Shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) have been assigned an average rating of “Buy” from the ten brokerages that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $89.00.
STLD has been the topic of a number of research reports. JPMorgan Chase & Co. lifted their target price on shares of Steel Dynamics from $95.00 to $117.00 and gave the company an “overweight” rating in a research note on Thursday, March 24th. BMO Capital Markets lifted their price objective on Steel Dynamics from $95.00 to $104.00 in a research report on Friday, April 22nd. The Goldman Sachs Group increased their target price on Steel Dynamics from $100.00 to $114.00 and gave the stock a “buy” rating in a research report on Friday, April 22nd. StockNews.com started coverage on Steel Dynamics in a research report on Thursday, March 31st. They set a “buy” rating on the stock. Finally, Zacks Investment Research downgraded Steel Dynamics from a “strong-buy” rating to a “hold” rating and set a $82.00 price objective for the company. in a report on Tuesday.
NASDAQ:STLD opened at $87.79 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.74 and a current ratio of 3.42. Steel Dynamics has a fifty-two week low of $50.54 and a fifty-two week high of $100.37. The firm has a market cap of $16.57 billion, a PE ratio of 4.53 and a beta of 1.29. The business has a 50 day moving average price of $83.81 and a 200-day moving average price of $70.71.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend is Wednesday, June 29th. Steel Dynamics’s dividend payout ratio is currently 7.02%.
Steel Dynamics declared that its board has authorized a stock repurchase plan on Monday, February 28th that authorizes the company to buyback $1.25 billion in shares. This buyback authorization authorizes the basic materials company to repurchase up to 8.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, SVP Christopher A. Graham sold 4,425 shares of the stock in a transaction on Thursday, March 3rd. The stock was sold at an average price of $76.51, for a total transaction of $338,556.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 5.40% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Steel Dynamics in the fourth quarter worth about $199,835,000. Wellington Management Group LLP increased its holdings in Steel Dynamics by 52.4% in the 3rd quarter. Wellington Management Group LLP now owns 3,383,492 shares of the basic materials company’s stock worth $197,866,000 after acquiring an additional 1,163,597 shares in the last quarter. First Trust Advisors LP raised its stake in Steel Dynamics by 183.6% during the 1st quarter. First Trust Advisors LP now owns 1,380,388 shares of the basic materials company’s stock worth $115,166,000 after acquiring an additional 893,705 shares during the period. BlackRock Inc. raised its stake in Steel Dynamics by 3.2% during the 1st quarter. BlackRock Inc. now owns 25,820,456 shares of the basic materials company’s stock worth $2,154,201,000 after acquiring an additional 801,335 shares during the period. Finally, State Street Corp lifted its holdings in Steel Dynamics by 9.5% during the first quarter. State Street Corp now owns 9,207,455 shares of the basic materials company’s stock valued at $771,198,000 after purchasing an additional 800,656 shares in the last quarter. Institutional investors and hedge funds own 83.19% of the company’s stock.
Steel Dynamics Company Profile (Get Rating)
Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.
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