Brokerages Set Steel Dynamics, Inc. (STLD) Price Target at $53.60
Steel Dynamics, Inc. (NASDAQ:STLD) has been given a consensus recommendation of “Buy” by the sixteen research firms that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and eleven have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $53.60.
STLD has been the subject of a number of research analyst reports. Deutsche Bank downgraded Steel Dynamics to a “buy” rating in a report on Tuesday, October 2nd. Jefferies Financial Group restated a “buy” rating and set a $58.00 price objective on shares of Steel Dynamics in a report on Wednesday, July 25th. BMO Capital Markets dropped their price objective on Steel Dynamics from $60.00 to $53.00 and set a “buy” rating for the company in a report on Friday, October 19th. Zacks Investment Research downgraded Steel Dynamics from a “buy” rating to a “hold” rating in a report on Thursday, October 4th. Finally, ValuEngine downgraded Steel Dynamics from a “hold” rating to a “sell” rating in a report on Wednesday, October 17th.
STLD traded down $0.79 during trading on Monday, hitting $40.28. The company’s stock had a trading volume of 1,629,277 shares, compared to its average volume of 3,306,547. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.17 and a current ratio of 3.94. The company has a market capitalization of $9.79 billion, a PE ratio of 8.83, a price-to-earnings-growth ratio of 0.62 and a beta of 1.35. Steel Dynamics has a twelve month low of $35.80 and a twelve month high of $52.10.
Steel Dynamics announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, September 4th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Sunday, September 30th were issued a $0.1875 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $0.75 annualized dividend and a yield of 1.86%. Steel Dynamics’s dividend payout ratio is currently 28.30%.
In related news, insider Christopher A. Graham sold 10,800 shares of the stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $47.61, for a total value of $514,188.00. Following the completion of the sale, the insider now directly owns 26,087 shares in the company, valued at approximately $1,242,002.07. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.40% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of STLD. Victory Capital Management Inc. boosted its position in Steel Dynamics by 200.0% in the 2nd quarter. Victory Capital Management Inc. now owns 1,291,425 shares of the basic materials company’s stock valued at $59,341,000 after buying an additional 860,913 shares during the last quarter. Standard Life Aberdeen plc boosted its position in Steel Dynamics by 43.3% in the 2nd quarter. Standard Life Aberdeen plc now owns 2,690,278 shares of the basic materials company’s stock valued at $123,632,000 after buying an additional 812,425 shares during the last quarter. BlackRock Inc. boosted its position in Steel Dynamics by 3.0% in the 3rd quarter. BlackRock Inc. now owns 23,117,232 shares of the basic materials company’s stock valued at $1,044,668,000 after buying an additional 679,662 shares during the last quarter. Menora Mivtachim Holdings LTD. purchased a new position in Steel Dynamics in the 2nd quarter valued at about $28,967,000. Finally, Prudential Financial Inc. boosted its position in Steel Dynamics by 24.8% in the 3rd quarter. Prudential Financial Inc. now owns 2,461,872 shares of the basic materials company’s stock valued at $111,251,000 after buying an additional 489,463 shares during the last quarter. 83.05% of the stock is owned by institutional investors.
Steel Dynamics Company Profile
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. The company operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment provides hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; merchant bar products, including angles, merchant rounds, flats, channels, and reinforcing bars; beams, channels, and specialty steel sections; and threaded rod products, and cold drawn and heat treated bars.
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