Steel Dynamics (NASDAQ:STLD) Price Target Raised to $300.00

Steel Dynamics (NASDAQ:STLD) had its target price upped by Barclays from $280.00 to $300.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the basic materials company’s stock.

A number of other analysts also recently commented on STLD. Wall Street Zen downgraded shares of Steel Dynamics from a “strong-buy” rating to a “buy” rating in a report on Sunday, September 20th. BNP Paribas Exane boosted their target price on Steel Dynamics from $275.00 to $276.00 and gave the stock an “outperform” rating in a report on Wednesday, October 21st. Wells Fargo & Company boosted their target price on Steel Dynamics from $257.00 to $271.00 and gave the stock an “overweight” rating in a report on Wednesday, October 21st. Weiss Ratings upgraded Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, October 28th. Finally, JPMorgan Chase & Co. dropped their price target on Steel Dynamics from $272.00 to $260.00 and set a “neutral” rating for the company in a research report on Friday, October 9th. Nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $276.83.

Steel Dynamics Trading Down 3.2%

Shares of STLD stock opened at $229.43 on Thursday. Steel Dynamics has a fifty-two week low of $151.21 and a fifty-two week high of $288.74. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.48 and a current ratio of 3.14. The stock’s fifty day moving average is $237.86 and its two-hundred day moving average is $226.29. The firm has a market capitalization of $32.63 billion, a P/E ratio of 16.93, a PEG ratio of 0.34 and a beta of 1.45.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Tuesday, October 20th. The basic materials company reported $5.26 EPS for the quarter, missing analysts’ consensus estimates of $5.48 by ($0.22). The business had revenue of $6.51 billion during the quarter, compared to analyst estimates of $6.43 billion. Steel Dynamics had a net margin of 8.82% and a return on equity of 21.57%. Steel Dynamics’s quarterly revenue was up 34.8% on a year-over-year basis. During the same quarter last year, the company earned $2.74 earnings per share. Research analysts expect that Steel Dynamics will post 18.12 earnings per share for the current fiscal year.

Steel Dynamics announced that its Board of Directors has initiated a share buyback plan on Monday, November 9th that permits the company to repurchase $3 billion in outstanding shares. This repurchase authorization permits the basic materials company to repurchase up to 8.8% of its shares through open market purchases. Share repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 8th. Investors of record on Thursday, December 31st will be issued a $0.53 dividend. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. Steel Dynamics’s dividend payout ratio is currently 15.65%.

Insider Transactions at Steel Dynamics

In related news, EVP Barry Schneider sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $248.91, for a total transaction of $12,445,500.00. Following the completion of the sale, the executive vice president directly owned 196,399 shares in the company, valued at approximately $48,885,675.09. This trade represents a 20.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Steel Dynamics

Several institutional investors and hedge funds have recently bought and sold shares of the company. Meeder Asset Management Inc. purchased a new position in Steel Dynamics in the second quarter worth approximately $26,000. Wealth Enhancement Trust Services Inc. raised its position in Steel Dynamics by 1,200.0% in the third quarter. Wealth Enhancement Trust Services Inc. now owns 117 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 108 shares during the period. NBH Bank purchased a new stake in Steel Dynamics in the second quarter valued at approximately $31,000. City State Bank acquired a new position in Steel Dynamics during the third quarter worth $32,000. Finally, IFG Advisory LLC acquired a new position in Steel Dynamics during the third quarter worth $33,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Company Profile

Steel Dynamics, Inc. is a U.S.-based steel producer and metals recycler founded in 1993. The company operates electric-arc-furnace steel mills and produces flat-rolled, structural, engineered bar, merchant bar and rail products for customers across a range of industries. Its businesses also include metals recycling, steel fabrication and aluminum operations. Through these activities, Steel Dynamics collects and processes scrap metal, manufactures steel components and supplies products used in construction, automotive manufacturing, energy and other markets.