Citigroup Lowers Steel Dynamics (NASDAQ:STLD) Price Target to $145.00

Steel Dynamics (NASDAQ:STLD) had its price target lowered by equities research analysts at Citigroup from $160.00 to $145.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. Citigroup’s price target would suggest a potential upside of 25.55% from the company’s previous close.

Other analysts also recently issued research reports about the company. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their target price for the company from $140.00 to $155.00 in a research report on Tuesday, October 1st. Morgan Stanley dropped their price objective on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 18th. The Goldman Sachs Group began coverage on shares of Steel Dynamics in a research note on Monday, December 2nd. They issued a “neutral” rating and a $155.00 target price for the company. JPMorgan Chase & Co. upped their price target on shares of Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, UBS Group reissued a “neutral” rating and issued a $149.00 price objective (up previously from $145.00) on shares of Steel Dynamics in a research report on Thursday, December 12th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Steel Dynamics presently has a consensus rating of “Hold” and an average price target of $144.25.

Steel Dynamics Stock Down 1.1 %

NASDAQ:STLD traded down $1.27 during trading hours on Thursday, reaching $115.49. 670,745 shares of the stock were exchanged, compared to its average volume of 1,286,627. The stock has a market cap of $17.58 billion, a PE ratio of 10.45 and a beta of 1.31. Steel Dynamics has a twelve month low of $104.60 and a twelve month high of $155.56. The firm has a 50 day moving average of $136.51 and a 200 day moving average of $127.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.39 and a quick ratio of 1.26.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.98 by $0.07. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The business had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.18 billion. During the same quarter in the prior year, the company posted $3.47 earnings per share. The firm’s revenue was down 5.4% on a year-over-year basis. On average, equities analysts expect that Steel Dynamics will post 10.09 earnings per share for the current year.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Richard A. Poinsatte sold 2,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $138.75, for a total transaction of $277,500.00. Following the transaction, the senior vice president now owns 21,101 shares in the company, valued at approximately $2,927,763.75. This trade represents a 8.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Miguel Alvarez sold 6,650 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $143.00, for a total value of $950,950.00. Following the completion of the sale, the senior vice president now owns 116,949 shares of the company’s stock, valued at $16,723,707. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,591 shares of company stock valued at $3,885,938 in the last three months. 6.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Steel Dynamics

Institutional investors and hedge funds have recently modified their holdings of the business. Wilmington Savings Fund Society FSB bought a new stake in Steel Dynamics in the 3rd quarter valued at about $25,000. Innealta Capital LLC acquired a new stake in shares of Steel Dynamics in the second quarter valued at approximately $33,000. Private Trust Co. NA boosted its stake in shares of Steel Dynamics by 532.6% in the third quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock valued at $37,000 after buying an additional 245 shares during the period. Cullen Frost Bankers Inc. grew its position in Steel Dynamics by 33.3% during the second quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock worth $52,000 after buying an additional 100 shares in the last quarter. Finally, HHM Wealth Advisors LLC bought a new position in Steel Dynamics during the 2nd quarter worth $52,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.

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.