Steel Dynamics (NASDAQ:STLD) PT Raised to $118.00 at JPMorgan Chase & Co.

Steel Dynamics (NASDAQ:STLD) had its price target raised by analysts at JPMorgan Chase & Co. from $100.00 to $118.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 15.07% from the company’s previous close.

STLD has been the subject of a number of other research reports. BMO Capital Markets increased their price objective on shares of Steel Dynamics from $110.00 to $120.00 and gave the company a “market perform” rating in a report on Monday, March 18th. Citigroup lifted their price objective on Steel Dynamics from $130.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, March 13th. Finally, UBS Group lowered their price objective on Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $120.29.

Steel Dynamics Stock Down 0.6 %

STLD stock opened at $138.93 on Tuesday. Steel Dynamics has a one year low of $90.55 and a one year high of $151.34. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.67 and a current ratio of 2.91. The firm’s fifty day moving average is $135.75 and its 200 day moving average is $121.05. The firm has a market cap of $21.94 billion, a PE ratio of 9.52 and a beta of 1.42.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, January 23rd. The basic materials company reported $2.61 earnings per share for the quarter, missing the consensus estimate of $2.63 by ($0.02). Steel Dynamics had a net margin of 13.04% and a return on equity of 29.49%. The business had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same quarter in the prior year, the firm earned $4.37 EPS. Steel Dynamics’s revenue for the quarter was down 12.3% on a year-over-year basis. On average, research analysts forecast that Steel Dynamics will post 11.6 EPS for the current year.

Institutional Trading of Steel Dynamics

A number of institutional investors have recently bought and sold shares of STLD. New Mexico Educational Retirement Board lifted its holdings in shares of Steel Dynamics by 366.7% in the first quarter. New Mexico Educational Retirement Board now owns 39,200 shares of the basic materials company’s stock valued at $5,811,000 after purchasing an additional 30,800 shares in the last quarter. Kathmere Capital Management LLC acquired a new stake in Steel Dynamics during the 1st quarter valued at $248,000. Artemis Investment Management LLP grew its holdings in Steel Dynamics by 82.3% during the 1st quarter. Artemis Investment Management LLP now owns 61,859 shares of the basic materials company’s stock valued at $9,164,000 after buying an additional 27,926 shares during the last quarter. Hennessy Advisors Inc. increased its position in Steel Dynamics by 30.3% during the first quarter. Hennessy Advisors Inc. now owns 59,700 shares of the basic materials company’s stock worth $8,849,000 after buying an additional 13,900 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Steel Dynamics by 4.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 30,487 shares of the basic materials company’s stock worth $4,519,000 after buying an additional 1,364 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.