Steel Dynamics (NASDAQ:STLD) Price Target Cut to $145.00 by Analysts at Bank of America

Steel Dynamics (NASDAQ:STLD) had its price objective trimmed by Bank of America from $150.00 to $145.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the basic materials company’s stock.

STLD has been the subject of a number of other reports. Citigroup upped their price objective on shares of Steel Dynamics from $130.00 to $160.00 and gave the stock a buy rating in a research report on Wednesday, March 13th. JPMorgan Chase & Co. upped their price target on shares of Steel Dynamics from $100.00 to $118.00 and gave the stock an underweight rating in a research report on Tuesday, April 16th. Jefferies Financial Group started coverage on shares of Steel Dynamics in a research note on Monday, May 20th. They issued a hold rating and a $150.00 price target on the stock. Finally, BMO Capital Markets cut their price objective on Steel Dynamics from $140.00 to $135.00 and set a market perform rating for the company in a research note on Tuesday, June 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $129.63.

Steel Dynamics Price Performance

Shares of Steel Dynamics stock opened at $129.50 on Wednesday. The firm has a market cap of $20.35 billion, a PE ratio of 8.89 and a beta of 1.40. Steel Dynamics has a twelve month low of $95.53 and a twelve month high of $151.34. The company has a quick ratio of 1.55, a current ratio of 2.87 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average price of $130.28 and a 200 day moving average price of $128.73.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Tuesday, April 23rd. The basic materials company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.54 by $0.13. The company had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.74 billion. Steel Dynamics had a return on equity of 27.62% and a net margin of 12.89%. Steel Dynamics’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period last year, the company earned $4.01 earnings per share. Sell-side analysts predict that Steel Dynamics will post 11.64 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Sunday, June 30th will be issued a $0.46 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.84 dividend on an annualized basis and a yield of 1.42%. Steel Dynamics’s payout ratio is 12.64%.

Insider Transactions at Steel Dynamics

In other news, SVP Christopher A. Graham sold 21,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $136.81, for a total value of $2,873,010.00. Following the completion of the sale, the senior vice president now directly owns 60,415 shares in the company, valued at $8,265,376.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 the company. Larson Financial Group LLC purchased a new position in Steel Dynamics during the first quarter worth about $25,000. LifeSteps Financial Inc. acquired a new position in Steel Dynamics in the first quarter valued at approximately $26,000. CVA Family Office LLC purchased a new position in Steel Dynamics in the fourth quarter worth approximately $28,000. Turtle Creek Wealth Advisors LLC purchased a new position in Steel Dynamics in the fourth quarter worth approximately $29,000. Finally, Lindbrook Capital LLC increased its stake in Steel Dynamics by 117.5% during the fourth quarter. Lindbrook Capital LLC now owns 248 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 134 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

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.