Wells Fargo & Company Cuts Steel Dynamics (NASDAQ:STLD) Price Target to $196.00

Steel Dynamics (NASDAQ:STLD) had its price target decreased by Wells Fargo & Company from $210.00 to $196.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 13.54% from the stock’s current price.

Other analysts also recently issued research reports about the company. Jefferies Financial Group reiterated a “buy” rating on shares of Steel Dynamics in a research note on Tuesday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. JPMorgan Chase & Co. upped their target price on Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday, December 5th. Morgan Stanley reiterated an “underperform” rating and issued a $190.00 price target on shares of Steel Dynamics in a report on Tuesday. Finally, KeyCorp restated an “overweight” rating and set a $190.00 price objective on shares of Steel Dynamics in a research note on Wednesday, January 7th. Five research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $182.22.

Steel Dynamics Trading Down 0.9%

NASDAQ STLD opened at $172.63 on Wednesday. Steel Dynamics has a 12-month low of $103.17 and a 12-month high of $208.47. The company has a fifty day simple moving average of $184.86 and a two-hundred day simple moving average of $164.86. The company has a current ratio of 3.06, a quick ratio of 1.29 and a debt-to-equity ratio of 0.48. The stock has a market cap of $25.01 billion, a P/E ratio of 21.55, a P/E/G ratio of 0.46 and a beta of 1.43.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.10. Steel Dynamics had a net margin of 6.52% and a return on equity of 13.56%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.62 billion. During the same period in the previous year, the company earned $1.36 earnings per share. The business’s quarterly revenue was up 14.0% compared to the same quarter last year. On average, analysts forecast that Steel Dynamics will post 9.01 earnings per share for the current year.

Institutional Investors Weigh In On Steel Dynamics

A number of hedge funds and other institutional investors have recently made changes to their positions in STLD. Stance Capital LLC increased its holdings in shares of Steel Dynamics by 5,245.7% during the 4th quarter. Stance Capital LLC now owns 8,072 shares of the basic materials company’s stock valued at $1,368,000 after purchasing an additional 7,921 shares in the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of Steel Dynamics by 3.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 25,640 shares of the basic materials company’s stock valued at $4,345,000 after purchasing an additional 801 shares during the period. World Investment Advisors purchased a new stake in Steel Dynamics during the fourth quarter worth $291,000. Hsbc Holdings PLC grew its position in Steel Dynamics by 92.4% during the fourth quarter. Hsbc Holdings PLC now owns 1,030,448 shares of the basic materials company’s stock valued at $174,609,000 after buying an additional 494,828 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its position in Steel Dynamics by 864.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 733 shares of the basic materials company’s stock valued at $124,000 after buying an additional 657 shares during the period. Institutional investors and hedge funds own 82.41% of the company’s stock.

About Steel Dynamics

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.