Steel Dynamics (NASDAQ:STLD) Price Target Raised to $273.00

Steel Dynamics (NASDAQ:STLD) had its target price increased by JPMorgan Chase & Co. from $260.00 to $273.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the basic materials company’s stock.

Other research analysts have also recently issued reports about the company. Barclays boosted their target price on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a research note on Wednesday, July 22nd. KeyCorp reaffirmed an “overweight” rating on shares of Steel Dynamics in a research report on Wednesday, July 22nd. The Goldman Sachs Group initiated coverage on Steel Dynamics in a report on Wednesday, July 29th. They set a “buy” rating and a $300.00 price objective on the stock. 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 report on Monday, August 10th. Finally, Bank of America lowered their target price on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $258.45.

Steel Dynamics Trading Up 1.1%

STLD opened at $239.79 on Wednesday. The firm’s fifty day moving average is $242.94 and its two-hundred day moving average is $226.71. The firm has a market cap of $34.37 billion, a PE ratio of 21.74, a price-to-earnings-growth ratio of 0.45 and a beta of 1.50. Steel Dynamics has a twelve month low of $129.41 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.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.63 by $0.06. The company had revenue of $6.09 billion during the quarter, compared to analyst estimates of $5.56 billion. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The firm’s revenue was up 33.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.01 EPS. Equities research analysts anticipate that Steel Dynamics will post 17.16 EPS for the current year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio is 19.22%.

Institutional Trading of Steel Dynamics

A number of institutional investors have recently modified their holdings of the company. NewEdge Advisors LLC raised its position in Steel Dynamics by 307.5% in the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock valued at $102,000 after buying an additional 618 shares during the last quarter. Acadian Asset Management LLC boosted its position in Steel Dynamics by 82.7% during the 1st quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock worth $435,000 after acquiring an additional 1,578 shares during the last quarter. Jump Financial LLC acquired a new position in Steel Dynamics during the 2nd quarter worth approximately $1,019,000. Qube Research & Technologies Ltd bought a new position in shares of Steel Dynamics during the 2nd quarter worth approximately $48,746,000. Finally, Sei Investments Co. grew its stake in shares of Steel Dynamics by 7.9% during the 2nd quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company’s stock worth $13,447,000 after acquiring an additional 7,712 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnaces that use recycled steel and other metallic inputs to manufacture a broad range of steel products. Its customers include companies in the construction, automotive, manufacturing, transportation, energy and appliance industries.

Steel Dynamics’ steel operations produce flat-rolled steel, structural steel, rail, engineered bar products and other specialty steel products.