Bank of America Corporation Raises Steel Dynamics, Inc. (STLD) Price Target to $45.00

Steel Dynamics, Inc. (NASDAQ:STLD) had its price objective boosted by equities research analysts at Bank of America Corporation from $44.00 to $45.00 in a research report issued on Friday. The brokerage currently has a “buy” rating on the basic materials company’s stock. Bank of America Corporation’s price target indicates a potential upside of 19.11% from the company’s current price.

A number of other research analysts have also weighed in on the stock. Cowen and Company set a $43.00 target price on shares of Steel Dynamics and gave the stock a “buy” rating in a research note on Friday. Citigroup Inc. raised their target price on shares of Steel Dynamics from $41.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday. KeyCorp raised shares of Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $44.00 target price on the stock in a research note on Friday. Jefferies Group LLC reissued a “buy” rating and issued a $43.00 target price on shares of Steel Dynamics in a research note on Friday, October 6th. Finally, Longbow Research lowered shares of Steel Dynamics from a “buy” rating to a “neutral” rating in a research note on Monday, October 2nd. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $40.91.

Shares of Steel Dynamics (NASDAQ STLD) traded up 2.91% during midday trading on Friday, reaching $38.88. The company’s stock had a trading volume of 2,315,931 shares. The stock has a market capitalization of $9.33 billion, a PE ratio of 17.86 and a beta of 1.29. The company has a 50 day moving average price of $34.72 and a 200-day moving average price of $34.98. Steel Dynamics has a 52 week low of $25.96 and a 52 week high of $40.17.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Wednesday, October 18th. The basic materials company reported $0.66 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.66. Steel Dynamics had a net margin of 5.79% and a return on equity of 21.61%. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same period last year, the company posted $0.64 EPS. The business’s revenue was up 16.3% on a year-over-year basis. On average, equities research analysts expect that Steel Dynamics will post $2.68 EPS for the current year.

COPYRIGHT VIOLATION NOTICE: This story was reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this story on another domain, it was illegally stolen and republished in violation of international trademark & copyright legislation. The original version of this story can be viewed at https://ledgergazette.com/2017/10/20/bank-of-america-corporation-raises-steel-dynamics-inc-stld-price-target-to-45-00.html.

In other Steel Dynamics news, Director Keith E. Busse sold 4,965 shares of the business’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total value of $190,755.30. Following the completion of the transaction, the director now owns 1,005,666 shares in the company, valued at $38,637,687.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Christopher A. Graham sold 5,021 shares of the business’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $38.05, for a total transaction of $191,049.05. Following the completion of the transaction, the insider now owns 26,778 shares of the company’s stock, valued at approximately $1,018,902.90. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the business. Toronto Dominion Bank acquired a new position in shares of Steel Dynamics in the second quarter worth $107,000. Hefty Wealth Partners grew its stake in shares of Steel Dynamics by 76.1% in the third quarter. Hefty Wealth Partners now owns 3,417 shares of the basic materials company’s stock worth $118,000 after acquiring an additional 1,477 shares in the last quarter. Washington Trust Bank grew its stake in shares of Steel Dynamics by 48.8% in the second quarter. Washington Trust Bank now owns 3,393 shares of the basic materials company’s stock worth $122,000 after acquiring an additional 1,113 shares in the last quarter. Advisory Services Network LLC grew its stake in shares of Steel Dynamics by 2.3% in the second quarter. Advisory Services Network LLC now owns 4,414 shares of the basic materials company’s stock worth $158,000 after acquiring an additional 101 shares in the last quarter. Finally, Creative Planning grew its stake in shares of Steel Dynamics by 36.3% in the second quarter. Creative Planning now owns 4,718 shares of the basic materials company̵

A number of other research analysts have also weighed in on the stock. Cowen and Company set a $43.00 target price on shares of Steel Dynamics and gave the stock a “buy” rating in a research note on Friday. Citigroup Inc. raised their target price on shares of Steel Dynamics from $41.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday. KeyCorp raised shares of Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $44.00 target price on the stock in a research note on Friday. Jefferies Group LLC reissued a “buy” rating and issued a $43.00 target price on shares of Steel Dynamics in a research note on Friday, October 6th. Finally, Longbow Research lowered shares of Steel Dynamics from a “buy” rating to a “neutral” rating in a research note on Monday, October 2nd. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $40.91.

Shares of Steel Dynamics (NASDAQ STLD) traded up 2.91% during midday trading on Friday, reaching $38.88. The company’s stock had a trading volume of 2,315,931 shares. The stock has a market capitalization of $9.33 billion, a PE ratio of 17.86 and a beta of 1.29. The company has a 50 day moving average price of $34.72 and a 200-day moving average price of $34.98. Steel Dynamics has a 52 week low of $25.96 and a 52 week high of $40.17.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Wednesday, October 18th. The basic materials company reported $0.66 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.66. Steel Dynamics had a net margin of 5.79% and a return on equity of 21.61%. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same period last year, the company posted $0.64 EPS. The business’s revenue was up 16.3% on a year-over-year basis. On average, equities research analysts expect that Steel Dynamics will post $2.68 EPS for the current year.

COPYRIGHT VIOLATION NOTICE: This story was reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this story on another domain, it was illegally stolen and republished in violation of international trademark & copyright legislation. The original version of this story can be viewed at https://ledgergazette.com/2017/10/20/bank-of-america-corporation-raises-steel-dynamics-inc-stld-price-target-to-45-00.html.

In other Steel Dynamics news, Director Keith E. Busse sold 4,965 shares of the business’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total value of $190,755.30. Following the completion of the transaction, the director now owns 1,005,666 shares in the company, valued at $38,637,687.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Christopher A. Graham sold 5,021 shares of the business’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $38.05, for a total transaction of $191,049.05. Following the completion of the transaction, the insider now owns 26,778 shares of the company’s stock, valued at approximately $1,018,902.90. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the business. Toronto Dominion Bank acquired a new position in shares of Steel Dynamics in the second quarter worth $107,000. Hefty Wealth Partners grew its stake in shares of Steel Dynamics by 76.1% in the third quarter. Hefty Wealth Partners now owns 3,417 shares of the basic materials company’s stock worth $118,000 after acquiring an additional 1,477 shares in the last quarter. Washington Trust Bank grew its stake in shares of Steel Dynamics by 48.8% in the second quarter. Washington Trust Bank now owns 3,393 shares of the basic materials company’s stock worth $122,000 after acquiring an additional 1,113 shares in the last quarter. Advisory Services Network LLC grew its stake in shares of Steel Dynamics by 2.3% in the second quarter. Advisory Services Network LLC now owns 4,414 shares of the basic materials company’s stock worth $158,000 after acquiring an additional 101 shares in the last quarter. Finally, Creative Planning grew its stake in shares of Steel Dynamics by 36.3% in the second quarter. Creative Planning now owns 4,718 shares of the basic materials company’s stock worth $169,000 after acquiring an additional 1,256 shares in the last quarter. Institutional investors and hedge funds own 82.58% 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.

Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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