Credit Suisse Group Downgrades Steel Dynamics (STLD) to Neutral
Credit Suisse Group cut shares of Steel Dynamics (NASDAQ:STLD) from an outperform rating to a neutral rating in a research note released on Thursday morning, BenzingaRatingsTable reports. The firm currently has $29.00 price objective on the basic materials company’s stock, down from their previous price objective of $38.00.
Several other analysts have also weighed in on STLD. Citigroup set a $40.00 target price on Steel Dynamics and gave the company a buy rating in a report on Tuesday, April 23rd. BidaskClub lowered Steel Dynamics from a sell rating to a strong sell rating in a report on Tuesday. UBS Group raised Steel Dynamics from a neutral rating to a buy rating and upped their target price for the company from $35.50 to $47.00 in a report on Wednesday, May 8th. Goldman Sachs Group set a $44.00 target price on Steel Dynamics and gave the company a buy rating in a report on Tuesday, April 23rd. Finally, ValuEngine lowered Steel Dynamics from a sell rating to a strong sell rating in a report on Monday, April 1st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $46.08.
NASDAQ:STLD opened at $27.20 on Thursday. The firm has a market capitalization of $6.05 billion, a price-to-earnings ratio of 4.95, a price-to-earnings-growth ratio of 0.67 and a beta of 1.31. The company has a debt-to-equity ratio of 0.61, a current ratio of 4.02 and a quick ratio of 2.15. Steel Dynamics has a 1 year low of $27.01 and a 1 year high of $51.69.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Sunday, June 30th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date is Thursday, June 27th. Steel Dynamics’s payout ratio is 17.49%.
A number of large investors have recently modified their holdings of the business. JPMorgan Chase & Co. raised its position in Steel Dynamics by 8.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,373,423 shares of the basic materials company’s stock worth $62,065,000 after buying an additional 107,058 shares during the last quarter. Teachers Advisors LLC raised its position in Steel Dynamics by 0.8% during the 3rd quarter. Teachers Advisors LLC now owns 1,287,498 shares of the basic materials company’s stock worth $58,182,000 after buying an additional 10,556 shares during the last quarter. Legal & General Group Plc raised its position in Steel Dynamics by 121.7% during the 3rd quarter. Legal & General Group Plc now owns 1,134,289 shares of the basic materials company’s stock worth $51,258,000 after buying an additional 622,666 shares during the last quarter. Vanguard Group Inc raised its position in Steel Dynamics by 4.3% during the 3rd quarter. Vanguard Group Inc now owns 21,357,596 shares of the basic materials company’s stock worth $965,150,000 after buying an additional 882,061 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its position in Steel Dynamics by 58.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 43,674 shares of the basic materials company’s stock worth $1,312,000 after buying an additional 16,154 shares during the last quarter. 83.69% of the stock is currently owned by hedge funds and other institutional investors.
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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