Steel Dynamics, Inc. (NASDAQ:STLD) Stock Has Consensus Price Target of $258.45

Shares of Steel Dynamics, Inc. (NASDAQ:STLD) have been given an average recommendation of “Moderate Buy” by the twelve brokerages that are covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $258.55.

STLD has been the subject of a number of recent analyst reports. Morgan Stanley decreased their price target on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 22nd. Barclays boosted their price objective on Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a report on Wednesday, July 22nd. JPMorgan Chase & Co. reduced their price objective on shares of Steel Dynamics from $273.00 to $272.00 and set a “neutral” rating for the company in a research note on Friday, September 18th. UBS Group raised their target price on shares of Steel Dynamics from $165.00 to $276.00 and gave the stock a “neutral” rating in a report on Monday, August 10th. Finally, The Goldman Sachs Group initiated coverage on shares of Steel Dynamics in a research report on Wednesday, July 29th. They issued a “buy” rating and a $300.00 target price on the stock.

Hedge Funds Weigh In On Steel Dynamics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. QRG Capital Management Inc. boosted its position in shares of Steel Dynamics by 24.5% in the second quarter. QRG Capital Management Inc. now owns 8,421 shares of the basic materials company’s stock worth $1,932,000 after buying an additional 1,659 shares during the period. Envestnet Asset Management Inc. raised its position in Steel Dynamics by 0.8% during the second quarter. Envestnet Asset Management Inc. now owns 267,193 shares of the basic materials company’s stock valued at $61,310,000 after buying an additional 2,095 shares during the period. Tidal Investments LLC raised its position in Steel Dynamics by 15.6% during the second quarter. Tidal Investments LLC now owns 27,467 shares of the basic materials company’s stock valued at $6,303,000 after buying an additional 3,709 shares during the period. WINTON GROUP Ltd purchased a new stake in Steel Dynamics in the 2nd quarter worth about $2,180,000. Finally, Integrated Wealth Concepts LLC lifted its stake in Steel Dynamics by 3.9% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 2,912 shares of the basic materials company’s stock worth $668,000 after acquiring an additional 110 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Price Performance

NASDAQ STLD opened at $235.20 on Friday. Steel Dynamics has a 1 year low of $134.87 and a 1 year high of $288.74. The business’s fifty day moving average is $243.98 and its two-hundred day moving average is $229.70. The stock has a market capitalization of $33.71 billion, a P/E ratio of 21.32, a P/E/G ratio of 0.41 and a beta of 1.50. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, topping the consensus estimate of $3.63 by $0.06. The business had revenue of $6.09 billion during the quarter, compared to analyst estimates of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company’s revenue was up 33.4% compared to the same quarter last year. During the same period last year, the company posted $2.01 EPS. On average, research analysts forecast that Steel Dynamics will post 18.42 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. Steel Dynamics’s dividend payout ratio (DPR) is currently 19.22%.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnaces that use recycled steel and other metallic inputs to manufacture a broad range of steel products. Its customers include companies in the construction, automotive, manufacturing, transportation, energy and appliance industries.

Steel Dynamics’ steel operations produce flat-rolled steel, structural steel, rail, engineered bar products and other specialty steel products.