Steel Dynamics (NASDAQ:STLD – Get Rating) was downgraded by stock analysts at UBS Group from a “buy” rating to a “neutral” rating in a note issued to investors on Monday, The Fly reports.
A number of other analysts have also recently issued reports on the company. Citigroup increased their target price on Steel Dynamics to $110.00 in a research note on Tuesday, September 13th. StockNews.com cut Steel Dynamics from a “buy” rating to a “hold” rating in a report on Thursday, November 24th. BMO Capital Markets boosted their price target on Steel Dynamics from $89.00 to $100.00 and gave the company a “market perform” rating in a report on Monday, November 14th. Morgan Stanley lifted their target price on Steel Dynamics from $78.00 to $85.00 and gave the company an “equal weight” rating in a research report on Friday, October 21st. Finally, The Goldman Sachs Group upped their price target on Steel Dynamics from $88.00 to $99.00 and gave the stock a “buy” rating in a research report on Friday, October 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $94.14.
Steel Dynamics Trading Down 2.6 %
STLD traded down $2.81 during midday trading on Monday, reaching $106.74. 2,415,874 shares of the company were exchanged, compared to its average volume of 2,060,085. The stock has a market capitalization of $18.74 billion, a P/E ratio of 4.71 and a beta of 1.47. Steel Dynamics has a one year low of $50.54 and a one year high of $109.63. The stock’s 50-day simple moving average is $91.42 and its 200 day simple moving average is $81.37. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.08 and a current ratio of 3.67.
Steel Dynamics (NASDAQ:STLD – Get Rating) last announced its quarterly earnings results on Wednesday, October 19th. The basic materials company reported $5.46 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.49. The business had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.48 billion. Steel Dynamics had a net margin of 18.99% and a return on equity of 65.26%. As a group, analysts forecast that Steel Dynamics will post 21.89 earnings per share for the current fiscal year.
Steel Dynamics announced that its board has initiated a stock buyback program on Thursday, November 10th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the basic materials company to repurchase up to 8.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.
Insider Activity
In other Steel Dynamics news, Director James C. Marcuccilli sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, December 2nd. The stock was sold at an average price of $108.90, for a total transaction of $272,250.00. Following the transaction, the director now owns 82,965 shares of the company’s stock, valued at $9,034,888.50. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Keith E. Busse sold 22,103 shares of Steel Dynamics stock in a transaction dated Monday, October 24th. The shares were sold at an average price of $96.33, for a total transaction of $2,129,181.99. Following the completion of the sale, the director now owns 701,948 shares of the company’s stock, valued at approximately $67,618,650.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James C. Marcuccilli sold 2,500 shares of the stock in a transaction dated Friday, December 2nd. The shares were sold at an average price of $108.90, for a total transaction of $272,250.00. Following the completion of the transaction, the director now directly owns 82,965 shares in the company, valued at $9,034,888.50. The disclosure for this sale can be found here. Insiders own 5.40% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in STLD. First Horizon Advisors Inc. increased its position in Steel Dynamics by 70.0% during the second quarter. First Horizon Advisors Inc. now owns 464 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 191 shares during the period. Parkside Financial Bank & Trust increased its holdings in shares of Steel Dynamics by 425.8% during the second quarter. Parkside Financial Bank & Trust now owns 468 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 379 shares during the period. Clearstead Advisors LLC acquired a new stake in shares of Steel Dynamics in the third quarter valued at approximately $35,000. Catalyst Capital Advisors LLC bought a new stake in shares of Steel Dynamics in the first quarter valued at approximately $36,000. Finally, Quent Capital LLC boosted its stake in shares of Steel Dynamics by 1,042.9% in the first quarter. Quent Capital LLC now owns 480 shares of the basic materials company’s stock valued at $40,000 after buying an additional 438 shares during the period. Institutional investors own 80.36% of the company’s stock.
Steel Dynamics Company Profile
Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.