Steel Dynamics (NASDAQ:STLD) Downgraded to “Sell” at BidaskClub

Steel Dynamics (NASDAQ:STLD) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a report released on Tuesday, BidAskClub reports.

A number of other analysts have also commented on STLD. Citigroup set a $34.00 price target on Steel Dynamics and gave the company a “buy” rating in a research note on Tuesday, June 11th. Macquarie set a $36.00 price target on Steel Dynamics and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Bank of America lowered Steel Dynamics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $30.00 to $34.00 in a research note on Wednesday, July 24th. Credit Suisse Group lowered Steel Dynamics from an “outperform” rating to a “neutral” rating and cut their price target for the company from $38.00 to $29.00 in a research note on Thursday, May 23rd. Finally, Goldman Sachs Group lowered their price objective on Steel Dynamics from $44.00 to $36.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $39.67.

Shares of STLD stock opened at $26.66 on Tuesday. The company’s 50-day moving average price is $30.29. Steel Dynamics has a 12 month low of $25.02 and a 12 month high of $48.17. The firm has a market capitalization of $6.01 billion, a price-to-earnings ratio of 4.86, a price-to-earnings-growth ratio of 0.72 and a beta of 1.62. The company has a quick ratio of 2.40, a current ratio of 4.35 and a debt-to-equity ratio of 0.60.



Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Monday, July 22nd. The basic materials company reported $0.87 EPS for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($0.02). Steel Dynamics had a net margin of 9.11% and a return on equity of 28.50%. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same period in the previous year, the business posted $1.53 earnings per share. The business’s revenue for the quarter was down 10.4% compared to the same quarter last year. As a group, analysts forecast that Steel Dynamics will post 3.19 EPS for the current year.

In other Steel Dynamics news, insider Russell B. Rinn bought 2,000 shares of the stock in a transaction on Friday, May 31st. The stock was acquired at an average cost of $25.58 per share, for a total transaction of $51,160.00. Following the completion of the acquisition, the insider now owns 220,459 shares in the company, valued at approximately $5,639,341.22. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gabriel Shaheen bought 5,000 shares of the stock in a transaction on Friday, May 24th. The stock was acquired at an average price of $27.03 per share, with a total value of $135,150.00. Following the completion of the acquisition, the director now owns 58,635 shares of the company’s stock, valued at approximately $1,584,904.05. The disclosure for this purchase can be found here. Insiders have bought 12,740 shares of company stock valued at $336,296 over the last 90 days. 4.90% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the business. State of Wisconsin Investment Board boosted its position in shares of Steel Dynamics by 18.7% during the first quarter. State of Wisconsin Investment Board now owns 604,609 shares of the basic materials company’s stock valued at $21,325,000 after buying an additional 95,353 shares during the last quarter. Cetera Advisor Networks LLC purchased a new position in shares of Steel Dynamics during the first quarter valued at approximately $219,000. Cambridge Investment Research Advisors Inc. boosted its position in shares of Steel Dynamics by 4.5% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 22,804 shares of the basic materials company’s stock valued at $804,000 after buying an additional 984 shares during the last quarter. Marshall Wace LLP boosted its position in shares of Steel Dynamics by 1,482.6% during the first quarter. Marshall Wace LLP now owns 593,892 shares of the basic materials company’s stock valued at $20,947,000 after buying an additional 556,366 shares during the last quarter. Finally, Cerebellum GP LLC boosted its position in shares of Steel Dynamics by 14.9% during the first quarter. Cerebellum GP LLC now owns 9,496 shares of the basic materials company’s stock valued at $335,000 after buying an additional 1,229 shares during the last quarter. Institutional investors and hedge funds own 80.91% of the company’s stock.

About Steel Dynamics

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: Stock Ratings and Recommendations: Understanding Analyst Upgrades and Downgrades

Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

Receive News & Ratings for Steel Dynamics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steel Dynamics and related companies with MarketBeat.com's FREE daily email newsletter.