JPMorgan Chase & Co. Increases Steel Dynamics (NASDAQ:STLD) Price Target to $118.00

Steel Dynamics (NASDAQ:STLD) had its price objective lifted by JPMorgan Chase & Co. from $100.00 to $118.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “underweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price points to a potential downside of 15.07% from the company’s current price.

A number of other research analysts also recently weighed in on STLD. UBS Group cut their price target on shares of Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating on the stock in a report on Wednesday, January 24th. Citigroup increased their price objective on Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, March 13th. Finally, BMO Capital Markets upped their target price on Steel Dynamics from $110.00 to $120.00 and gave the stock a “market perform” rating in a research report on Monday, March 18th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Steel Dynamics presently has an average rating of “Hold” and a consensus target price of $120.29.

Steel Dynamics Trading Down 0.6 %

Steel Dynamics stock opened at $138.93 on Tuesday. The company has a quick ratio of 1.67, a current ratio of 2.91 and a debt-to-equity ratio of 0.30. Steel Dynamics has a 12 month low of $90.55 and a 12 month high of $151.34. The company’s fifty day simple moving average is $135.75 and its 200-day simple moving average is $121.05. The stock has a market cap of $21.94 billion, a P/E ratio of 9.52 and a beta of 1.42.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, January 23rd. The basic materials company reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.02). Steel Dynamics had a return on equity of 29.49% and a net margin of 13.04%. The firm had revenue of $4.23 billion for the quarter, compared to analysts’ expectations of $4.22 billion. During the same period last year, the business earned $4.37 earnings per share. The firm’s revenue for the quarter was down 12.3% on a year-over-year basis. As a group, sell-side analysts forecast that Steel Dynamics will post 11.6 EPS for the current fiscal year.

Institutional Trading of Steel Dynamics

A number of hedge funds have recently bought and sold shares of the stock. Greenfield Savings Bank lifted its stake in shares of Steel Dynamics by 0.7% in the first quarter. Greenfield Savings Bank now owns 11,676 shares of the basic materials company’s stock valued at $1,731,000 after buying an additional 85 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Steel Dynamics by 9.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,068 shares of the basic materials company’s stock valued at $126,000 after buying an additional 88 shares in the last quarter. Signaturefd LLC raised its stake in shares of Steel Dynamics by 0.9% in the 4th quarter. Signaturefd LLC now owns 10,698 shares of the basic materials company’s stock valued at $1,263,000 after buying an additional 93 shares in the last quarter. Global Retirement Partners LLC boosted its position in shares of Steel Dynamics by 25.8% during the 4th quarter. Global Retirement Partners LLC now owns 478 shares of the basic materials company’s stock valued at $53,000 after acquiring an additional 98 shares in the last quarter. Finally, Wellington Shields & Co. LLC increased its stake in Steel Dynamics by 50.0% in the fourth quarter. Wellington Shields & Co. LLC now owns 300 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 100 shares during the period. 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.