Steel Dynamics (NASDAQ:STLD) Price Target Lowered to $129.00 at JPMorgan Chase & Co.

Steel Dynamics (NASDAQ:STLD) had its target price cut by JPMorgan Chase & Co. from $131.00 to $129.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential downside of 0.91% from the stock’s current price.

A number of other equities research analysts have also recently commented on the company. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Morgan Stanley dropped their price objective on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. BMO Capital Markets dropped their price target on Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating for the company in a research report on Tuesday, September 17th. Finally, Bank of America raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $140.00 to $155.00 in a report on Tuesday, October 1st. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $142.43.

Steel Dynamics Price Performance

NASDAQ STLD traded up $3.15 on Wednesday, hitting $130.18. 1,312,124 shares of the company’s stock were exchanged, compared to its average volume of 1,266,471. The company has a current ratio of 2.35, a quick ratio of 1.19 and a debt-to-equity ratio of 0.25. Steel Dynamics has a 52 week low of $98.25 and a 52 week high of $151.34. The stock has a market cap of $20.09 billion, a price-to-earnings ratio of 8.94 and a beta of 1.31. The stock has a 50-day moving average of $119.48 and a 200-day moving average of $128.13.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The firm had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.43 billion. During the same period last year, the business posted $4.81 EPS. The business’s revenue was down 8.8% compared to the same quarter last year. Analysts expect that Steel Dynamics will post 10.36 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC purchased a new stake in shares of Steel Dynamics during the 1st quarter worth $25,000. Innealta Capital LLC acquired a new stake in shares of Steel Dynamics during the 2nd quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Steel Dynamics in the 2nd quarter valued at $41,000. Riverview Trust Co purchased a new position in Steel Dynamics during the first quarter worth about $50,000. Finally, Quarry LP grew its holdings in Steel Dynamics by 583.9% in the fourth quarter. Quarry LP now owns 383 shares of the basic materials company’s stock valued at $45,000 after purchasing an additional 327 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.

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.