Steel Dynamics (NASDAQ:STLD) Price Target Lowered to $145.00 at Citigroup

Steel Dynamics (NASDAQ:STLD) had its target price reduced by Citigroup from $160.00 to $145.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the basic materials company’s stock.

Several other research analysts also recently weighed in on STLD. BMO Capital Markets boosted their target price on Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a research note on Friday, October 18th. UBS Group reiterated a “neutral” rating and issued a $149.00 price objective (up previously from $145.00) on shares of Steel Dynamics in a research note on Thursday, December 12th. JPMorgan Chase & Co. raised their target price on Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Morgan Stanley cut their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Finally, Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $140.00 to $155.00 in a research note on Tuesday, October 1st. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $144.25.

Steel Dynamics Trading Down 0.3 %

NASDAQ STLD traded down $0.39 on Thursday, hitting $114.90. 265,608 shares of the stock were exchanged, compared to its average volume of 1,287,165. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.26 and a current ratio of 2.39. Steel Dynamics has a 52-week low of $104.60 and a 52-week high of $155.56. The firm has a market capitalization of $17.49 billion, a P/E ratio of 10.40 and a beta of 1.31. The stock has a fifty day moving average price of $136.24 and a two-hundred day moving average price of $127.58.

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, topping the consensus estimate of $1.98 by $0.07. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The business had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.18 billion. During the same quarter last year, the firm earned $3.47 earnings per share. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. Research analysts forecast that Steel Dynamics will post 10.09 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Tuesday, December 31st. Steel Dynamics’s dividend payout ratio (DPR) is 16.65%.

Insider Activity

In related news, SVP Glenn Pushis sold 17,941 shares of Steel Dynamics stock in a transaction on Monday, October 21st. The shares were sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the sale, the senior vice president now owns 146,693 shares of the company’s stock, valued at approximately $19,523,371.37. The trade was a 10.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Chad Bickford sold 2,000 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $134.86, for a total value of $269,720.00. Following the transaction, the vice president now directly owns 17,100 shares in the company, valued at approximately $2,306,106. This represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,591 shares of company stock valued at $3,885,938 in the last ninety days. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of STLD. Wilmington Savings Fund Society FSB acquired a new stake in shares of Steel Dynamics in the 3rd quarter valued at approximately $25,000. Innealta Capital LLC acquired a new stake in Steel Dynamics during the second quarter worth approximately $33,000. Private Trust Co. NA increased its holdings in shares of Steel Dynamics by 532.6% during the third quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock worth $37,000 after buying an additional 245 shares in the last quarter. Cullen Frost Bankers Inc. boosted its stake in shares of Steel Dynamics by 33.3% during the second quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock valued at $52,000 after purchasing an additional 100 shares in the last quarter. Finally, HHM Wealth Advisors LLC bought a new stake in Steel Dynamics during the second quarter valued at $52,000. 82.41% of the stock is owned by institutional investors and hedge funds.

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.