JPMorgan Chase & Co. Increases Steel Dynamics (NASDAQ:STLD) Price Target to $134.00

Steel Dynamics (NASDAQ:STLD) had its target price boosted by investment analysts at JPMorgan Chase & Co. from $129.00 to $134.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target points to a potential downside of 1.88% from the company’s previous close.

Several other research firms have also recently issued reports on STLD. BMO Capital Markets upped their price objective on Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a research report on Friday. Bank of America raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and increased their target price for the company from $140.00 to $155.00 in a research report on Tuesday, October 1st. Morgan Stanley reduced their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Finally, UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price target for the stock from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $144.29.

Steel Dynamics Price Performance

Shares of STLD opened at $136.57 on Friday. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. Steel Dynamics has a fifty-two week low of $98.25 and a fifty-two week high of $151.34. The company has a market cap of $21.46 billion, a P/E ratio of 9.38 and a beta of 1.31. The firm’s 50 day moving average price is $120.79 and its 200 day moving average price is $127.37.

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

Institutional Investors Weigh In On Steel Dynamics

Several hedge funds have recently made changes to their positions in STLD. Larson Financial Group LLC acquired a new position in Steel Dynamics in the first quarter valued at $25,000. Innealta Capital LLC acquired a new position in Steel Dynamics in the second quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Steel Dynamics during the second quarter worth about $41,000. Riverview Trust Co acquired a new stake in shares of Steel Dynamics during the 1st quarter worth approximately $50,000. Finally, Cullen Frost Bankers Inc. lifted its stake in Steel Dynamics by 33.3% in the second quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock valued at $52,000 after buying an additional 100 shares during the last quarter. Institutional investors and hedge funds 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.