Morgan Stanley lowered shares of Steel Dynamics, Inc. (NASDAQ:STLD) from an overweight rating to an equal weight rating in a research note published on Tuesday. Morgan Stanley currently has $33.00 price target on the basic materials company’s stock, down from their previous price target of $45.00.
A number of other research analysts also recently weighed in on the company. Credit Suisse Group raised Steel Dynamics from a neutral rating to an outperform rating and set a $36.00 target price on the stock in a report on Wednesday, May 24th. Bank of America Corporation increased their target price on Steel Dynamics from $40.00 to $42.00 and gave the company a buy rating in a report on Friday, July 21st. Jefferies Group LLC reissued a buy rating and issued a $45.00 target price on shares of Steel Dynamics in a report on Monday, June 26th. Cowen and Company reissued a buy rating and issued a $44.00 target price on shares of Steel Dynamics in a report on Wednesday, July 19th. Finally, BidaskClub raised Steel Dynamics from a sell rating to a hold rating in a report on Saturday, July 1st. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Steel Dynamics presently has a consensus rating of Buy and an average target price of $39.79.
Shares of Steel Dynamics (NASDAQ:STLD) opened at 33.26 on Tuesday. The company has a 50-day moving average price of $35.03 and a 200 day moving average price of $35.03. Steel Dynamics has a one year low of $22.79 and a one year high of $40.17. The stock has a market cap of $7.98 billion, a price-to-earnings ratio of 15.28 and a beta of 1.26.
Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.63. Steel Dynamics had a return on equity of 21.75% and a net margin of 6.07%. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.37 billion. During the same quarter in the prior year, the company earned $0.58 earnings per share. Steel Dynamics’s revenue was up 18.1% on a year-over-year basis. Equities research analysts expect that Steel Dynamics will post $2.83 earnings per share for the current year.
In related news, insider Christopher A. Graham sold 5,021 shares of the stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $38.05, for a total transaction of $191,049.05. Following the completion of the sale, the insider now owns 26,778 shares in the company, valued at $1,018,902.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Keith E. Busse sold 4,965 shares of the stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total value of $190,755.30. Following the sale, the director now owns 1,005,666 shares of the company’s stock, valued at approximately $38,637,687.72. The disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.
Several large investors have recently added to or reduced their stakes in STLD. Toronto Dominion Bank purchased a new stake in shares of Steel Dynamics during the second quarter worth about $107,000. Washington Trust Bank grew its position in shares of Steel Dynamics by 48.8% during the second quarter. Washington Trust Bank now owns 3,393 shares of the basic materials company’s stock worth $122,000 after purchasing an additional 1,113 shares in the last quarter. Advisory Services Network LLC grew its position in shares of Steel Dynamics by 2.3% during the second quarter. Advisory Services Network LLC now owns 4,414 shares of the basic materials company’s stock worth $158,000 after purchasing an additional 101 shares in the last quarter. Creative Planning grew its position in shares of Steel Dynamics by 36.3% during the second quarter. Creative Planning now owns 4,718 shares of the basic materials company’s stock worth $169,000 after purchasing an additional 1,256 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of Steel Dynamics during the second quarter worth about $179,000. Hedge funds and other institutional investors own 82.70% of the company’s stock.
About Steel Dynamics
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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