Wall Street Zen upgraded shares of Steel Dynamics (NASDAQ:STLD – Free Report) from a buy rating to a strong-buy rating in a research report released on Saturday,Wall Street Zen reports.
Several other equities research analysts also recently issued reports on STLD. UBS Group increased their price target on Steel Dynamics from $165.00 to $276.00 and gave the stock a “neutral” rating in a report on Monday, August 10th. The Goldman Sachs Group initiated coverage on Steel Dynamics in a report on Wednesday, July 29th. They set a “buy” rating and a $300.00 price objective on the stock. KeyCorp reissued an “overweight” rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Morgan Stanley dropped their target price on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 22nd. Finally, Weiss Ratings raised shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Steel Dynamics presently has a consensus rating of “Moderate Buy” and a consensus price target of $258.45.
Read Our Latest Research Report on STLD
Steel Dynamics Stock Up 1.1%
Steel Dynamics (NASDAQ:STLD – Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, topping analysts’ consensus estimates of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The company had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $5.56 billion. During the same period last year, the firm posted $2.01 earnings per share. The business’s quarterly revenue was up 33.4% compared to the same quarter last year. Analysts forecast that Steel Dynamics will post 17.8 earnings per share for the current year.
Steel Dynamics Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio is currently 19.22%.
Institutional Investors Weigh In On Steel Dynamics
A number of hedge funds and other institutional investors have recently bought and sold shares of STLD. California State Teachers Retirement System grew its stake in shares of Steel Dynamics by 26,381.3% during the 2nd quarter. California State Teachers Retirement System now owns 42,793,831 shares of the basic materials company’s stock worth $9,819,472,000 after acquiring an additional 42,632,231 shares in the last quarter. BlackRock Inc. bought a new stake in shares of Steel Dynamics in the second quarter worth $2,844,501,000. Capital Research Global Investors boosted its holdings in Steel Dynamics by 0.3% during the fourth quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company’s stock worth $613,926,000 after purchasing an additional 9,959 shares during the last quarter. Life Cycle Investment Partners Ltd acquired a new position in Steel Dynamics during the fourth quarter worth $586,702,000. Finally, Norges Bank bought a new position in Steel Dynamics in the fourth quarter valued at $564,590,000. Institutional investors and hedge funds own 82.41% of the company’s stock.
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.
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