Steel Dynamics (NASDAQ:STLD) Price Target Cut to $46.00

Steel Dynamics (NASDAQ:STLD) had its target price lowered by UBS Group from $47.00 to $46.00 in a report published on Friday morning, LiveTradingNews reports. The brokerage currently has a buy rating on the basic materials company’s stock.

Other equities research analysts also recently issued reports about the stock. Longbow Research downgraded shares of Steel Dynamics from a buy rating to a neutral rating in a report on Monday, August 26th. BidaskClub raised shares of Steel Dynamics from a sell rating to a hold rating in a report on Tuesday, October 29th. JPMorgan Chase & Co. set a $35.00 price target on shares of Steel Dynamics and gave the stock a buy rating in a report on Monday, September 23rd. Macquarie set a $31.00 price objective on shares of Steel Dynamics and gave the stock a hold rating in a research report on Wednesday, September 18th. Finally, Zacks Investment Research upgraded shares of Steel Dynamics from a strong sell rating to a hold rating and set a $25.00 price objective on the stock in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $33.17.

Shares of Steel Dynamics stock traded down $0.06 on Friday, reaching $31.76. The stock had a trading volume of 39,677 shares, compared to its average volume of 1,895,525. Steel Dynamics has a 1 year low of $25.02 and a 1 year high of $40.24. The company has a market cap of $6.75 billion, a P/E ratio of 5.76, a price-to-earnings-growth ratio of 0.86 and a beta of 1.66. The company has a current ratio of 4.00, a quick ratio of 2.24 and a debt-to-equity ratio of 0.60. The business’s 50 day moving average is $30.06 and its two-hundred day moving average is $29.46.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $0.69 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.01). Steel Dynamics had a return on equity of 22.08% and a net margin of 7.44%. The firm had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.62 billion. During the same period in the previous year, the company posted $1.69 earnings per share. On average, equities analysts anticipate that Steel Dynamics will post 3.03 EPS for the current fiscal year.

In related news, SVP Miguel Alvarez acquired 8,920 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average cost of $27.72 per share, for a total transaction of $247,262.40. Following the completion of the transaction, the senior vice president now owns 700 shares in the company, valued at $19,404. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.90% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of STLD. Rehmann Capital Advisory Group grew its position in Steel Dynamics by 96.9% during the second quarter. Rehmann Capital Advisory Group now owns 1,016 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 500 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Steel Dynamics by 752.6% in the second quarter. Signaturefd LLC now owns 1,151 shares of the basic materials company’s stock worth $35,000 after purchasing an additional 1,016 shares during the last quarter. Quest Capital Management Inc. ADV bought a new position in shares of Steel Dynamics in the third quarter worth approximately $38,000. Stonebridge Capital Advisors LLC bought a new position in shares of Steel Dynamics in the second quarter worth approximately $39,000. Finally, AdvisorNet Financial Inc bought a new position in shares of Steel Dynamics in the second quarter worth approximately $43,000. Institutional investors and hedge funds own 81.41% of the company’s stock.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. 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; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.

Further Reading: Outstanding Shares and The Effect on Share Price

Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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