Steel Dynamics (NASDAQ:STLD) Stock Rating Lowered by Wall Street Zen

Steel Dynamics (NASDAQ:STLD) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Sunday, Wall Street Zen reports.

A number of other analysts have also recently weighed in on STLD. Barclays boosted their price objective on shares of Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 22nd. Bank of America lowered their target price on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. JPMorgan Chase & Co. cut their target price on shares of Steel Dynamics from $273.00 to $272.00 and set a “neutral” rating for the company in a research report on Friday. Wells Fargo & Company upped their price target on shares of Steel Dynamics from $255.00 to $257.00 and gave the company an “overweight” rating in a report on Friday. Finally, Morgan Stanley lowered their price target on 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 analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $258.55.

Steel Dynamics Stock Down 2.2%

STLD stock opened at $229.99 on Friday. The firm has a market cap of $32.96 billion, a PE ratio of 20.85, a PEG ratio of 0.41 and a beta of 1.50. Steel Dynamics has a 1 year low of $134.87 and a 1 year high of $288.74. The company has a fifty day simple moving average of $243.99 and a 200 day simple moving average of $228.72. 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 (NASDAQ:STLD) last posted its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 EPS for the quarter, topping the consensus estimate of $3.63 by $0.06. Steel Dynamics had a net margin of 7.83% and a return on equity of 18.12%. The firm had revenue of $6.09 billion for the quarter, compared to the consensus estimate of $5.56 billion. During the same period in the prior year, the business posted $2.01 earnings per share. The business’s quarterly revenue was up 33.4% on a year-over-year basis. Sell-side analysts anticipate that Steel Dynamics will post 18.58 EPS for the current fiscal year.

Institutional Trading of Steel Dynamics

A number of institutional investors and hedge funds have recently modified their holdings of STLD. BlackRock Inc. acquired a new stake in Steel Dynamics during the second quarter worth $2,844,501,000. Capital Research Global Investors raised its stake in shares of Steel Dynamics by 0.3% in the 4th quarter. Capital Research Global Investors now owns 3,623,054 shares of the basic materials company’s stock valued at $613,926,000 after buying an additional 9,959 shares in the last quarter. Life Cycle Investment Partners Ltd bought a new position in shares of Steel Dynamics during the 4th quarter worth about $586,702,000. Norges Bank bought a new position in shares of Steel Dynamics during the 4th quarter worth about $564,590,000. Finally, Boston Partners boosted its position in shares of Steel Dynamics by 147.9% during the 4th quarter. Boston Partners now owns 1,793,630 shares of the basic materials company’s stock valued at $303,970,000 after acquiring an additional 1,070,042 shares in the last quarter. 82.41% of the stock is currently owned by institutional investors.

About Steel Dynamics

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnaces that use recycled steel and other metallic inputs to manufacture a broad range of steel products. Its customers include companies in the construction, automotive, manufacturing, transportation, energy and appliance industries.

Steel Dynamics’ steel operations produce flat-rolled steel, structural steel, rail, engineered bar products and other specialty steel products.