Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell Raises Steel Dynamics (NASDAQ:STLD) Price Target to $60.00

Steel Dynamics (NASDAQ:STLD) had its target price boosted by research analysts at Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell from $56.00 to $60.00 in a report issued on Wednesday, Stock Target Advisor reports. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell’s price target would suggest a potential upside of 17.23% from the company’s current price.

STLD has been the subject of several other research reports. Citigroup lifted their price target on Steel Dynamics from $56.00 to $60.00 in a report on Wednesday. Zacks Investment Research upgraded Steel Dynamics from a “hold” rating to a “strong-buy” rating and set a $56.00 price target for the company in a report on Tuesday, March 16th. Morgan Stanley lifted their price target on Steel Dynamics from $44.00 to $53.00 and gave the company an “overweight” rating in a report on Thursday, March 18th. Credit Suisse Group boosted their target price on Steel Dynamics from $52.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday. Finally, The Goldman Sachs Group began coverage on Steel Dynamics in a report on Thursday, April 15th. They set a “buy” rating and a $57.00 target price for the company. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $49.27.

Steel Dynamics stock traded up $1.06 during midday trading on Wednesday, reaching $51.18. 2,405,187 shares of the company were exchanged, compared to its average volume of 2,241,955. The company has a market capitalization of $10.81 billion, a price-to-earnings ratio of 22.55, a P/E/G ratio of 1.06 and a beta of 1.40. The firm’s 50-day simple moving average is $48.92 and its 200-day simple moving average is $39.59. Steel Dynamics has a 1 year low of $20.97 and a 1 year high of $52.72. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.91 and a current ratio of 3.28.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Sunday, April 18th. The basic materials company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.12. The firm had revenue of $3.54 billion during the quarter, compared to analysts’ expectations of $3.41 billion. Steel Dynamics had a return on equity of 13.33% and a net margin of 5.17%. The firm’s quarterly revenue was up 37.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.88 EPS. On average, analysts forecast that Steel Dynamics will post 2.63 EPS for the current fiscal year.

In related news, Director Keith E. Busse sold 8,035 shares of the business’s stock in a transaction that occurred on Wednesday, March 10th. The stock was sold at an average price of $49.06, for a total transaction of $394,197.10. Insiders own 5.00% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Granite Investment Advisors LLC acquired a new position in shares of Steel Dynamics in the 1st quarter valued at approximately $285,000. Northwest Investment Counselors LLC acquired a new position in shares of Steel Dynamics in the 1st quarter valued at approximately $28,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new position in shares of Steel Dynamics in the 1st quarter valued at approximately $2,453,000. Busey Wealth Management acquired a new position in shares of Steel Dynamics in the 1st quarter valued at approximately $239,000. Finally, Harbor Investment Advisory LLC acquired a new position in shares of Steel Dynamics in the 1st quarter valued at approximately $76,000. 79.95% of the stock is currently owned by institutional investors.

Steel Dynamics Company Profile

Steel Dynamics, Inc engages in the manufacture of steel products and metal recycling. It operates through the following segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment consists of sheet products including hot roll, cold roll, and coated steel; long products including structural steel beams, pilings, and standard and premium grade rail; and steel finishing services such as turning, polishing, straightening, chamfering, threading, and precision saw-cutting.

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