Steel Dynamics (NASDAQ:STLD) PT Raised to $118.00

Steel Dynamics (NASDAQ:STLD) had its price objective boosted by JPMorgan Chase & Co. from $100.00 to $118.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have an underweight rating on the basic materials company’s stock.

A number of other equities analysts have also recently issued reports on the company. BMO Capital Markets upped their price objective on Steel Dynamics from $110.00 to $120.00 and gave the stock a market perform rating in a report on Monday, March 18th. UBS Group dropped their target price on Steel Dynamics from $120.00 to $119.00 and set a neutral rating for the company in a report on Wednesday, January 24th. Finally, Citigroup increased 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. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Steel Dynamics has a consensus rating of Hold and a consensus price target of $120.29.

Steel Dynamics Price Performance

STLD opened at $139.77 on Tuesday. The stock has a 50-day moving average price of $135.46 and a 200-day moving average price of $120.92. Steel Dynamics has a 12-month low of $90.55 and a 12-month high of $151.34. The company has a current ratio of 2.91, a quick ratio of 1.67 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $22.08 billion, a P/E ratio of 9.58 and a beta of 1.42.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Tuesday, January 23rd. The basic materials company reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.02). Steel Dynamics had a return on equity of 29.49% and a net margin of 13.04%. The firm had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same quarter in the previous year, the company posted $4.37 earnings per share. Steel Dynamics’s revenue for the quarter was down 12.3% compared to the same quarter last year. Equities analysts predict that Steel Dynamics will post 11.6 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, April 14th. Shareholders of record on Sunday, March 31st were given a dividend of $0.46 per share. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.43. The ex-dividend date was Wednesday, March 27th. This represents a $1.84 dividend on an annualized basis and a yield of 1.32%. Steel Dynamics’s dividend payout ratio is presently 12.61%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of STLD. Norges Bank bought a new position in Steel Dynamics during the 4th quarter valued at approximately $221,817,000. Ameriprise Financial Inc. raised its position in Steel Dynamics by 165.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,014,956 shares of the basic materials company’s stock valued at $212,447,000 after purchasing an additional 1,255,751 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Steel Dynamics by 49.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,452,238 shares of the basic materials company’s stock valued at $407,710,000 after purchasing an additional 1,138,235 shares during the last quarter. First Trust Advisors LP raised its position 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 valued at $115,166,000 after purchasing an additional 893,705 shares during the last quarter. Finally, State Street Corp raised its position in Steel Dynamics by 9.5% during the 1st 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 during 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.