Steel Dynamics, Inc. (NASDAQ:STLD) had its price target raised by Bank of America Corporation from $44.00 to $45.00 in a research note released on Friday. They currently have a buy rating on the basic materials company’s stock.

Several other analysts also recently weighed in on the stock. Jefferies Group LLC reaffirmed a buy rating and set a $43.00 price target (up previously from $42.00) on shares of Steel Dynamics in a research note on Saturday, July 22nd. Cowen and Company reaffirmed a buy rating and set a $44.00 price target on shares of Steel Dynamics in a research note on Wednesday, July 19th. Morgan Stanley reaffirmed a buy rating on shares of Steel Dynamics in a research note on Tuesday, July 18th. Deutsche Bank AG reaffirmed a buy rating on shares of Steel Dynamics in a research note on Saturday, June 24th. Finally, BidaskClub raised shares of Steel Dynamics from a hold rating to a buy rating in a research note on Tuesday, July 25th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Steel Dynamics presently has a consensus rating of Buy and a consensus price target of $40.91.

Steel Dynamics (NASDAQ STLD) opened at 38.83 on Friday. The company’s 50-day moving average price is $34.96 and its 200-day moving average price is $35.04. Steel Dynamics has a one year low of $25.96 and a one year high of $40.17. The stock has a market cap of $9.31 billion, a P/E ratio of 17.84 and a beta of 1.29.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, October 18th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.66. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.41 billion. Steel Dynamics had a net margin of 5.79% and a return on equity of 21.45%. The firm’s quarterly revenue was up 16.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.64 earnings per share. Analysts forecast that Steel Dynamics will post $2.68 EPS for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 12th. Investors of record on Saturday, September 30th were issued a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 1.60%. The ex-dividend date was Thursday, September 28th. Steel Dynamics’s payout ratio is 28.57%.

A number of hedge funds have recently modified their holdings of STLD. UBS Asset Management Americas Inc. increased its holdings in Steel Dynamics by 51.0% during the first quarter. UBS Asset Management Americas Inc. now owns 226,946 shares of the basic materials company’s stock valued at $7,889,000 after buying an additional 76,681 shares during the period. Teachers Advisors LLC increased its holdings in Steel Dynamics by 20.4% during the first quarter. Teachers Advisors LLC now owns 1,314,655 shares of the basic materials company’s stock valued at $45,697,000 after buying an additional 223,142 shares during the period. PNC Financial Services Group Inc. increased its holdings in Steel Dynamics by 3.0% during the first quarter. PNC Financial Services Group Inc. now owns 24,193 shares of the basic materials company’s stock valued at $839,000 after buying an additional 709 shares during the period. Legal & General Group Plc increased its holdings in Steel Dynamics by 40.9% during the first quarter. Legal & General Group Plc now owns 270,385 shares of the basic materials company’s stock valued at $9,392,000 after buying an additional 78,460 shares during the period. Finally, Ngam Advisors L.P. increased its holdings in Steel Dynamics by 38.7% during the first quarter. Ngam Advisors L.P. now owns 15,874 shares of the basic materials company’s stock valued at $552,000 after buying an additional 4,428 shares during the period. 82.58% of the stock is currently owned by institutional investors.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.

Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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