Steel Dynamics (NASDAQ:STLD) Shares Gap Down to $137.30

Steel Dynamics, Inc. (NASDAQ:STLD)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $137.30, but opened at $133.53. Steel Dynamics shares last traded at $133.85, with a volume of 186,022 shares traded.

Analyst Upgrades and Downgrades

STLD has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on shares of Steel Dynamics from $100.00 to $118.00 and gave the stock an “underweight” rating in a report on Tuesday, April 16th. Citigroup lifted their price target on Steel Dynamics from $130.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, March 13th. UBS Group cut their price objective on Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating on the stock in a report on Wednesday, January 24th. Finally, BMO Capital Markets lifted their target price on Steel Dynamics from $110.00 to $120.00 and gave the stock a “market perform” rating in a report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $121.17.

Steel Dynamics Trading Down 3.2 %

The company has a current ratio of 2.91, a quick ratio of 1.67 and a debt-to-equity ratio of 0.30. The firm has a market cap of $20.52 billion, a price-to-earnings ratio of 8.92 and a beta of 1.42. The company has a fifty day moving average price of $136.80 and a 200-day moving average price of $121.97.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.54 by $0.13. The company had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.74 billion. Steel Dynamics had a return on equity of 27.83% and a net margin of 12.89%. Steel Dynamics’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same period in the previous year, the company posted $4.01 earnings per share. As a group, research analysts expect that Steel Dynamics, Inc. will post 11.79 EPS for the current year.

Steel Dynamics Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, April 14th. Investors of record on Sunday, March 31st were given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.42%. The ex-dividend date was Wednesday, March 27th. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.43. Steel Dynamics’s dividend payout ratio (DPR) is currently 12.64%.

Institutional Investors Weigh In On Steel Dynamics

Several hedge funds have recently modified their holdings of the company. CVA Family Office LLC acquired a new position in Steel Dynamics in the 4th quarter worth about $28,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Steel Dynamics during the 4th quarter worth approximately $29,000. Lindbrook Capital LLC raised its stake in shares of Steel Dynamics by 117.5% during the 4th quarter. Lindbrook Capital LLC now owns 248 shares of the basic materials company’s stock worth $29,000 after buying an additional 134 shares during the period. Security National Bank purchased a new position in shares of Steel Dynamics during the 4th quarter valued at approximately $30,000. Finally, Riverview Trust Co acquired a new stake in Steel Dynamics in the 1st quarter valued at $50,000. 82.41% of the stock is owned by hedge funds and other institutional investors.

About Steel Dynamics

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.