Steel Dynamics’ (STLD) “Buy” Rating Reaffirmed at Jefferies Group LLC
Jefferies Group LLC reissued their buy rating on shares of Steel Dynamics, Inc. (NASDAQ:STLD) in a report published on Friday morning. They currently have a $43.00 target price on the basic materials company’s stock.
Several other brokerages have also commented on STLD. Zacks Investment Research upgraded shares of Steel Dynamics from a sell rating to a hold rating in a report on Wednesday, July 26th. Clarkson Capital restated a neutral rating on shares of Steel Dynamics in a report on Thursday, July 20th. BidaskClub upgraded shares of Steel Dynamics from a hold rating to a buy rating in a report on Tuesday, July 25th. Bank of America Corporation upped their price objective 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, Morgan Stanley restated a buy rating on shares of Steel Dynamics in a report on Tuesday, July 18th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Steel Dynamics presently has a consensus rating of Buy and a consensus price target of $40.63.
Steel Dynamics (STLD) traded up 0.72% during midday trading on Friday, reaching $36.17. 4,131,881 shares of the company’s stock traded hands. The company’s 50-day moving average price is $34.20 and its 200-day moving average price is $34.85. The stock has a market cap of $8.68 billion, a P/E ratio of 16.61 and a beta of 1.29. Steel Dynamics has a 52-week low of $23.34 and a 52-week high of $40.17.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.63. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same period in the prior year, the business earned $0.58 EPS. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, equities analysts predict that Steel Dynamics will post $2.71 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Investors of record on Saturday, September 30th will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend is Thursday, September 28th. Steel Dynamics’s dividend payout ratio (DPR) is 28.57%.
In related news, insider Christopher A. Graham sold 5,021 shares of the stock in a transaction dated 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Keith E. Busse sold 4,965 shares of the stock in a transaction dated Tuesday, July 25th. The shares were 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. Corporate insiders own 4.20% of the company’s stock.
A number of hedge funds have recently made changes to their positions in STLD. Toronto Dominion Bank purchased a new stake in Steel Dynamics during the 2nd quarter valued at about $107,000. Hefty Wealth Partners grew its position in Steel Dynamics by 76.1% during the 3rd 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 last quarter. Washington Trust Bank grew its position in Steel Dynamics by 48.8% during the 2nd 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 last quarter. Advisory Services Network LLC grew its position in Steel Dynamics by 2.3% during the 2nd 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 last quarter. Finally, Creative Planning grew its position in Steel Dynamics by 36.3% during the 2nd 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 last quarter. 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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