Steel Dynamics (NASDAQ:STLD) Given a $34.00 Price Target at Citigroup
Citigroup set a $34.00 target price on Steel Dynamics (NASDAQ:STLD) in a research report released on Tuesday morning, TipRanks reports. The brokerage currently has a buy rating on the basic materials company’s stock.
A number of other brokerages also recently commented on STLD. Goldman Sachs Group set a $44.00 target price on shares of Steel Dynamics and gave the stock a buy rating in a research note on Tuesday, April 23rd. Credit Suisse Group downgraded shares of Steel Dynamics from an outperform rating to a neutral rating and reduced their target price for the stock from $38.00 to $29.00 in a research note on Thursday, May 23rd. BidaskClub upgraded shares of Steel Dynamics from a strong sell rating to a sell rating in a research report on Saturday, May 4th. ValuEngine downgraded shares of Steel Dynamics from a sell rating to a strong sell rating in a research report on Monday, April 1st. Finally, Macquarie set a $36.00 price objective on shares of Steel Dynamics and gave the company a hold rating in a research note on Tuesday, April 23rd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $42.54.
STLD opened at $26.63 on Tuesday. The firm has a market cap of $5.76 billion, a P/E ratio of 4.85, a PEG ratio of 0.61 and a beta of 1.46. Steel Dynamics has a fifty-two week low of $25.02 and a fifty-two week high of $50.67. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.15 and a current ratio of 4.02.
The business 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. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $0.96 dividend on an annualized basis and a yield of 3.60%. Steel Dynamics’s dividend payout ratio is 17.49%.
In other Steel Dynamics news, insider Russell B. Rinn purchased 2,000 shares of the firm’s stock in a transaction dated Friday, May 31st. The shares were bought at an average price of $25.58 per share, for a total transaction of $51,160.00. Following the purchase, the insider now owns 220,459 shares in the company, valued at approximately $5,639,341.22. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Glenn Pushis acquired 5,740 shares of Steel Dynamics stock in a transaction that occurred on Wednesday, June 5th. The shares were purchased at an average price of $26.13 per share, for a total transaction of $149,986.20. Following the transaction, the insider now directly owns 91,289 shares in the company, valued at $2,385,381.57. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 12,740 shares of company stock valued at $336,296. Corporate insiders own 4.90% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc raised its position in Steel Dynamics by 4.3% in the third quarter. Vanguard Group Inc now owns 21,357,596 shares of the basic materials company’s stock worth $965,150,000 after acquiring an additional 882,061 shares in the last quarter. First Mercantile Trust Co. grew its stake in Steel Dynamics by 45.2% during the 4th quarter. First Mercantile Trust Co. now owns 2,570 shares of the basic materials company’s stock valued at $77,000 after acquiring an additional 800 shares in the last quarter. Alps Advisors Inc. grew its stake in Steel Dynamics by 198.4% during the 4th quarter. Alps Advisors Inc. now owns 31,208 shares of the basic materials company’s stock valued at $937,000 after acquiring an additional 20,749 shares in the last quarter. Bailard Inc. grew its stake in Steel Dynamics by 37.4% during the 4th quarter. Bailard Inc. now owns 14,109 shares of the basic materials company’s stock valued at $424,000 after acquiring an additional 3,844 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in shares of Steel Dynamics by 6.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 8,500 shares of the basic materials company’s stock valued at $255,000 after buying an additional 500 shares in the last quarter. 81.38% 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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