Steel Dynamics (NASDAQ:STLD) Price Target Cut to $129.00

Steel Dynamics (NASDAQ:STLD) had its price objective lowered by JPMorgan Chase & Co. from $131.00 to $129.00 in a research report report published on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the basic materials company’s stock.

Several other brokerages also recently commented on STLD. UBS Group upgraded Steel Dynamics from a neutral rating to a buy rating and increased their target price for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Morgan Stanley lowered their price target on Steel Dynamics from $138.00 to $131.00 and set an equal weight rating on the stock in a report on Wednesday, September 18th. Bank of America raised Steel Dynamics from a neutral rating to a buy rating and increased their price target for the company from $140.00 to $155.00 in a report on Tuesday, October 1st. Finally, BMO Capital Markets lowered their price target on Steel Dynamics from $135.00 to $127.00 and set a market perform rating on the stock in a report on Tuesday, September 17th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Steel Dynamics has an average rating of Hold and an average price target of $142.86.

Steel Dynamics Stock Performance

Shares of STLD opened at $129.86 on Wednesday. The business’s fifty day simple moving average is $119.64 and its two-hundred day simple moving average is $128.05. The company has a current ratio of 2.35, a quick ratio of 1.19 and a debt-to-equity ratio of 0.25. Steel Dynamics has a 12 month low of $98.25 and a 12 month high of $151.34. The company has a market cap of $20.41 billion, a price-to-earnings ratio of 8.92 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.67 by $0.05. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same period last year, the business posted $4.81 EPS. The company’s revenue was down 8.8% compared to the same quarter last year. Research analysts anticipate that Steel Dynamics will post 10.15 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $0.46 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a yield of 1.42%. Steel Dynamics’s dividend payout ratio is currently 12.64%.

Hedge Funds Weigh In On Steel Dynamics

A number of institutional investors have recently bought and sold shares of STLD. Larson Financial Group LLC bought a new position in Steel Dynamics in the 1st quarter worth $25,000. Innealta Capital LLC bought a new position in Steel Dynamics in the 2nd quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Steel Dynamics in the 2nd quarter worth $41,000. Quarry LP raised its holdings in Steel Dynamics by 583.9% in the 4th quarter. Quarry LP now owns 383 shares of the basic materials company’s stock worth $45,000 after purchasing an additional 327 shares during the period. Finally, Riverview Trust Co bought a new position in Steel Dynamics in the 1st quarter worth $50,000. 82.41% of the stock is owned by 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. 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.