JPMorgan Chase & Co. Cuts Steel Dynamics (NASDAQ:STLD) Price Target to $132.00

Steel Dynamics (NASDAQ:STLD) had its price target reduced by JPMorgan Chase & Co. from $134.00 to $132.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a neutral rating on the basic materials company’s stock.

A number of other brokerages have also issued reports on STLD. Citigroup cut their price target on shares of Steel Dynamics from $160.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. UBS Group reaffirmed a “neutral” rating and set a $149.00 price target (up from $145.00) on shares of Steel Dynamics in a report on Thursday, December 12th. BMO Capital Markets upped their target price on shares of Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a report on Friday, October 18th. Jefferies Financial Group dropped their price target on Steel Dynamics from $145.00 to $125.00 and set a “hold” rating on the stock in a research note on Monday, January 6th. Finally, BNP Paribas raised Steel Dynamics from a “neutral” rating to an “outperform” rating in a report on Friday, January 3rd. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Steel Dynamics has a consensus rating of “Hold” and a consensus target price of $140.88.

Steel Dynamics Stock Performance

Shares of Steel Dynamics stock opened at $125.83 on Friday. The firm has a market cap of $19.16 billion, a PE ratio of 11.39 and a beta of 1.36. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. Steel Dynamics has a 52 week low of $104.60 and a 52 week high of $155.56. The business’s fifty day simple moving average is $129.13 and its 200-day simple moving average is $126.44.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Tuesday, December 31st were issued a $0.46 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.46%. Steel Dynamics’s payout ratio is currently 16.65%.

Insider Buying and Selling

In related news, VP Chad Bickford sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $134.86, for a total transaction of $269,720.00. Following the completion of the sale, the vice president now directly owns 17,100 shares in the company, valued at approximately $2,306,106. This trade represents a 10.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Miguel Alvarez sold 6,650 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $143.00, for a total value of $950,950.00. Following the sale, the senior vice president now owns 116,949 shares of the company’s stock, valued at approximately $16,723,707. This represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,650 shares of company stock worth $1,498,170 in the last three months. 6.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in STLD. Wilmington Savings Fund Society FSB bought a new stake in Steel Dynamics in the third quarter valued at about $25,000. ORG Wealth Partners LLC acquired a new stake in Steel Dynamics during the fourth quarter valued at approximately $28,000. Private Trust Co. NA grew its stake in shares of Steel Dynamics by 532.6% in the 3rd quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 245 shares during the period. Brooklyn Investment Group acquired a new position in shares of Steel Dynamics in the 3rd quarter worth approximately $61,000. Finally, Quest Partners LLC bought a new position in shares of Steel Dynamics during the 3rd quarter worth approximately $62,000. 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.