Steel Dynamics, Inc. (STLD) Downgraded by Longbow Research
Longbow Research lowered shares of Steel Dynamics, Inc. (NASDAQ:STLD) from a buy rating to a neutral rating in a research note issued to investors on Monday morning, Marketbeat reports.
Other equities research analysts have also recently issued reports about the stock. Jefferies Group LLC restated a buy rating and issued a $45.00 price target on shares of Steel Dynamics in a report on Monday, June 26th. Deutsche Bank AG restated a buy rating on shares of Steel Dynamics in a report on Saturday, June 24th. Berenberg Bank restated a buy rating and issued a $46.00 price target on shares of Steel Dynamics in a report on Monday, June 19th. Bank of America Corporation raised their price target on shares of Steel Dynamics from $40.00 to $42.00 and gave the stock a buy rating in a report on Friday, July 21st. Finally, Cowen and Company restated a buy rating and issued a $44.00 price target on shares of Steel Dynamics in a report on Wednesday, July 19th. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $40.63.
Steel Dynamics (NASDAQ:STLD) opened at 35.64 on Monday. The company has a 50-day moving average of $34.16 and a 200-day moving average of $34.85. Steel Dynamics has a 52 week low of $23.34 and a 52 week high of $40.17. The firm has a market capitalization of $8.55 billion, a price-to-earnings ratio of 16.37 and a beta of 1.29.
Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, hitting analysts’ consensus estimates of $0.63. The business had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The business’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period last year, the company posted $0.58 earnings per share. On average, equities analysts forecast that Steel Dynamics will post $2.71 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Saturday, September 30th will be given a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Thursday, September 28th. Steel Dynamics’s dividend payout ratio is 28.57%.
In other news, insider Christopher A. Graham sold 5,021 shares of the business’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 value of $191,049.05. Following the sale, the insider now owns 26,778 shares of the company’s stock, valued at $1,018,902.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Keith E. Busse sold 4,965 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total transaction of $190,755.30. Following the completion of the sale, the director now directly owns 1,005,666 shares in the company, valued at approximately $38,637,687.72. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of STLD. Toronto Dominion Bank bought a new stake in shares of Steel Dynamics in the second quarter valued at approximately $107,000. Hefty Wealth Partners raised its position in shares of Steel Dynamics by 76.1% in the third quarter. Hefty Wealth Partners now owns 3,417 shares of the basic materials company’s stock valued at $118,000 after purchasing an additional 1,477 shares during the period. Washington Trust Bank raised its position 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 purchasing an additional 1,113 shares during the period. Advisory Services Network LLC raised its position in shares of Steel Dynamics by 2.3% in the second quarter. Advisory Services Network LLC now owns 4,414 shares of the basic materials company’s stock valued at $158,000 after purchasing an additional 101 shares during the period. Finally, Creative Planning raised its position in shares of Steel Dynamics by 36.3% in the second quarter. Creative Planning now owns 4,718 shares of the basic materials company’s stock valued at $169,000 after purchasing an additional 1,256 shares during the period. 82.64% of the stock is currently owned by 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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