Bank of America Trims Steel Dynamics (NASDAQ:STLD) Target Price to $145.00

Steel Dynamics (NASDAQ:STLD) had its price target cut by Bank of America from $150.00 to $145.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a neutral rating on the basic materials company’s stock.

A number of other equities analysts have also commented on STLD. Citigroup lifted their price objective on Steel Dynamics from $130.00 to $160.00 and gave the stock a buy rating in a research note on Wednesday, March 13th. Jefferies Financial Group started coverage on Steel Dynamics in a research note on Monday, May 20th. They issued a hold rating and a $150.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on Steel Dynamics from $100.00 to $118.00 and gave the stock an underweight rating in a research note on Tuesday, April 16th. Finally, BMO Capital Markets dropped their price objective on Steel Dynamics from $140.00 to $135.00 and set a market perform rating on the stock in a research note on Tuesday, June 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $129.63.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $129.50 on Wednesday. Steel Dynamics has a fifty-two week low of $95.53 and a fifty-two week high of $151.34. The business has a 50-day moving average of $130.28 and a two-hundred day moving average of $128.63. The stock has a market capitalization of $20.35 billion, a P/E ratio of 8.89 and a beta of 1.40. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.87 and a quick ratio of 1.55.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.54 by $0.13. Steel Dynamics had a return on equity of 27.62% and a net margin of 12.89%. The company had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $4.74 billion. During the same quarter in the previous year, the firm earned $4.01 earnings per share. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, equities research analysts predict that Steel Dynamics will post 11.26 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Sunday, June 30th will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.84 annualized dividend and a yield of 1.42%. Steel Dynamics’s dividend payout ratio is 12.64%.

Insider Activity at Steel Dynamics

In related news, SVP Christopher A. Graham sold 21,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $136.81, for a total transaction of $2,873,010.00. Following the transaction, the senior vice president now directly owns 60,415 shares in the company, valued at $8,265,376.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Steel Dynamics

A number of institutional investors have recently added to or reduced their stakes in STLD. Larson Financial Group LLC acquired a new stake in Steel Dynamics during the first quarter valued at approximately $25,000. LifeSteps Financial Inc. acquired a new stake in Steel Dynamics during the first quarter valued at approximately $26,000. CVA Family Office LLC acquired a new stake in Steel Dynamics during the fourth quarter valued at approximately $28,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Steel Dynamics during the fourth quarter valued at approximately $29,000. Finally, Lindbrook Capital LLC boosted its holdings in Steel Dynamics by 117.5% during the fourth quarter. Lindbrook Capital LLC now owns 248 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 134 shares in the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.

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.