Steel Dynamics (STLD) Earns Market Perform Rating from Analysts at Cowen

Cowen started coverage on shares of Steel Dynamics (NASDAQ:STLD) in a research note released on Tuesday morning, Marketbeat reports. The brokerage issued a market perform rating and a $32.00 price objective on the basic materials company’s stock.

A number of other equities research analysts have also issued reports on the stock. Credit Suisse Group raised shares of Steel Dynamics from a neutral rating to an outperform rating in a report on Tuesday. They noted that the move was a valuation call. UBS Group set a $36.00 target price on shares of Steel Dynamics and gave the stock a hold rating in a research report on Monday, December 10th. BidaskClub cut shares of Steel Dynamics from a sell rating to a strong sell rating in a research report on Wednesday, November 28th. ValuEngine cut shares of Steel Dynamics from a sell rating to a strong sell rating in a research report on Tuesday, November 27th. Finally, BMO Capital Markets dropped their target price on shares of Steel Dynamics from $60.00 to $53.00 and set a buy rating for the company in a research report on Friday, October 19th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. Steel Dynamics currently has an average rating of Buy and a consensus price target of $50.42.

Steel Dynamics stock traded down $0.09 during trading hours on Tuesday, reaching $33.31. The stock had a trading volume of 83,429 shares, compared to its average volume of 2,663,253. The firm has a market cap of $7.60 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 0.60 and a beta of 1.36. Steel Dynamics has a 52 week low of $28.91 and a 52 week high of $52.10. The company has a quick ratio of 2.17, a current ratio of 3.94 and a debt-to-equity ratio of 0.61.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, October 17th. The basic materials company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $0.04. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.14 billion. Steel Dynamics had a net margin of 11.49% and a return on equity of 31.96%. The company’s revenue was up 31.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.66 EPS. As a group, sell-side analysts expect that Steel Dynamics will post 5.53 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 11th. Investors of record on Monday, December 31st will be given a dividend of $0.1875 per share. The ex-dividend date of this dividend is Friday, December 28th. This represents a $0.75 dividend on an annualized basis and a yield of 2.25%. Steel Dynamics’s dividend payout ratio (DPR) is currently 28.30%.

In other Steel Dynamics news, Director Richard P. Teets, Jr. purchased 20,000 shares of the stock in a transaction that occurred on Wednesday, November 28th. The stock was bought at an average cost of $33.85 per share, with a total value of $677,000.00. Following the transaction, the director now directly owns 5,022,779 shares in the company, valued at approximately $170,021,069.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc raised its holdings in Steel Dynamics by 4.3% in the third quarter. Vanguard Group Inc now owns 21,357,596 shares of the basic materials company’s stock worth $965,150,000 after buying an additional 882,061 shares during the last quarter. BlackRock Inc. raised its holdings in Steel Dynamics by 3.0% in the third quarter. BlackRock Inc. now owns 23,117,232 shares of the basic materials company’s stock worth $1,044,668,000 after buying an additional 679,662 shares during the last quarter. Legal & General Group Plc raised its holdings in Steel Dynamics by 121.7% in the third quarter. Legal & General Group Plc now owns 1,134,289 shares of the basic materials company’s stock worth $51,258,000 after buying an additional 622,666 shares during the last quarter. Prudential Financial Inc. raised its holdings in Steel Dynamics by 24.8% in the third quarter. Prudential Financial Inc. now owns 2,461,872 shares of the basic materials company’s stock worth $111,251,000 after buying an additional 489,463 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in Steel Dynamics in the third quarter worth about $21,350,000. 83.84% of the stock is owned by institutional investors.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a diversified carbon-steel steel producer and metals recycler in the U.S. It produces a wide array of steel – beams, bars, steel sheet, and more. It operates through the following segments: Steel Operations, Metals Recycling Operations, Steel Fabrication Operations, and Others.

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Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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