Steel Dynamics (NASDAQ:STLD) was downgraded by equities researchers at Deutsche Bank to a “buy” rating in a research note issued on Tuesday.

A number of other brokerages have also recently issued reports on STLD. Zacks Investment Research raised shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research report on Wednesday, September 12th. Morgan Stanley raised shares of Steel Dynamics from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $50.00 to $52.00 in a research report on Monday, August 27th. BidaskClub raised shares of Steel Dynamics from a “sell” rating to a “hold” rating in a research report on Tuesday, August 21st. Bank of America boosted their target price on shares of Steel Dynamics from $54.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, July 25th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $58.00 target price on shares of Steel Dynamics in a research report on Wednesday, July 25th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Steel Dynamics has an average rating of “Buy” and a consensus target price of $54.08.

STLD stock opened at $45.69 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 3.61 and a quick ratio of 1.92. Steel Dynamics has a one year low of $33.57 and a one year high of $52.10. The firm has a market cap of $10.61 billion, a price-to-earnings ratio of 17.24, a P/E/G ratio of 0.68 and a beta of 1.29.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Monday, July 23rd. The basic materials company reported $1.53 EPS for the quarter, topping the Zacks’ consensus estimate of $1.49 by $0.04. Steel Dynamics had a net margin of 10.01% and a return on equity of 26.90%. The firm had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same period in the previous year, the business posted $0.63 earnings per share. The company’s revenue for the quarter was up 29.3% compared to the same quarter last year. sell-side analysts anticipate that Steel Dynamics will post 5.55 earnings per share for the current fiscal year.

Steel Dynamics declared that its board has approved a share buyback plan on Tuesday, September 4th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the basic materials company to buy up to 6.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

In related news, insider Christopher A. Graham sold 10,800 shares of the business’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $47.61, for a total value of $514,188.00. Following the completion of the transaction, the insider now owns 26,087 shares of the company’s stock, valued at $1,242,002.07. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.40% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the stock. Qube Research & Technologies Ltd acquired a new position in Steel Dynamics during the second quarter worth about $119,000. Mount Yale Investment Advisors LLC acquired a new position in Steel Dynamics during the first quarter worth about $188,000. Itau Unibanco Holding S.A. acquired a new position in Steel Dynamics during the second quarter worth about $193,000. CENTRAL TRUST Co raised its stake in Steel Dynamics by 6,707.7% during the second quarter. CENTRAL TRUST Co now owns 4,425 shares of the basic materials company’s stock worth $203,000 after acquiring an additional 4,360 shares in the last quarter. Finally, HL Financial Services LLC acquired a new position in Steel Dynamics during the second quarter worth about $203,000. 83.43% of the stock is owned by institutional investors and hedge funds.

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. The company operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment provides hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; merchant bar products, including angles, merchant rounds, flats, channels, and reinforcing bars; beams, channels, and specialty steel sections; and threaded rod products, and cold drawn and heat treated bars.

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Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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