Steel Dynamics (NASDAQ:STLD) Coverage Initiated at KeyCorp

Research analysts at KeyCorp began coverage on shares of Steel Dynamics (NASDAQ:STLD) in a report issued on Wednesday, MarketBeat reports. The firm set an “overweight” rating and a $190.00 price target on the basic materials company’s stock. KeyCorp’s target price would indicate a potential upside of 8.93% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings restated a “hold (c+)” rating on shares of Steel Dynamics in a report on Monday, December 29th. Wall Street Zen cut Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 7th. Wells Fargo & Company cut their price target on shares of Steel Dynamics from $210.00 to $196.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 18th. JPMorgan Chase & Co. reduced their price objective on shares of Steel Dynamics from $194.00 to $192.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 18th. Finally, Morgan Stanley restated an “underperform” rating and set a $190.00 price objective on shares of Steel Dynamics in a report on Tuesday, March 17th. Five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $182.44.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $174.42 on Wednesday. The firm has a fifty day moving average of $184.66 and a two-hundred day moving average of $166.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.29 and a current ratio of 3.06. The stock has a market capitalization of $25.27 billion, a price-to-earnings ratio of 21.78, a PEG ratio of 0.48 and a beta of 1.43. Steel Dynamics has a 52 week low of $103.17 and a 52 week high of $208.47.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, January 27th. The basic materials company reported $1.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.10. Steel Dynamics had a return on equity of 13.56% and a net margin of 6.52%.The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.62 billion. During the same period last year, the company earned $1.36 EPS. The firm’s revenue was up 14.0% on a year-over-year basis. As a group, equities research analysts predict that Steel Dynamics will post 9.01 EPS for the current year.

Hedge Funds Weigh In On Steel Dynamics

Several institutional investors have recently modified their holdings of STLD. NewEdge Advisors LLC increased its stake in Steel Dynamics by 307.5% during the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock worth $102,000 after purchasing an additional 618 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Steel Dynamics by 82.7% during the 1st quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock worth $435,000 after buying an additional 1,578 shares during the period. Cetera Investment Advisers lifted its stake in Steel Dynamics by 4.0% in the second quarter. Cetera Investment Advisers now owns 21,800 shares of the basic materials company’s stock valued at $2,791,000 after buying an additional 843 shares in the last quarter. MAI Capital Management lifted its stake in Steel Dynamics by 40.6% in the second quarter. MAI Capital Management now owns 1,728 shares of the basic materials company’s stock valued at $221,000 after buying an additional 499 shares in the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Steel Dynamics by 3.6% in the second quarter. Franklin Resources Inc. now owns 152,624 shares of the basic materials company’s stock valued at $19,537,000 after buying an additional 5,368 shares during the period. Institutional investors own 82.41% of the company’s stock.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.