Steel Dynamics (NASDAQ:STLD) Upgraded by ValuEngine to Hold
Several other brokerages also recently commented on STLD. Goldman Sachs Group lowered their price target on Steel Dynamics from $44.00 to $36.00 and set a buy rating on the stock in a report on Tuesday, June 4th. Longbow Research downgraded Steel Dynamics from a buy rating to a neutral rating in a report on Monday, August 26th. Deutsche Bank reiterated a hold rating on shares of Steel Dynamics in a report on Thursday, June 27th. Citigroup set a $34.00 price target on Steel Dynamics and gave the company a buy rating in a report on Tuesday, June 11th. Finally, Credit Suisse Group downgraded Steel Dynamics from an outperform rating to a neutral rating and lowered their price target for the company from $38.00 to $29.00 in a report on Thursday, May 23rd. Ten equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Steel Dynamics presently has a consensus rating of Hold and an average target price of $37.27.
NASDAQ:STLD traded up $0.29 during mid-day trading on Thursday, reaching $32.20. The stock had a trading volume of 92,446 shares, compared to its average volume of 1,950,800. The business’s 50 day moving average is $28.58 and its 200 day moving average is $31.04. Steel Dynamics has a fifty-two week low of $25.02 and a fifty-two week high of $48.17. The stock has a market cap of $7.01 billion, a P/E ratio of 5.87, a PEG ratio of 0.81 and a beta of 1.64. The company has a debt-to-equity ratio of 0.60, a current ratio of 4.35 and a quick ratio of 2.40.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a $0.24 dividend. The ex-dividend date is Friday, September 27th. This represents a $0.96 annualized dividend and a yield of 2.98%. Steel Dynamics’s dividend payout ratio (DPR) is currently 17.49%.
In other news, SVP Miguel Alvarez bought 8,920 shares of Steel Dynamics stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $27.72 per share, with a total value of $247,262.40. Following the completion of the transaction, the senior vice president now directly owns 700 shares in the company, valued at $19,404. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.90% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of STLD. Candriam Luxembourg S.C.A. lifted its holdings in shares of Steel Dynamics by 2.5% during the second quarter. Candriam Luxembourg S.C.A. now owns 27,559 shares of the basic materials company’s stock valued at $829,000 after acquiring an additional 674 shares during the period. State of Wisconsin Investment Board lifted its holdings in shares of Steel Dynamics by 18.7% during the first quarter. State of Wisconsin Investment Board now owns 604,609 shares of the basic materials company’s stock valued at $21,325,000 after acquiring an additional 95,353 shares during the period. Cetera Advisor Networks LLC bought a new position in shares of Steel Dynamics during the first quarter valued at $219,000. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Steel Dynamics by 4.5% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 22,804 shares of the basic materials company’s stock valued at $804,000 after acquiring an additional 984 shares during the period. Finally, Marshall Wace LLP lifted its holdings in shares of Steel Dynamics by 1,482.6% during the first quarter. Marshall Wace LLP now owns 593,892 shares of the basic materials company’s stock valued at $20,947,000 after acquiring an additional 556,366 shares during the period. 80.04% of the stock is 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.
Further Reading: Limitations of the P/E Growth ratio
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