in a report on Monday, August 22nd. They set a “buy” rating and a $33.00 price target for the company. Jefferies Group reiterated a “buy” rating and set a $31.00 price target on shares of Steel Dynamics in a report on Wednesday, July 20th. Finally, Barclays PLC reiterated an “overweight” rating and set a $28.00 price target (up previously from $27.00) on shares of Steel Dynamics in a report on Tuesday, July 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $27.77.
Shares of Steel Dynamics (NASDAQ:STLD) opened at 24.85 on Tuesday. Steel Dynamics has a 52 week low of $15.32 and a 52 week high of $28.01. The company has a market cap of $6.06 billion, a P/E ratio of 507.14 and a beta of 1.70. The company’s 50-day moving average price is $24.95 and its 200 day moving average price is $24.56.
Steel Dynamics (NASDAQ:STLD) last released its earnings results on Monday, July 18th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. The business had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.03 billion. Steel Dynamics had a return on equity of 10.79% and a net margin of 0.17%. During the same quarter in the previous year, the business earned $0.22 earnings per share. On average, equities analysts forecast that Steel Dynamics will post $2.07 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a dividend of $0.14 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.56 annualized dividend and a yield of 2.25%. Steel Dynamics’s dividend payout ratio is currently 1,120.00%.
In other Steel Dynamics news, Director Jurgen Dr Kolb sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $26.50, for a total transaction of $26,500.00. Following the completion of the transaction, the director now directly owns 65,014 shares in the company, valued at $1,722,871. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Keith E. Busse sold 13,155 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $27.00, for a total transaction of $355,185.00. Following the transaction, the director now owns 1,006,894 shares of the company’s stock, valued at $27,186,138. The disclosure for this sale can be found here. Company insiders own 4.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Boston Partners increased its position in shares of Steel Dynamics by 124.9% in the second quarter. Boston Partners now owns 11,042,580 shares of the company’s stock valued at $270,544,000 after buying an additional 6,132,303 shares during the period. Norges Bank bought a new position in shares of Steel Dynamics during the fourth quarter valued at about $84,058,000. Vanguard Group Inc. increased its position in shares of Steel Dynamics by 23.7% in the second quarter. Vanguard Group Inc. now owns 20,810,938 shares of the company’s stock valued at $509,869,000 after buying an additional 3,982,588 shares during the period. Bank of Montreal Can bought a new position in shares of Steel Dynamics during the second quarter valued at about $45,158,000. Finally, Prudential Financial Inc. increased its position in shares of Steel Dynamics by 69.9% in the second quarter. Prudential Financial Inc. now owns 3,465,741 shares of the company’s stock valued at $84,910,000 after buying an additional 1,425,548 shares during the period. Institutional investors and hedge funds own 82.42% of the company’s stock.
About Steel Dynamics
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