Steel Dynamics (NASDAQ:STLD) Price Target Raised to $210.00

Steel Dynamics (NASDAQ:STLD) had its price target hoisted by Wells Fargo & Company from $190.00 to $210.00 in a research report report published on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the basic materials company’s stock.

STLD has been the subject of several other reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. Wall Street Zen raised shares of Steel Dynamics from a “hold” rating to a “strong-buy” rating in a research report on Saturday, January 31st. KeyCorp restated an “overweight” rating and set a $190.00 price target on shares of Steel Dynamics in a report on Wednesday, January 7th. UBS Group set a $165.00 price objective on Steel Dynamics in a research note on Tuesday, November 4th. Finally, Jefferies Financial Group boosted their price objective on Steel Dynamics from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 10th. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $184.22.

Steel Dynamics Stock Performance

Shares of NASDAQ STLD opened at $193.91 on Monday. The business’s 50-day simple moving average is $183.68 and its 200-day simple moving average is $161.50. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.29 and a current ratio of 3.06. Steel Dynamics has a 52 week low of $103.17 and a 52 week high of $208.47. The firm has a market cap of $28.09 billion, a price-to-earnings ratio of 24.21, a P/E/G ratio of 0.53 and a beta of 1.43.

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

Steel Dynamics Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.53 per share. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a yield of 1.1%. The ex-dividend date is Tuesday, March 31st. Steel Dynamics’s dividend payout ratio is presently 24.97%.

Institutional Trading of Steel Dynamics

Several institutional investors have recently modified their holdings of STLD. Life Cycle Investment Partners Ltd acquired a new position in shares of Steel Dynamics in the fourth quarter valued at $586,702,000. Norges Bank acquired a new stake in Steel Dynamics during the fourth quarter worth $564,590,000. Boston Partners increased its holdings in Steel Dynamics by 147.9% in the 4th quarter. Boston Partners now owns 1,793,630 shares of the basic materials company’s stock valued at $303,970,000 after buying an additional 1,070,042 shares during the period. Qube Research & Technologies Ltd bought a new stake in Steel Dynamics in the 2nd quarter valued at $48,746,000. Finally, Lord Abbett & CO. LLC raised its stake in shares of Steel Dynamics by 28.0% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,629,401 shares of the basic materials company’s stock valued at $276,102,000 after buying an additional 356,507 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

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.