Several other brokerages have also recently commented on STLD. Zacks Investment Research upgraded shares of Steel Dynamics from a sell rating to a hold rating in a report on Wednesday, July 26th. Clarkson Capital reaffirmed a neutral rating on shares of Steel Dynamics in a research report on Thursday, July 20th. BidaskClub raised shares of Steel Dynamics from a hold rating to a buy rating in a research report on Tuesday, July 25th. Bank of America Corporation upped their price target on shares of Steel Dynamics from $40.00 to $42.00 and gave the stock a buy rating in a research report on Friday, July 21st. Finally, Morgan Stanley reaffirmed a buy rating on shares of Steel Dynamics in a research report on Tuesday, July 18th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Steel Dynamics currently has a consensus rating of Buy and a consensus target price of $39.68.
Steel Dynamics (NASDAQ STLD) traded down 0.15% during midday trading on Friday, reaching $33.34. 4,430,077 shares of the company’s stock were exchanged. The firm’s 50-day moving average is $34.61 and its 200 day moving average is $34.97. The stock has a market cap of $8.00 billion, a P/E ratio of 15.31 and a beta of 1.26. Steel Dynamics has a 1-year low of $23.34 and a 1-year high of $40.17.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.63. The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.58 earnings per share. Equities analysts anticipate that Steel Dynamics will post $2.79 earnings per share for the current fiscal year.
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In other news, Director Keith E. Busse sold 4,965 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total value of $190,755.30. Following the transaction, the director now directly owns 1,005,666 shares of the company’s stock, valued at $38,637,687.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christopher A. Graham sold 5,021 shares of the stock in a transaction dated Tuesday, July 25th. The shares were 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 directly owns 26,778 shares in the company, valued at $1,018,902.90. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. Toronto Dominion Bank acquired a new position in shares of Steel Dynamics in the second quarter valued at about $107,000. 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 valued at $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 valued at $158,000 after acquiring an additional 101 shares in the last quarter. 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 valued at $169,000 after acquiring an additional 1,256 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Steel Dynamics in the second quarter valued at about $179,000. 82.70% of the stock is currently owned by institutional investors.
About Steel Dynamics
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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