Steel Dynamics (NASDAQ:STLD) Lowered to “Sell” at BidaskClub

BidaskClub cut shares of Steel Dynamics (NASDAQ:STLD) from a hold rating to a sell rating in a report released on Tuesday morning, BidAskClub reports.

STLD has been the subject of several other reports. Credit Suisse Group cut Steel Dynamics from an outperform rating to a neutral rating and dropped their price objective for the company from $38.00 to $29.00 in a report on Thursday, May 23rd. ValuEngine cut Steel Dynamics from a hold rating to a sell rating in a report on Thursday, August 1st. BMO Capital Markets lifted their price objective on Steel Dynamics from $35.00 to $40.00 and gave the company an outperform rating in a report on Wednesday, July 24th. They noted that the move was a valuation call. Bank of America cut Steel Dynamics from a buy rating to a neutral rating and lifted their price objective for the company from $30.00 to $34.00 in a report on Wednesday, July 24th. Finally, Citigroup set a $34.00 price target on Steel Dynamics and gave the company a buy rating in a research note on Tuesday, June 11th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $39.67.

Shares of NASDAQ STLD opened at $26.52 on Tuesday. The stock has a market capitalization of $6.12 billion, a PE ratio of 4.83, a P/E/G ratio of 0.73 and a beta of 1.62. The company has a debt-to-equity ratio of 0.60, a current ratio of 4.35 and a quick ratio of 2.40. The business has a fifty day moving average price of $30.21 and a two-hundred day moving average price of $32.23. Steel Dynamics has a fifty-two week low of $25.02 and a fifty-two week high of $48.17.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Monday, July 22nd. The basic materials company reported $0.87 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($0.02). The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.78 billion. Steel Dynamics had a net margin of 9.11% and a return on equity of 28.50%. Steel Dynamics’s revenue was down 10.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.53 earnings per share. On average, equities analysts expect that Steel Dynamics will post 3.19 EPS for the current year.

In other Steel Dynamics news, insider Glenn Pushis purchased 5,740 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were bought at an average price of $26.13 per share, for a total transaction of $149,986.20. Following the purchase, the insider now owns 91,289 shares in the company, valued at approximately $2,385,381.57. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gabriel Shaheen acquired 5,000 shares of Steel Dynamics stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average price of $27.03 per share, for a total transaction of $135,150.00. Following the transaction, the director now directly owns 58,635 shares in the company, valued at $1,584,904.05. The disclosure for this purchase can be found here. In the last quarter, insiders bought 12,740 shares of company stock worth $336,296. Corporate insiders own 4.90% of the company’s stock.

A number of hedge funds have recently modified their holdings of STLD. BlackRock Inc. lifted its holdings in Steel Dynamics by 3.4% during the 1st quarter. BlackRock Inc. now owns 24,696,468 shares of the basic materials company’s stock worth $871,044,000 after buying an additional 802,211 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Steel Dynamics by 7.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,472,381 shares of the basic materials company’s stock worth $134,353,000 after buying an additional 309,961 shares during the period. Prudential Financial Inc. lifted its holdings in Steel Dynamics by 3.7% during the 2nd quarter. Prudential Financial Inc. now owns 3,645,364 shares of the basic materials company’s stock worth $110,090,000 after buying an additional 130,146 shares during the period. Northern Trust Corp lifted its holdings in Steel Dynamics by 1.7% during the 1st quarter. Northern Trust Corp now owns 2,791,862 shares of the basic materials company’s stock worth $98,469,000 after buying an additional 47,372 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Steel Dynamics by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 2,770,859 shares of the basic materials company’s stock worth $83,190,000 after buying an additional 184,297 shares during the period. Institutional investors and hedge funds own 80.91% of the company’s stock.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.

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Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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