Wells Fargo & Company Cuts Steel Dynamics (NASDAQ:STLD) Price Target to $255.00

Steel Dynamics (NASDAQ:STLD) had its target price reduced by Wells Fargo & Company from $275.00 to $255.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the basic materials company’s stock.

A number of other research analysts also recently issued reports on STLD. Barclays boosted their price target on shares of Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 22nd. The Goldman Sachs Group assumed coverage on shares of Steel Dynamics in a research report on Wednesday, July 29th. They set a “buy” rating and a $300.00 price objective for the company. Weiss Ratings raised shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 18th. UBS Group boosted their target price on shares of Steel Dynamics from $165.00 to $276.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Finally, Morgan Stanley cut their price target on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 22nd. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $257.27.

Steel Dynamics Trading Up 2.1%

Shares of STLD stock opened at $235.90 on Monday. The stock has a market cap of $33.81 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 0.44 and a beta of 1.52. The stock has a 50-day moving average of $242.65 and a 200-day moving average of $223.31. The company has a current ratio of 3.18, a quick ratio of 1.45 and a debt-to-equity ratio of 0.45. Steel Dynamics has a 1-year low of $126.88 and a 1-year high of $288.74.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, topping analysts’ consensus estimates of $3.63 by $0.06. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.56 billion. During the same period in the previous year, the firm earned $2.01 earnings per share. The firm’s quarterly revenue was up 33.4% on a year-over-year basis. On average, equities research analysts forecast that Steel Dynamics will post 17.16 earnings per share for the current year.

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.12 annualized dividend and a yield of 0.9%. Steel Dynamics’s payout ratio is 19.22%.

Insider Activity

In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the transaction, the senior vice president directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. This represents a 8.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Prosperity Bancshares Inc bought a new stake in Steel Dynamics in the fourth quarter valued at $25,000. Meeder Asset Management Inc. bought a new position in shares of Steel Dynamics during the 2nd quarter worth about $26,000. MV Capital Management Inc. bought a new position in shares of Steel Dynamics during the 4th quarter worth about $27,000. Cedar Mountain Advisors LLC acquired a new stake in shares of Steel Dynamics in the 1st quarter valued at about $31,000. Finally, NBH Bank acquired a new stake in shares of Steel Dynamics in the 2nd quarter valued at about $31,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

About Steel Dynamics

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.