Steel Dynamics (NASDAQ:STLD) Shares Gap Down to $137.30

Steel Dynamics, Inc. (NASDAQ:STLD)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $137.30, but opened at $133.53. Steel Dynamics shares last traded at $133.85, with a volume of 186,022 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. BMO Capital Markets raised their price target on Steel Dynamics from $110.00 to $120.00 and gave the company a “market perform” rating in a research note on Monday, March 18th. UBS Group cut their price target on Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 24th. JPMorgan Chase & Co. raised their price target on Steel Dynamics from $100.00 to $118.00 and gave the company an “underweight” rating in a research note on Tuesday, April 16th. Finally, Citigroup raised their price target on Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $121.17.

Steel Dynamics Price Performance

The firm has a 50 day simple moving average of $136.48 and a 200-day simple moving average of $121.79. The company has a quick ratio of 1.67, a current ratio of 2.91 and a debt-to-equity ratio of 0.30. The company has a market cap of $21.35 billion, a PE ratio of 9.41 and a beta of 1.42.

Steel Dynamics (NASDAQ:STLD) last posted its 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). Steel Dynamics had a net margin of 13.04% and a return on equity of 29.49%. The company had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same quarter last year, the firm earned $4.37 EPS. Steel Dynamics’s revenue for the quarter was down 12.3% on a year-over-year basis. As a group, research analysts predict that Steel Dynamics, Inc. will post 11.79 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, April 14th. Stockholders of record on Sunday, March 31st were paid a dividend of $0.46 per share. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.43. The ex-dividend date was Wednesday, March 27th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.36%. Steel Dynamics’s payout ratio is presently 12.61%.

Institutional Investors Weigh In On Steel Dynamics

Large investors have recently modified their holdings of the business. CVA Family Office LLC purchased a new stake in shares of Steel Dynamics during the fourth quarter worth about $28,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Steel Dynamics during the fourth quarter worth about $29,000. Lindbrook Capital LLC grew its stake in shares of Steel Dynamics by 117.5% during the fourth quarter. Lindbrook Capital LLC now owns 248 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 134 shares during the last quarter. Security National Bank purchased a new stake in shares of Steel Dynamics during the fourth quarter worth about $30,000. Finally, Riverview Trust Co purchased a new stake in shares of Steel Dynamics during the first quarter worth about $50,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

About Steel Dynamics

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.