JPMorgan Chase & Co. Increases Steel Dynamics (NASDAQ:STLD) Price Target to $134.00

Steel Dynamics (NASDAQ:STLD) had its price objective upped by equities researchers at JPMorgan Chase & Co. from $129.00 to $134.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 2.47% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. BMO Capital Markets increased their target price on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a report on Friday. Morgan Stanley cut their price target on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. Finally, Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $140.00 to $155.00 in a research report on Tuesday, October 1st. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $144.29.

Steel Dynamics Stock Up 1.7 %

Shares of NASDAQ STLD traded up $2.35 during midday trading on Friday, hitting $137.40. The company’s stock had a trading volume of 577,597 shares, compared to its average volume of 1,262,272. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19. Steel Dynamics has a 1 year low of $98.25 and a 1 year high of $151.34. The firm has a market capitalization of $21.20 billion, a price-to-earnings ratio of 10.96 and a beta of 1.31. The business’s fifty day simple moving average is $120.44 and its two-hundred day simple moving average is $127.60.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.07. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The business had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.18 billion. During the same period last year, the firm earned $3.47 earnings per share. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. On average, equities analysts predict that Steel Dynamics will post 10.12 EPS for the current year.

Hedge Funds Weigh In On Steel Dynamics

A number of hedge funds have recently modified their holdings of STLD. Nordea Investment Management AB raised its stake in Steel Dynamics by 2.5% during the 1st quarter. Nordea Investment Management AB now owns 1,034,133 shares of the basic materials company’s stock valued at $153,290,000 after acquiring an additional 25,280 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Steel Dynamics by 1,498.4% during the first quarter. SG Americas Securities LLC now owns 29,730 shares of the basic materials company’s stock worth $4,407,000 after purchasing an additional 27,870 shares during the last quarter. Trustmark National Bank Trust Department lifted its holdings in shares of Steel Dynamics by 126.6% during the first quarter. Trustmark National Bank Trust Department now owns 7,134 shares of the basic materials company’s stock worth $1,057,000 after purchasing an additional 3,986 shares during the period. Bessemer Group Inc. grew its position in Steel Dynamics by 2,679.3% in the 1st quarter. Bessemer Group Inc. now owns 10,867 shares of the basic materials company’s stock valued at $1,611,000 after buying an additional 10,476 shares during the last quarter. Finally, Hennessy Advisors Inc. grew its position in Steel Dynamics by 30.3% in the 1st quarter. Hennessy Advisors Inc. now owns 59,700 shares of the basic materials company’s stock valued at $8,849,000 after buying an additional 13,900 shares during the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

About Steel Dynamics

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.