JPMorgan Chase & Co. Boosts Steel Dynamics (NASDAQ:STLD) Price Target to $118.00

Steel Dynamics (NASDAQ:STLD) had its price target raised by JPMorgan Chase & Co. from $100.00 to $118.00 in a research note published on Tuesday, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the basic materials company’s stock.

A number of other equities research analysts have also weighed in on STLD. BMO Capital Markets upped their price target on shares of Steel Dynamics from $110.00 to $120.00 and gave the company a market perform rating in a report on Monday, March 18th. UBS Group lowered their price target on shares of Steel Dynamics from $120.00 to $119.00 and set a neutral rating on the stock in a report on Wednesday, January 24th. Finally, Citigroup upped their price target on shares of Steel Dynamics from $130.00 to $160.00 and gave the company a buy rating in a report on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Steel Dynamics currently has an average rating of Hold and an average target price of $120.29.

Steel Dynamics Price Performance

NASDAQ STLD opened at $136.07 on Tuesday. The firm’s fifty day simple moving average is $135.97 and its two-hundred day simple moving average is $121.15. The company has a current ratio of 2.91, a quick ratio of 1.67 and a debt-to-equity ratio of 0.30. Steel Dynamics has a 12-month low of $90.55 and a 12-month high of $151.34. The firm has a market capitalization of $21.49 billion, a P/E ratio of 9.33 and a beta of 1.42.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, January 23rd. The basic materials company reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.63 by ($0.02). The firm had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.22 billion. Steel Dynamics had a return on equity of 29.49% and a net margin of 13.04%. Steel Dynamics’s revenue for the quarter was down 12.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.37 earnings per share. Analysts forecast that Steel Dynamics will post 11.6 EPS for the current fiscal year.

Steel Dynamics Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, April 14th. Investors of record on Sunday, March 31st were given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend was Wednesday, March 27th. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.43. Steel Dynamics’s dividend payout ratio is 12.61%.

Institutional Trading of Steel Dynamics

Large investors have recently bought and sold shares of the business. CVA Family Office LLC purchased a new stake in Steel Dynamics during the 4th quarter valued at about $28,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Steel Dynamics in the 4th quarter valued at approximately $29,000. Lindbrook Capital LLC grew its stake in shares of Steel Dynamics by 117.5% in the 4th quarter. Lindbrook Capital LLC now owns 248 shares of the basic materials company’s stock valued at $29,000 after buying an additional 134 shares during the period. Wellington Shields & Co. LLC grew its stake in shares of Steel Dynamics by 50.0% in the 4th quarter. Wellington Shields & Co. LLC now owns 300 shares of the basic materials company’s stock valued at $29,000 after buying an additional 100 shares during the period. Finally, Security National Bank purchased a new stake in shares of Steel Dynamics in the 4th quarter valued at approximately $30,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.