Steel Dynamics (NASDAQ:STLD) Price Target Cut to $127.00 by Analysts at BMO Capital Markets

Steel Dynamics (NASDAQ:STLD) had its price target reduced by BMO Capital Markets from $135.00 to $127.00 in a research note released on Tuesday, Marketbeat.com reports. BMO Capital Markets currently has a market perform rating on the basic materials company’s stock.

Several other equities research analysts have also weighed in on STLD. JPMorgan Chase & Co. raised Steel Dynamics from an underweight rating to a neutral rating and raised their price objective for the stock from $120.00 to $131.00 in a research note on Monday, September 9th. Jefferies Financial Group started coverage on Steel Dynamics in a research note on Monday, May 20th. They set a hold rating and a $150.00 price objective for the company. Bank of America decreased their target price on Steel Dynamics from $150.00 to $145.00 and set a neutral rating for the company in a research report on Wednesday, June 26th. UBS Group raised Steel Dynamics from a neutral rating to a buy rating and raised their target price for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Finally, Morgan Stanley raised their target price on Steel Dynamics from $134.00 to $138.00 and gave the stock an equal weight rating in a research report on Thursday, August 15th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Steel Dynamics presently has an average rating of Hold and an average price target of $142.29.

Steel Dynamics Stock Performance

STLD opened at $114.49 on Tuesday. The firm has a market cap of $17.99 billion, a PE ratio of 7.86 and a beta of 1.32. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. The business has a fifty day simple moving average of $120.93 and a 200-day simple moving average of $129.38. Steel Dynamics has a fifty-two week low of $95.53 and a fifty-two week high of $151.34.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.67 by $0.05. The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.43 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The company’s revenue was down 8.8% compared to the same quarter last year. During the same period last year, the company posted $4.81 EPS. As a group, equities analysts predict that Steel Dynamics will post 10.81 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.84 annualized dividend and a dividend yield of 1.61%. Steel Dynamics’s dividend payout ratio is 12.64%.

Institutional Trading of Steel Dynamics

Several hedge funds and other institutional investors have recently modified their holdings of STLD. Private Advisor Group LLC raised its holdings in shares of Steel Dynamics by 27.0% during the fourth quarter. Private Advisor Group LLC now owns 3,942 shares of the basic materials company’s stock worth $466,000 after acquiring an additional 837 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Steel Dynamics during the fourth quarter worth $271,000. Avantax Advisory Services Inc. raised its holdings in Steel Dynamics by 9.6% during the fourth quarter. Avantax Advisory Services Inc. now owns 3,101 shares of the basic materials company’s stock valued at $366,000 after buying an additional 272 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Steel Dynamics by 1.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 17,321 shares of the basic materials company’s stock valued at $2,046,000 after buying an additional 278 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in Steel Dynamics by 9.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 18,934 shares of the basic materials company’s stock valued at $2,236,000 after buying an additional 1,573 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other 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.