Steel Dynamics, Inc. (NASDAQ:STLD) Receives $94.14 Average PT from Brokerages

Steel Dynamics, Inc. (NASDAQ:STLDGet Rating) has received an average recommendation of “Hold” from the eight brokerages that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $94.14.

STLD has been the topic of a number of recent research reports. BMO Capital Markets increased their target price on Steel Dynamics from $89.00 to $100.00 and gave the company a “market perform” rating in a report on Monday, November 14th. The Goldman Sachs Group increased their target price on Steel Dynamics from $88.00 to $99.00 and gave the company a “buy” rating in a report on Friday, October 21st. Morgan Stanley increased their target price on Steel Dynamics from $78.00 to $85.00 and gave the company an “equal weight” rating in a report on Friday, October 21st. Citigroup increased their target price on Steel Dynamics to $110.00 in a report on Tuesday, September 13th. Finally, StockNews.com downgraded Steel Dynamics from a “buy” rating to a “hold” rating in a report on Thursday.

Steel Dynamics Stock Down 2.3 %

STLD stock opened at $103.95 on Friday. Steel Dynamics has a fifty-two week low of $50.54 and a fifty-two week high of $106.78. The business’s 50-day moving average is $87.02 and its two-hundred day moving average is $79.89. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.08 and a current ratio of 3.67. The company has a market cap of $18.25 billion, a price-to-earnings ratio of 4.59 and a beta of 1.46.

Steel Dynamics announced that its Board of Directors has initiated a share buyback program on Thursday, November 10th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the basic materials company to repurchase up to 8.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Steel Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 13th. Shareholders of record on Saturday, December 31st will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Friday, December 30th. Steel Dynamics’s dividend payout ratio is presently 6.00%.

Insider Buying and Selling

In other Steel Dynamics news, Director Keith E. Busse sold 22,103 shares of Steel Dynamics stock in a transaction on Monday, October 24th. The stock was sold at an average price of $96.33, for a total transaction of $2,129,181.99. Following the completion of the sale, the director now directly owns 701,948 shares of the company’s stock, valued at approximately $67,618,650.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 5.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Steel Dynamics

A number of institutional investors and hedge funds have recently bought and sold shares of STLD. First Horizon Advisors Inc. raised its position in Steel Dynamics by 70.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 464 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 191 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Steel Dynamics by 425.8% in the 2nd quarter. Parkside Financial Bank & Trust now owns 468 shares of the basic materials company’s stock worth $31,000 after acquiring an additional 379 shares in the last quarter. Clearstead Advisors LLC bought a new position in shares of Steel Dynamics in the 3rd quarter worth $35,000. Catalyst Capital Advisors LLC bought a new position in shares of Steel Dynamics in the 1st quarter worth $36,000. Finally, Quent Capital LLC raised its position in shares of Steel Dynamics by 1,042.9% in the 1st quarter. Quent Capital LLC now owns 480 shares of the basic materials company’s stock worth $40,000 after acquiring an additional 438 shares in the last quarter. 80.36% of the stock is owned by institutional investors.

About Steel Dynamics

(Get Rating)

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. 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; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.

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Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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