BMO Capital Markets Boosts Steel Dynamics (NASDAQ:STLD) Price Target to $135.00

Steel Dynamics (NASDAQ:STLD) had its price objective raised by BMO Capital Markets from $130.00 to $135.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has a market perform rating on the basic materials company’s stock.

A number of other brokerages also recently commented on STLD. Morgan Stanley cut their price objective on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. JPMorgan Chase & Co. cut their price target on shares of Steel Dynamics from $131.00 to $129.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. Finally, Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $140.00 to $155.00 in a research report on Tuesday, October 1st. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $144.29.

Steel Dynamics Stock Performance

NASDAQ STLD opened at $136.57 on Friday. The firm has a market cap of $21.46 billion, a P/E ratio of 9.38 and a beta of 1.31. Steel Dynamics has a 52-week low of $98.25 and a 52-week high of $151.34. The business’s 50-day moving average price is $120.79 and its 200 day moving average price is $127.37. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.07. The company had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.18 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The company’s revenue was down 5.4% on a year-over-year basis. During the same period last year, the business posted $3.47 EPS. On average, equities research analysts expect that Steel Dynamics will post 10.12 earnings per share for the current year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders 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 1.35%. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.64%.

Institutional Investors Weigh In On Steel Dynamics

Several institutional investors have recently modified their holdings of the company. Atomi Financial Group Inc. raised its holdings in Steel Dynamics by 3.1% during the first quarter. Atomi Financial Group Inc. now owns 2,667 shares of the basic materials company’s stock worth $395,000 after purchasing an additional 79 shares during the last quarter. Csenge Advisory Group increased its position in shares of Steel Dynamics by 2.8% in the second quarter. Csenge Advisory Group now owns 2,939 shares of the basic materials company’s stock valued at $381,000 after buying an additional 81 shares in the last quarter. Dorsey Wright & Associates increased its position in shares of Steel Dynamics by 0.4% in the second quarter. Dorsey Wright & Associates now owns 23,551 shares of the basic materials company’s stock valued at $3,050,000 after buying an additional 96 shares in the last quarter. Stiles Financial Services Inc raised its stake in shares of Steel Dynamics by 0.5% during the 2nd quarter. Stiles Financial Services Inc now owns 18,753 shares of the basic materials company’s stock worth $2,429,000 after buying an additional 99 shares during the last quarter. Finally, Resonant Capital Advisors LLC boosted its position in shares of Steel Dynamics by 3.4% in the 2nd quarter. Resonant Capital Advisors LLC now owns 3,046 shares of the basic materials company’s stock worth $396,000 after buying an additional 99 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

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.