Steel Dynamics (NASDAQ:STLD) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Steel Dynamics, Inc. is unique among American steel companies. It is one of the youngest of America’s major steel companies. It quickly grew to become one of the premier carbon steel producers in the United States. Steel Dynamics’ historic growth is a combination of organic capacity greenfield additions and strategic acquisitions. By adding upstream assets that provide raw materials needed to produce high quality steel at each of its mills, and bridging downstream assets that fabricate a variety of high quality steel products, Steel Dynamics has both broadened its product portfolio and expanded its market diversity. As the company’s steelmaking capacity grew and it introduced new products to the market, the company began delivering strong earnings. “
STLD has been the topic of a number of other research reports. KeyCorp set a $49.00 price target on Steel Dynamics and gave the company a “buy” rating in a report on Wednesday, January 10th. BidaskClub raised Steel Dynamics from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 6th. Bank of America set a $51.00 price target on Steel Dynamics and gave the company a “buy” rating in a report on Monday, January 8th. Cowen set a $60.00 price target on Steel Dynamics and gave the company a “buy” rating in a report on Monday, February 5th. Finally, BMO Capital Markets lifted their price target on Steel Dynamics to $55.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Steel Dynamics has an average rating of “Buy” and an average target price of $46.64.
Steel Dynamics (NASDAQ:STLD) traded up $0.50 on Wednesday, hitting $47.74. The stock had a trading volume of 498,820 shares, compared to its average volume of 2,755,255. The company has a market capitalization of $11,090.63, a PE ratio of 14.18, a PEG ratio of 0.98 and a beta of 1.27. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.29 and a current ratio of 4.04. Steel Dynamics has a 52 week low of $32.15 and a 52 week high of $50.70.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Monday, January 22nd. The basic materials company reported $0.54 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.05. The company had revenue of $2.34 billion for the quarter, compared to analysts’ expectations of $2.17 billion. Steel Dynamics had a return on equity of 21.48% and a net margin of 8.52%. equities analysts forecast that Steel Dynamics will post 4 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cerebellum GP LLC acquired a new position in shares of Steel Dynamics during the fourth quarter valued at approximately $132,000. Steward Partners Investment Advisory LLC acquired a new position in shares of Steel Dynamics during the third quarter valued at approximately $112,000. Amica Retiree Medical Trust acquired a new position in shares of Steel Dynamics during the fourth quarter valued at approximately $143,000. CoreCommodity Management LLC acquired a new position in shares of Steel Dynamics during the fourth quarter valued at approximately $146,000. Finally, National Pension Service acquired a new position in shares of Steel Dynamics during the fourth quarter valued at approximately $150,000. Institutional investors and hedge funds own 85.46% of the company’s stock.
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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.
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