Steel Dynamics (NASDAQ:STLD) Price Target Lowered to $145.00 at Bank of America

Steel Dynamics (NASDAQ:STLD) had its price target cut by Bank of America from $150.00 to $145.00 in a research report report published on Wednesday, Benzinga reports. They currently have a neutral rating on the basic materials company’s stock.

A number of other brokerages also recently commented on STLD. JPMorgan Chase & Co. upped their target price on Steel Dynamics from $100.00 to $118.00 and gave the company an underweight rating in a report on Tuesday, April 16th. Jefferies Financial Group started coverage on Steel Dynamics in a report on Monday, May 20th. They set a hold rating and a $150.00 target price for the company. Citigroup upped their target price on Steel Dynamics from $130.00 to $160.00 and gave the company a buy rating in a report on Wednesday, March 13th. Finally, BMO Capital Markets decreased their price objective on Steel Dynamics from $140.00 to $135.00 and set a market perform rating for the company in a report on Tuesday, June 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Steel Dynamics presently has an average rating of Hold and an average price target of $129.63.

Steel Dynamics Stock Performance

Shares of STLD stock opened at $124.78 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.55 and a current ratio of 2.87. Steel Dynamics has a fifty-two week low of $95.53 and a fifty-two week high of $151.34. The stock has a 50 day moving average price of $130.65 and a two-hundred day moving average price of $128.55. The company has a market capitalization of $19.61 billion, a P/E ratio of 8.57 and a beta of 1.40.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.54 by $0.13. Steel Dynamics had a return on equity of 27.62% and a net margin of 12.89%. The firm had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.74 billion. During the same quarter in the previous year, the company posted $4.01 earnings per share. The business’s revenue was down 4.1% on a year-over-year basis. Analysts expect that Steel Dynamics will post 11.4 earnings per share for the current year.

Steel Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Sunday, June 30th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.84 annualized dividend and a dividend yield of 1.47%. Steel Dynamics’s payout ratio is presently 12.64%.

Insider Activity

In other news, SVP Christopher A. Graham sold 21,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $136.81, for a total transaction of $2,873,010.00. Following the completion of the transaction, the senior vice president now directly owns 60,415 shares in the company, valued at $8,265,376.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Steel Dynamics

Institutional investors and hedge funds have recently modified their holdings of the stock. Atomi Financial Group Inc. boosted its position in shares of Steel Dynamics by 3.1% during the first quarter. Atomi Financial Group Inc. now owns 2,667 shares of the basic materials company’s stock valued at $395,000 after buying an additional 79 shares during the last quarter. Greenfield Savings Bank boosted its position in shares of Steel Dynamics by 0.7% during the first quarter. Greenfield Savings Bank now owns 11,676 shares of the basic materials company’s stock valued at $1,731,000 after buying an additional 85 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Steel Dynamics by 9.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,068 shares of the basic materials company’s stock valued at $126,000 after buying an additional 88 shares during the last quarter. Global Retirement Partners LLC boosted its position in shares of Steel Dynamics by 19.2% during the first quarter. Global Retirement Partners LLC now owns 570 shares of the basic materials company’s stock valued at $84,000 after buying an additional 92 shares during the last quarter. Finally, Signaturefd LLC boosted its position in shares of Steel Dynamics by 0.9% during the fourth quarter. Signaturefd LLC now owns 10,698 shares of the basic materials company’s stock valued at $1,263,000 after buying an additional 93 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.