BMO Capital Markets Increases Steel Dynamics (NASDAQ:STLD) Price Target to $135.00

Steel Dynamics (NASDAQ:STLD) had its price target hoisted by stock analysts at BMO Capital Markets from $130.00 to $135.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “market perform” rating on the basic materials company’s stock. BMO Capital Markets’ target price indicates a potential downside of 1.15% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. Bank of America raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $140.00 to $155.00 in a research note on Tuesday, October 1st. JPMorgan Chase & Co. decreased their target price on Steel Dynamics from $131.00 to $129.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Finally, Morgan Stanley decreased their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $144.29.

Steel Dynamics Stock Up 1.1 %

Shares of NASDAQ:STLD opened at $136.57 on Friday. The firm has a 50 day simple moving average of $120.79 and a 200 day simple moving average of $127.37. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.19 and a current ratio of 2.35. Steel Dynamics has a 52 week low of $98.25 and a 52 week high of $151.34. The company has a market cap of $21.46 billion, a PE ratio of 9.38 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.07. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The firm had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.18 billion. During the same quarter in the prior year, the business earned $3.47 EPS. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, research analysts expect that Steel Dynamics will post 10.12 earnings per share for the current year.

Institutional Investors Weigh In On Steel Dynamics

Large investors have recently added to or reduced their stakes in the business. Vest Financial LLC increased its position in shares of Steel Dynamics by 31.3% during the third quarter. Vest Financial LLC now owns 240,057 shares of the basic materials company’s stock valued at $30,266,000 after buying an additional 57,230 shares during the period. DMC Group LLC purchased a new stake in shares of Steel Dynamics during the 3rd quarter worth approximately $617,000. Raymond James & Associates raised its stake in Steel Dynamics by 3.3% during the third quarter. Raymond James & Associates now owns 77,210 shares of the basic materials company’s stock valued at $9,735,000 after purchasing an additional 2,472 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Steel Dynamics by 85.4% during the third quarter. Blue Trust Inc. now owns 3,644 shares of the basic materials company’s stock valued at $472,000 after purchasing an additional 1,679 shares during the period. Finally, Accurate Wealth Management LLC boosted its holdings in shares of Steel Dynamics by 4.9% in the 3rd quarter. Accurate Wealth Management LLC now owns 5,721 shares of the basic materials company’s stock valued at $735,000 after buying an additional 269 shares in the last quarter. 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.