Steel Dynamics Inc. (STLD) Shares Gap Up to $25.05
Steel Dynamics Inc. (NASDAQ:STLD)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $24.88, but opened at $25.05. Steel Dynamics shares last traded at $25.57, with a volume of 1,373,421 shares changing hands.
A number of equities analysts have issued reports on the stock. Zacks Investment Research raised shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $29.00 price objective on the stock in a research note on Thursday, July 7th. Bank of America Corp. cut shares of Steel Dynamics from a “buy” rating to a “neutral” rating and set a $28.00 price objective on the stock. in a research note on Wednesday, July 20th. Rosenblatt Securities lifted their price target on shares of Steel Dynamics from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 10th. Berenberg Bank reissued a “buy” rating and set a $35.00 price target on shares of Steel Dynamics in a research report on Tuesday, August 2nd. Finally, Citigroup Inc. began coverage on shares of Steel Dynamics in a research report on Monday. They set a “buy” rating and a $33.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have assigned a buy rating to the stock. Steel Dynamics has a consensus rating of “Buy” and an average target price of $28.02.
The stock’s 50 day moving average is $26.30 and its 200 day moving average is $23.74. The firm has a market cap of $6.17 billion and a PE ratio of 516.53.
Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Monday, July 18th. The company reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.02. The firm had revenue of $2.02 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter last year, the company earned $0.22 earnings per share. Equities research analysts anticipate that Steel Dynamics Inc. will post $2.10 earnings per share for the current fiscal year.
In related news, Director Keith E. Busse sold 13,155 shares of the stock in a transaction on Friday, July 29th. The shares were sold at an average price of $27.00, for a total transaction of $355,185.00. Following the transaction, the director now directly owns 1,006,894 shares of the company’s stock, valued at $27,186,138. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jurgen Dr Kolb sold 17,900 shares of the stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $27.20, for a total transaction of $486,880.00. Following the transaction, the director now directly owns 65,014 shares in the company, valued at $1,768,380.80. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Steel Dynamics stock. Principal Financial Group Inc. increased its stake in Steel Dynamics Inc. (NASDAQ:STLD) by 2.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 777,757 shares of the company’s stock after buying an additional 19,123 shares during the period. Principal Financial Group Inc. owned approximately 0.32% of Steel Dynamics worth $13,898,000 as of its most recent SEC filing.