Steel Dynamics, Inc. (NASDAQ:STLD) Downgraded by BidaskClub to “Hold”
BidaskClub cut shares of Steel Dynamics, Inc. (NASDAQ:STLD) from a buy rating to a hold rating in a report released on Tuesday, August 1st.
STLD has been the subject of a number of other reports. Macquarie raised Steel Dynamics from a neutral rating to an outperform rating and upped their price target for the company from $38.00 to $44.00 in a report on Monday, April 24th. Barclays PLC reaffirmed a buy rating and issued a $43.00 price target on shares of Steel Dynamics in a report on Friday, May 5th. Jefferies Group LLC reiterated a buy rating and issued a $45.00 price objective on shares of Steel Dynamics in a research note on Monday, June 26th. Berenberg Bank reiterated a buy rating and issued a $46.00 price objective on shares of Steel Dynamics in a research note on Monday, June 19th. Finally, Morgan Stanley reiterated a buy rating on shares of Steel Dynamics in a research note on Tuesday, July 18th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $39.79.
Steel Dynamics (NASDAQ STLD) traded down 2.62% during trading on Tuesday, hitting $34.54. 2,276,902 shares of the company traded hands. The stock has a market capitalization of $8.29 billion, a PE ratio of 15.87 and a beta of 1.23. Steel Dynamics has a 52 week low of $22.79 and a 52 week high of $40.17. The company’s 50 day moving average is $35.88 and its 200-day moving average is $35.22.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.63. Steel Dynamics had a return on equity of 21.75% and a net margin of 6.07%. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same period in the previous year, the company posted $0.58 earnings per share. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. Analysts predict that Steel Dynamics will post $2.83 earnings per share for the current year.
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In other news, Director Keith E. Busse sold 4,965 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total value of $190,755.30. Following the transaction, the director now directly owns 1,005,666 shares in the company, valued at approximately $38,637,687.72. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Christopher A. Graham sold 5,021 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $38.05, for a total value of $191,049.05. Following the completion of the transaction, the insider now owns 26,778 shares in the company, valued at $1,018,902.90. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. OxFORD Asset Management LLP bought a new stake in shares of Steel Dynamics during the second quarter valued at approximately $956,000. Dimensional Fund Advisors LP increased its stake in shares of Steel Dynamics by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,965,171 shares of the basic materials company’s stock valued at $141,987,000 after buying an additional 168,784 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in shares of Steel Dynamics by 1.7% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 53,420 shares of the basic materials company’s stock valued at $1,913,000 after buying an additional 900 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Steel Dynamics by 190.0% in the second quarter. Renaissance Technologies LLC now owns 869,100 shares of the basic materials company’s stock valued at $31,122,000 after buying an additional 569,400 shares during the last quarter. Finally, Globeflex Capital L P increased its stake in shares of Steel Dynamics by 2.0% in the second quarter. Globeflex Capital L P now owns 95,820 shares of the basic materials company’s stock valued at $3,431,000 after buying an additional 1,879 shares during the last quarter. Institutional investors and hedge funds own 84.05% of the company’s stock.
Steel Dynamics Company Profile
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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