Steel Dynamics’ (STLD) “Overweight” Rating Reiterated at KeyCorp

Steel Dynamics (NASDAQ:STLD)‘s stock had its “overweight” rating reiterated by analysts at KeyCorp in a report issued on Wednesday,Benzinga reports. They currently have a $190.00 price target on the basic materials company’s stock. KeyCorp’s price target suggests a potential upside of 9.48% from the company’s current price.

A number of other equities analysts have also issued reports on STLD. Jefferies Financial Group restated a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. 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. Morgan Stanley reiterated an “underperform” rating and issued a $190.00 target price on shares of Steel Dynamics in a research report on Tuesday, March 17th. Wells Fargo & Company cut their price target on shares of Steel Dynamics from $210.00 to $196.00 and set an “overweight” rating on the stock in a report on Wednesday, March 18th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Steel Dynamics in a research report on Monday, December 29th. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $182.44.

Steel Dynamics Trading Up 2.3%

Shares of NASDAQ STLD opened at $173.56 on Wednesday. Steel Dynamics has a 1-year low of $103.17 and a 1-year high of $208.47. The business has a fifty day moving average price of $184.62 and a 200 day moving average price of $166.14. The stock has a market capitalization of $25.14 billion, a P/E ratio of 21.40, a price-to-earnings-growth ratio of 0.46 and a beta of 1.43. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.06 and a quick ratio of 1.29.

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

Institutional Trading of Steel Dynamics

A number of large investors have recently made changes to their positions in STLD. State Street Corp lifted its stake in Steel Dynamics by 3.3% in the second quarter. State Street Corp now owns 7,300,813 shares of the basic materials company’s stock worth $938,196,000 after acquiring an additional 230,582 shares during the last quarter. Capital Research Global Investors increased its position in shares of Steel Dynamics by 0.3% in the 4th quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company’s stock valued at $613,926,000 after purchasing an additional 9,959 shares during the last quarter. Life Cycle Investment Partners Ltd purchased a new stake in shares of Steel Dynamics in the 4th quarter valued at approximately $586,702,000. Norges Bank acquired a new stake in shares of Steel Dynamics in the 4th quarter valued at $564,590,000. Finally, Nordea Investment Management AB lifted its position in shares of Steel Dynamics by 12.1% during the 3rd quarter. Nordea Investment Management AB now owns 2,340,480 shares of the basic materials company’s stock worth $322,518,000 after purchasing an additional 252,108 shares during the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

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.