Steel Dynamics (NASDAQ:STLD) Given New $131.00 Price Target at Morgan Stanley

Steel Dynamics (NASDAQ:STLD) had its price objective reduced by Morgan Stanley from $138.00 to $131.00 in a research report released on Wednesday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the basic materials company’s stock.

STLD has been the subject of a number of other research reports. BMO Capital Markets cut their price objective on shares of Steel Dynamics from $135.00 to $127.00 and set a market perform rating for the company in a report on Tuesday, September 17th. Bank of America cut their price target on Steel Dynamics from $150.00 to $145.00 and set a neutral rating for the company in a research note on Wednesday, June 26th. UBS Group upgraded Steel Dynamics from a neutral rating to a buy rating and increased their price target for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. upgraded Steel Dynamics from an underweight rating to a neutral rating and boosted their price objective for the company from $120.00 to $131.00 in a research report on Monday, September 9th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Steel Dynamics has a consensus rating of Hold and an average target price of $141.29.

Steel Dynamics Stock Down 0.2 %

Shares of STLD opened at $119.83 on Wednesday. The stock’s 50-day moving average price is $120.11 and its 200-day moving average price is $129.01. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $18.83 billion, a price-to-earnings ratio of 8.23 and a beta of 1.32. Steel Dynamics has a 52 week low of $98.25 and a 52 week high of $151.34.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.67 by $0.05. The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.43 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The business’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.81 EPS. On average, sell-side analysts predict that Steel Dynamics will post 10.57 EPS for the current year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a $0.46 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.84 annualized dividend and a dividend yield of 1.54%. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.64%.

Institutional Investors Weigh In On Steel Dynamics

A number of large investors have recently modified their holdings of the business. Sanctuary Advisors LLC purchased a new stake in shares of Steel Dynamics in the second quarter valued at approximately $2,049,000. New Century Financial Group LLC acquired a new position in Steel Dynamics during the second quarter worth $246,000. Ariadne Wealth Management LP purchased a new stake in Steel Dynamics in the 2nd quarter valued at $267,000. Truist Financial Corp increased its stake in shares of Steel Dynamics by 3.1% in the 2nd quarter. Truist Financial Corp now owns 72,834 shares of the basic materials company’s stock worth $9,432,000 after acquiring an additional 2,190 shares during the last quarter. Finally, Creative Planning raised its holdings in shares of Steel Dynamics by 2.6% during the 2nd quarter. Creative Planning now owns 27,138 shares of the basic materials company’s stock worth $3,514,000 after acquiring an additional 684 shares during the period. 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.