Steel Dynamics (NASDAQ:STLD) Price Target Cut to $256.00 by Analysts at JPMorgan Chase & Co.

Steel Dynamics (NASDAQ:STLD) had its price objective cut by equities research analysts at JPMorgan Chase & Co. from $262.00 to $256.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 9.71% from the company’s current price.

Several other brokerages also recently commented on STLD. KeyCorp increased their price objective on Steel Dynamics from $241.00 to $262.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. BMO Capital Markets increased their price objective on shares of Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research note on Wednesday, April 22nd. Morgan Stanley increased their price target on Steel Dynamics from $227.00 to $270.00 and gave the company an “equal weight” rating in a research report on Monday, June 22nd. Citigroup raised their target price on Steel Dynamics from $180.00 to $255.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Finally, Weiss Ratings upgraded shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $239.18.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $233.35 on Wednesday. Steel Dynamics has a twelve month low of $119.89 and a twelve month high of $288.74. The firm has a market capitalization of $33.77 billion, a P/E ratio of 24.96, a P/E/G ratio of 0.45 and a beta of 1.53. The company has a fifty day moving average of $246.03 and a 200-day moving average of $207.77. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.01). The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.39 billion. Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The company’s revenue was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.44 EPS. As a group, sell-side analysts anticipate that Steel Dynamics will post 16.73 EPS for the current year.

Insider Activity

In other Steel Dynamics news, Director Kenneth W. Cornew sold 5,000 shares of the stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the completion of the sale, the director owned 31,299 shares of the company’s stock, valued at $7,038,206.13. This represents a 13.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Richard A. Poinsatte sold 2,300 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total value of $538,453.00. Following the completion of the sale, the senior vice president directly owned 28,618 shares in the company, valued at $6,699,759.98. The trade was a 7.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 22,125 shares of company stock valued at $5,438,226 in the last three months. Corporate insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Steel Dynamics

Several institutional investors and hedge funds have recently added to or reduced their stakes in STLD. NewEdge Advisors LLC lifted its position in Steel Dynamics by 307.5% during the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock valued at $102,000 after acquiring an additional 618 shares during the period. Acadian Asset Management LLC grew its holdings in Steel Dynamics by 82.7% in the first quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock worth $435,000 after purchasing an additional 1,578 shares during the period. Jump Financial LLC bought a new position in shares of Steel Dynamics during the second quarter valued at approximately $1,019,000. Qube Research & Technologies Ltd purchased a new position in shares of Steel Dynamics during the second quarter valued at approximately $48,746,000. Finally, Sei Investments Co. lifted its holdings in shares of Steel Dynamics by 7.9% during the second quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company’s stock valued at $13,447,000 after purchasing an additional 7,712 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.