Steel Dynamics (NASDAQ:STLD – Get Free Report) had its target price boosted by analysts at JPMorgan Chase & Co. from $260.00 to $273.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 13.25% from the stock’s previous close.
Other analysts also recently issued research reports about the company. Barclays upped their price target on Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 22nd. Morgan Stanley lowered their price objective on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 22nd. UBS Group boosted their target price on Steel Dynamics from $165.00 to $276.00 and gave the stock a “neutral” rating in a report on Monday, August 10th. KeyCorp reissued an “overweight” rating on shares of Steel Dynamics in a research note on Wednesday, July 22nd. Finally, Bank of America reduced their price target on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $258.45.
Read Our Latest Analysis on STLD
Steel Dynamics Stock Up 0.3%
Steel Dynamics (NASDAQ:STLD – Get Free Report) last announced its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, beating 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 business had revenue of $6.09 billion during the quarter, compared to the consensus estimate of $5.56 billion. During the same quarter last year, the firm earned $2.01 earnings per share. The business’s revenue for the quarter was up 33.4% on a year-over-year basis. Equities analysts predict that Steel Dynamics will post 17.16 EPS for the current year.
Institutional Investors Weigh In On Steel Dynamics
Hedge funds have recently added to or reduced their stakes in the stock. Keating Financial Advisory Services Inc. lifted its holdings in shares of Steel Dynamics by 27.1% during the 2nd quarter. Keating Financial Advisory Services Inc. now owns 197 shares of the basic materials company’s stock valued at $45,000 after buying an additional 42 shares during the period. Parkside Financial Bank & Trust increased its position in Steel Dynamics by 2.7% during the second quarter. Parkside Financial Bank & Trust now owns 1,726 shares of the basic materials company’s stock valued at $396,000 after acquiring an additional 45 shares during the last quarter. Jacobi Capital Management LLC increased its position in Steel Dynamics by 1.6% during the fourth quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company’s stock valued at $599,000 after acquiring an additional 55 shares during the last quarter. Hohimer Wealth Management LLC lifted its holdings in Steel Dynamics by 1.1% in the fourth quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company’s stock valued at $967,000 after acquiring an additional 61 shares during the period. Finally, Nilsine Partners LLC lifted its holdings in Steel Dynamics by 6.8% in the second quarter. Nilsine Partners LLC now owns 969 shares of the basic materials company’s stock valued at $222,000 after acquiring an additional 62 shares during the period. 82.41% of the stock is currently owned by hedge funds and other institutional investors.
Steel Dynamics Company Profile
Steel Dynamics, Inc is a diversified steel producer and metals recycler headquartered in Fort Wayne, Indiana. The company operates through three primary business segments: steel operations, metals recycling, and steel fabrication. Its steelmaking activities use electric arc furnace technology to produce a range of flat-rolled, long, and specialty steel products.
Steel Dynamics’ products include hot-rolled, cold-rolled, and galvanized sheet steel, structural shapes, beams, rail, engineered bar products, and merchant bar.
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