Jefferies Group LLC Reiterates “Buy” Rating for Steel Dynamics, Inc. (STLD)
Steel Dynamics, Inc. (NASDAQ:STLD)‘s stock had its “buy” rating reiterated by Jefferies Group LLC in a research note issued to investors on Thursday. They presently have a $43.00 price target on the basic materials company’s stock. Jefferies Group LLC’s price objective would indicate a potential upside of 23.67% from the company’s previous close.
Several other research firms have also weighed in on STLD. Clarkson Capital reiterated a “neutral” rating on shares of Steel Dynamics in a report on Thursday, July 20th. Zacks Investment Research lowered shares of Steel Dynamics from a “buy” rating to a “hold” rating in a report on Thursday, May 25th. Berenberg Bank reiterated a “buy” rating and issued a $46.00 target price on shares of Steel Dynamics in a report on Monday, June 19th. Credit Suisse Group upgraded shares of Steel Dynamics from a “neutral” rating to an “outperform” rating and set a $36.00 target price on the stock in a report on Wednesday, May 24th. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of Steel Dynamics in a report on Saturday, June 24th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $40.59.
Shares of Steel Dynamics (STLD) opened at 34.77 on Thursday. The stock has a market capitalization of $8.34 billion, a price-to-earnings ratio of 15.97 and a beta of 1.23. Steel Dynamics has a 52-week low of $22.79 and a 52-week high of $40.17. The company has a 50-day moving average of $35.51 and a 200-day moving average of $35.18.
Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.63. The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.37 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. Steel Dynamics’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.58 earnings per share. Equities research analysts anticipate that Steel Dynamics will post $2.82 EPS for the current year.
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In related news, insider Christopher A. Graham sold 5,021 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total transaction of $191,049.05. Following the sale, the insider now directly owns 26,778 shares of the company’s stock, valued at approximately $1,018,902.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Keith E. Busse sold 4,965 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total transaction of $190,755.30. Following the sale, the director now directly owns 1,005,666 shares in the company, valued at $38,637,687.72. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in the company. Toronto Dominion Bank acquired a new stake in shares of Steel Dynamics during the second quarter valued at $107,000. Advantage Investment Management LLC increased its stake in shares of Steel Dynamics by 39.6% in the first quarter. Advantage Investment Management LLC now owns 3,350 shares of the basic materials company’s stock valued at $116,000 after buying an additional 950 shares during the last quarter. Washington Trust Bank increased its stake in shares of Steel Dynamics by 48.8% in the second quarter. Washington Trust Bank now owns 3,393 shares of the basic materials company’s stock valued at $122,000 after buying an additional 1,113 shares during the last quarter. Advisory Services Network LLC acquired a new stake in shares of Steel Dynamics during the first quarter valued at $150,000. Finally, IFP Advisors Inc increased its stake in shares of Steel Dynamics by 163.8% in the first quarter. IFP Advisors Inc now owns 4,366 shares of the basic materials company’s stock valued at $152,000 after buying an additional 2,711 shares during the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.
Steel Dynamics Company Profile
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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