Steel Dynamics (NASDAQ:STLD) Price Target Cut to $145.00 by Analysts at Bank of America

Steel Dynamics (NASDAQ:STLD) had its price target lowered by Bank of America from $150.00 to $145.00 in a report released on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the basic materials company’s stock.

Several other brokerages also recently issued reports on STLD. Jefferies Financial Group began coverage on shares of Steel Dynamics in a research note on Monday, May 20th. They issued a hold rating and a $150.00 target price for the company. JPMorgan Chase & Co. increased their price target on shares of Steel Dynamics from $100.00 to $118.00 and gave the company an underweight rating in a report on Tuesday, April 16th. BMO Capital Markets lowered their price target on shares of Steel Dynamics from $140.00 to $135.00 and set a market perform rating on the stock in a report on Tuesday, June 18th. Finally, Citigroup increased their price target on shares of Steel Dynamics from $130.00 to $160.00 and gave the company a buy rating in a report on Wednesday, March 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $129.63.

Steel Dynamics Trading Up 3.9 %

Shares of NASDAQ:STLD opened at $129.50 on Wednesday. Steel Dynamics has a 52-week low of $95.53 and a 52-week high of $151.34. The company has a market capitalization of $20.35 billion, a P/E ratio of 8.89 and a beta of 1.40. The company has a 50-day simple moving average of $130.28 and a 200 day simple moving average of $128.63. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.55 and a current ratio of 2.87.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.54 by $0.13. Steel Dynamics had a net margin of 12.89% and a return on equity of 27.62%. The business had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.74 billion. During the same period last year, the business posted $4.01 EPS. Steel Dynamics’s revenue was down 4.1% on a year-over-year basis. Sell-side analysts forecast that Steel Dynamics will post 11.26 earnings per share for the current year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Sunday, June 30th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.84 annualized dividend and a dividend yield of 1.42%. Steel Dynamics’s dividend payout ratio is presently 12.64%.

Insider Transactions at Steel Dynamics

In other news, SVP Christopher A. Graham sold 21,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $136.81, for a total transaction of $2,873,010.00. Following the transaction, the senior vice president now directly owns 60,415 shares of the company’s stock, valued at $8,265,376.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Larson Financial Group LLC bought a new position in Steel Dynamics in the first quarter valued at approximately $25,000. LifeSteps Financial Inc. bought a new position in Steel Dynamics in the first quarter valued at approximately $26,000. CVA Family Office LLC bought a new position in Steel Dynamics in the fourth quarter valued at approximately $28,000. Turtle Creek Wealth Advisors LLC bought a new position in Steel Dynamics in the fourth quarter valued at approximately $29,000. Finally, Lindbrook Capital LLC increased its stake in Steel Dynamics by 117.5% in the fourth quarter. Lindbrook Capital LLC now owns 248 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 134 shares during the last quarter. 82.41% of the stock is owned by institutional investors.

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.