JPMorgan Chase & Co. Reiterates “Overweight” Rating for Steel Dynamics (NASDAQ:STLD)


Steel Dynamics (NASDAQ:STLD)‘s stock had its “overweight” rating reiterated by investment analysts at JPMorgan Chase & Co. in a report issued on Wednesday, Benzinga reports. They currently have a $107.00 price target on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 69.84% from the company’s current price.

A number of other research firms also recently issued reports on STLD. Credit Suisse Group raised their price target on Steel Dynamics from $52.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, April 19th. Morgan Stanley raised their price target on Steel Dynamics from $70.00 to $71.00 and gave the stock an “overweight” rating in a research note on Monday. BMO Capital Markets raised their price target on Steel Dynamics from $46.00 to $52.00 and gave the stock a “market perform” rating in a research note on Thursday, March 18th. They noted that the move was a valuation call. Citigroup raised their price target on Steel Dynamics from $56.00 to $60.00 in a research note on Wednesday, April 21st. Finally, Zacks Investment Research upgraded Steel Dynamics from a “hold” rating to a “strong-buy” rating and set a $56.00 target price on the stock in a research report on Tuesday, March 16th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $61.00.

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STLD stock opened at $63.00 on Wednesday. Steel Dynamics has a twelve month low of $24.00 and a twelve month high of $66.88. The company has a current ratio of 2.95, a quick ratio of 1.61 and a debt-to-equity ratio of 0.66. The company has a market cap of $13.31 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 0.57 and a beta of 1.46. The company’s 50 day moving average is $58.94.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Sunday, April 18th. The basic materials company reported $2.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.98 by $0.12. Steel Dynamics had a return on equity of 20.46% and a net margin of 7.51%. The company had revenue of $3.54 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter last year, the company earned $0.88 EPS. The firm’s revenue for the quarter was up 37.6% on a year-over-year basis. On average, equities research analysts predict that Steel Dynamics will post 9.51 earnings per share for the current year.

In other news, Director Keith E. Busse sold 178,375 shares of the business’s stock in a transaction dated Friday, May 7th. The stock was sold at an average price of $63.16, for a total value of $11,266,165.00. Following the transaction, the director now directly owns 955,041 shares in the company, valued at $60,320,389.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Glenn Pushis sold 24,340 shares of the business’s stock in a transaction dated Tuesday, April 27th. The shares were sold at an average price of $54.81, for a total value of $1,334,075.40. Following the completion of the transaction, the senior vice president now owns 137,536 shares in the company, valued at $7,538,348.16. The disclosure for this sale can be found here. Insiders sold 294,085 shares of company stock worth $18,528,260 over the last 90 days. Company insiders own 5.20% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. First Mercantile Trust Co. increased its holdings in shares of Steel Dynamics by 26.6% in the first quarter. First Mercantile Trust Co. now owns 867 shares of the basic materials company’s stock worth $44,000 after purchasing an additional 182 shares during the last quarter. Elo Mutual Pension Insurance Co increased its holdings in shares of Steel Dynamics by 1.5% in the first quarter. Elo Mutual Pension Insurance Co now owns 15,177 shares of the basic materials company’s stock worth $770,000 after purchasing an additional 221 shares during the last quarter. Cigna Investments Inc. New increased its holdings in shares of Steel Dynamics by 3.8% in the first quarter. Cigna Investments Inc. New now owns 7,182 shares of the basic materials company’s stock worth $364,000 after purchasing an additional 260 shares during the last quarter. LS Investment Advisors LLC increased its stake in Steel Dynamics by 3.2% during the fourth quarter. LS Investment Advisors LLC now owns 10,629 shares of the basic materials company’s stock worth $392,000 after acquiring an additional 327 shares during the last quarter. Finally, Arizona State Retirement System increased its stake in Steel Dynamics by 0.6% during the first quarter. Arizona State Retirement System now owns 60,654 shares of the basic materials company’s stock worth $3,079,000 after acquiring an additional 332 shares during the last quarter. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Company Profile

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 and cold roll, and coated steel products; structural flange beams and channel sections, flat bars, large unequal leg angles, reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including channels, angles, flats, merchant rounds, and reinforcing steel bars; and other engineered round steel bars.

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Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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