Deutsche Bank Lowers Steel Dynamics (STLD) to Hold
Deutsche Bank cut shares of Steel Dynamics (NASDAQ:STLD) from a buy rating to a hold rating in a report released on Thursday morning, Benzinga reports. Deutsche Bank currently has $30.00 price target on the basic materials company’s stock, down from their prior price target of $44.00.
Other equities analysts also recently issued reports about the company. UBS Group upgraded Steel Dynamics from a neutral rating to a buy rating and raised their price objective for the stock from $35.50 to $47.00 in a report on Wednesday, May 8th. Goldman Sachs Group set a $44.00 price objective on Steel Dynamics and gave the stock a buy rating in a report on Tuesday, April 23rd. Citigroup set a $40.00 price objective on Steel Dynamics and gave the stock a buy rating in a report on Tuesday, April 23rd. Zacks Investment Research upgraded Steel Dynamics from a sell rating to a hold rating in a report on Wednesday, March 6th. Finally, BidaskClub upgraded Steel Dynamics from a sell rating to a hold rating in a report on Wednesday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $43.62.
Steel Dynamics stock opened at $25.15 on Thursday. The stock has a market capitalization of $5.68 billion, a PE ratio of 4.58, a PEG ratio of 0.56 and a beta of 1.31. The company has a current ratio of 4.02, a quick ratio of 2.15 and a debt-to-equity ratio of 0.61. Steel Dynamics has a 12 month low of $25.02 and a 12 month high of $51.69.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Sunday, June 30th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.82%. Steel Dynamics’s dividend payout ratio (DPR) is currently 17.49%.
In related news, Director Gabriel Shaheen bought 5,000 shares of the stock in a transaction dated Friday, May 24th. The stock was acquired at an average price of $27.03 per share, for a total transaction of $135,150.00. Following the completion of the purchase, the director now owns 58,635 shares in the company, valued at $1,584,904.05. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.90% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. Cerebellum GP LLC grew its stake in shares of Steel Dynamics by 14.9% in the first quarter. Cerebellum GP LLC now owns 9,496 shares of the basic materials company’s stock valued at $335,000 after buying an additional 1,229 shares in the last quarter. Advisory Services Network LLC grew its stake in Steel Dynamics by 810.9% during the 1st quarter. Advisory Services Network LLC now owns 19,357 shares of the basic materials company’s stock valued at $683,000 after purchasing an additional 17,232 shares in the last quarter. Nordea Investment Management AB grew its stake in Steel Dynamics by 1.4% during the 1st quarter. Nordea Investment Management AB now owns 276,470 shares of the basic materials company’s stock valued at $9,751,000 after purchasing an additional 3,767 shares in the last quarter. Cleararc Capital Inc. acquired a new stake in Steel Dynamics during the 1st quarter valued at approximately $208,000. Finally, BlueMountain Capital Management LLC grew its stake in Steel Dynamics by 144.5% during the 1st quarter. BlueMountain Capital Management LLC now owns 330,255 shares of the basic materials company’s stock valued at $11,648,000 after purchasing an additional 195,196 shares in the last quarter. Institutional investors and hedge funds own 81.39% of the company’s stock.
Steel Dynamics Company Profile
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.
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