Bank of America Issues Pessimistic Forecast for Steel Dynamics (NASDAQ:STLD) Stock Price

Steel Dynamics (NASDAQ:STLD) had its price target decreased by equities research analysts at Bank of America from $285.00 to $280.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the basic materials company’s stock. Bank of America‘s price objective suggests a potential upside of 3.65% from the company’s current price.

A number of other research firms also recently weighed in on STLD. KeyCorp lifted their price target on shares of Steel Dynamics from $190.00 to $241.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 22nd. Wells Fargo & Company lifted their price target on shares of Steel Dynamics from $235.00 to $293.00 and gave the stock an “overweight” rating in a research note on Thursday, June 4th. BMO Capital Markets lifted their price target on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 22nd. Jefferies Financial Group reiterated a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, March 17th. Finally, Barclays initiated coverage on shares of Steel Dynamics in a research note on Thursday, May 21st. They set an “overweight” rating and a $270.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $227.36.

Steel Dynamics Trading Down 1.5%

Shares of STLD stock opened at $270.13 on Thursday. Steel Dynamics has a 1 year low of $119.89 and a 1 year high of $288.74. The firm’s fifty day simple moving average is $236.34 and its 200 day simple moving average is $199.19. The firm has a market capitalization of $39.09 billion, a P/E ratio of 28.89, a price-to-earnings-growth ratio of 0.55 and a beta of 1.50. The company has a current ratio of 3.13, a quick ratio of 1.33 and a debt-to-equity ratio of 0.46.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same period last year, the firm posted $1.44 EPS. The company’s revenue was up 19.1% compared to the same quarter last year. As a group, sell-side analysts predict that Steel Dynamics will post 15.85 EPS for the current year.

Insider Activity

In other news, SVP Miguel Alvarez sold 4,825 shares of the business’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $225.58, for a total value of $1,088,423.50. Following the sale, the senior vice president owned 122,257 shares in the company, valued at approximately $27,578,734.06. The trade was a 3.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP James Stanley Anderson sold 10,000 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the sale, the senior vice president owned 102,837 shares in the company, valued at $27,632,301.90. This represents a 8.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 22,125 shares of company stock worth $5,438,227 over the last 90 days. 6.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fisher Asset Management LLC lifted its position in Steel Dynamics by 47.2% during the 3rd quarter. Fisher Asset Management LLC now owns 34,878 shares of the basic materials company’s stock worth $4,863,000 after buying an additional 11,183 shares in the last quarter. Strs Ohio lifted its position in Steel Dynamics by 7.3% during the 4th quarter. Strs Ohio now owns 153,878 shares of the basic materials company’s stock worth $26,075,000 after buying an additional 10,519 shares in the last quarter. Concentric Capital Strategies LP acquired a new position in Steel Dynamics during the 3rd quarter worth about $24,349,000. Robeco Institutional Asset Management B.V. lifted its position in Steel Dynamics by 3.7% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,008,199 shares of the basic materials company’s stock worth $340,289,000 after buying an additional 72,122 shares in the last quarter. Finally, Lansforsakringar Fondforvaltning AB publ lifted its position in Steel Dynamics by 16.4% during the 3rd quarter. Lansforsakringar Fondforvaltning AB publ now owns 47,912 shares of the basic materials company’s stock worth $6,680,000 after buying an additional 6,738 shares in the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Steel Dynamics Company Profile

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.