Seaport Global Securities Initiates Coverage on Steel Dynamics (STLD)
Investment analysts at Seaport Global Securities assumed coverage on shares of Steel Dynamics (NASDAQ:STLD) in a note issued to investors on Thursday, Marketbeat reports. The brokerage set a “buy” rating and a $55.00 price target on the basic materials company’s stock. Seaport Global Securities’ target price would indicate a potential upside of 29.75% from the stock’s current price.
A number of other equities research analysts have also recently issued reports on STLD. ValuEngine cut shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Saturday, June 16th. BidaskClub raised shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Tuesday, July 3rd. Zacks Investment Research cut shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. Jefferies Financial Group reaffirmed a “buy” rating and set a $58.00 target price on shares of Steel Dynamics in a research note on Wednesday, July 25th. Finally, Deutsche Bank cut shares of Steel Dynamics to a “buy” rating in a research note on Tuesday, October 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have issued a buy rating to the company. Steel Dynamics currently has a consensus rating of “Buy” and a consensus target price of $54.08.
Steel Dynamics stock opened at $42.39 on Thursday. Steel Dynamics has a 1 year low of $35.48 and a 1 year high of $52.10. The firm has a market capitalization of $10.61 billion, a P/E ratio of 16.00, a P/E/G ratio of 0.68 and a beta of 1.29. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.92 and a current ratio of 3.61.
Steel Dynamics announced that its Board of Directors has initiated a stock repurchase program on Tuesday, September 4th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the basic materials company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
In other Steel Dynamics news, insider Christopher A. Graham sold 10,800 shares of Steel Dynamics stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $47.61, for a total transaction of $514,188.00. Following the sale, the insider now owns 26,087 shares of the company’s stock, valued at approximately $1,242,002.07. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 4.40% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in STLD. Stifel Financial Corp raised its holdings in shares of Steel Dynamics by 29.7% during the 1st quarter. Stifel Financial Corp now owns 115,068 shares of the basic materials company’s stock worth $5,096,000 after acquiring an additional 26,362 shares during the period. BB&T Securities LLC raised its holdings in shares of Steel Dynamics by 18.4% during the 1st quarter. BB&T Securities LLC now owns 9,630 shares of the basic materials company’s stock worth $425,000 after acquiring an additional 1,496 shares during the period. Northwestern Mutual Investment Management Company LLC raised its holdings in shares of Steel Dynamics by 55.7% during the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 48,305 shares of the basic materials company’s stock worth $2,136,000 after acquiring an additional 17,272 shares during the period. Lord Abbett & CO. LLC raised its holdings in shares of Steel Dynamics by 10.6% during the 1st quarter. Lord Abbett & CO. LLC now owns 749,800 shares of the basic materials company’s stock worth $33,156,000 after acquiring an additional 71,700 shares during the period. Finally, Natixis purchased a new position in shares of Steel Dynamics during the 1st quarter worth $17,531,000. 83.43% of the stock is currently owned by institutional investors.
Steel Dynamics Company Profile
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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