Steel Dynamics (NASDAQ:STLD) Downgraded by BidaskClub

Steel Dynamics (NASDAQ:STLD) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Saturday, October 19th, BidAskClub reports.

STLD has been the subject of several other reports. Longbow Research lowered shares of Steel Dynamics from a “buy” rating to a “neutral” rating in a research note on Monday, August 26th. Deutsche Bank reaffirmed a “hold” rating on shares of Steel Dynamics in a research note on Thursday, June 27th. BMO Capital Markets lowered shares of Steel Dynamics to a “hold” rating and set a $30.00 price objective for the company. in a research note on Friday, September 13th. ValuEngine downgraded Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Thursday, October 17th. Finally, Bank of America decreased their target price on Steel Dynamics from $34.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Steel Dynamics has a consensus rating of “Hold” and a consensus price target of $32.64.

Shares of NASDAQ STLD traded up $0.04 during mid-day trading on Friday, reaching $31.62. 1,261,400 shares of the company’s stock traded hands, compared to its average volume of 2,343,502. The stock has a market cap of $6.77 billion, a P/E ratio of 5.76, a PEG ratio of 0.86 and a beta of 1.66. The company has a debt-to-equity ratio of 0.60, a current ratio of 4.00 and a quick ratio of 2.24. Steel Dynamics has a 1-year low of $25.02 and a 1-year high of $41.02. The business has a 50-day simple moving average of $29.89 and a 200 day simple moving average of $29.48.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.01). Steel Dynamics had a net margin of 7.44% and a return on equity of 22.08%. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same quarter in the previous year, the business earned $1.69 EPS. Equities research analysts anticipate that Steel Dynamics will post 3.03 earnings per share for the current fiscal year.

In other Steel Dynamics news, SVP Miguel Alvarez purchased 8,920 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were acquired at an average price of $27.72 per share, for a total transaction of $247,262.40. Following the completion of the purchase, the senior vice president now owns 700 shares of the company’s stock, valued at $19,404. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 4.90% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of STLD. Nordea Investment Management AB boosted its position in Steel Dynamics by 1.4% in the first quarter. Nordea Investment Management AB now owns 276,470 shares of the basic materials company’s stock valued at $9,751,000 after buying an additional 3,767 shares during the last quarter. Amundi Pioneer Asset Management Inc. boosted its position in Steel Dynamics by 12.3% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 256,517 shares of the basic materials company’s stock valued at $9,048,000 after buying an additional 28,050 shares during the last quarter. Denali Advisors LLC boosted its position in Steel Dynamics by 132.6% in the second quarter. Denali Advisors LLC now owns 80,000 shares of the basic materials company’s stock valued at $2,416,000 after buying an additional 45,600 shares during the last quarter. WINTON GROUP Ltd boosted its position in Steel Dynamics by 2,223.1% in the second quarter. WINTON GROUP Ltd now owns 679,378 shares of the basic materials company’s stock valued at $20,517,000 after buying an additional 650,134 shares during the last quarter. Finally, Empirical Finance LLC boosted its position in Steel Dynamics by 1.1% in the second quarter. Empirical Finance LLC now owns 32,950 shares of the basic materials company’s stock valued at $995,000 after buying an additional 363 shares during the last quarter. Hedge funds and other institutional investors own 79.96% of the company’s stock.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.

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Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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