UBS Group Cuts Steel Dynamics (NASDAQ:STLD) Price Target to $119.00

Steel Dynamics (NASDAQ:STLDGet Free Report) had its price objective decreased by stock analysts at UBS Group from $120.00 to $119.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the basic materials company’s stock. UBS Group’s price objective would indicate a potential upside of 2.59% from the stock’s previous close.

A number of other research analysts have also commented on STLD. JPMorgan Chase & Co. upped their price objective on shares of Steel Dynamics from $95.00 to $98.00 and gave the company an “underweight” rating in a research report on Tuesday, December 12th. StockNews.com started coverage on shares of Steel Dynamics in a research report on Thursday, October 5th. They set a “hold” rating for the company. Finally, Morgan Stanley upped their price objective on shares of Steel Dynamics from $99.00 to $108.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, Steel Dynamics presently has an average rating of “Hold” and an average target price of $113.33.

Read Our Latest Analysis on Steel Dynamics

Steel Dynamics Stock Up 0.1 %

NASDAQ:STLD traded up $0.10 during trading hours on Wednesday, reaching $116.00. The company’s stock had a trading volume of 996,119 shares, compared to its average volume of 1,315,062. The company has a market cap of $18.77 billion, a price-to-earnings ratio of 7.95 and a beta of 1.44. Steel Dynamics has a one year low of $90.55 and a one year high of $136.46. The business’s 50-day moving average is $116.38 and its 200-day moving average is $108.98. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.77 and a quick ratio of 2.23.

Steel Dynamics (NASDAQ:STLDGet Free Report) last released its earnings results on Tuesday, January 23rd. The basic materials company reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.02). The firm had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.22 billion. Steel Dynamics had a return on equity of 29.70% and a net margin of 13.04%. The firm’s revenue was down 12.3% on a year-over-year basis. During the same period in the prior year, the firm earned $4.37 EPS. Equities research analysts predict that Steel Dynamics will post 10.69 EPS for the current year.

Steel Dynamics announced that its Board of Directors has authorized a stock buyback program on Friday, November 3rd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the basic materials company to purchase up to 8.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Bradley S. Seaman sold 4,717 shares of the stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $109.72, for a total transaction of $517,549.24. Following the sale, the director now directly owns 46,462 shares of the company’s stock, valued at $5,097,810.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director James C. Marcuccilli sold 25,454 shares of the stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $122.43, for a total value of $3,116,333.22. Following the transaction, the director now directly owns 59,989 shares in the company, valued at $7,344,453.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bradley S. Seaman sold 4,717 shares of the stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $109.72, for a total transaction of $517,549.24. Following the completion of the transaction, the director now owns 46,462 shares in the company, valued at $5,097,810.64. The disclosure for this sale can be found here. Insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Steel Dynamics

Large investors have recently bought and sold shares of the business. CVA Family Office LLC acquired a new stake in Steel Dynamics in the fourth quarter worth $28,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Steel Dynamics in the fourth quarter worth $29,000. Wellington Shields & Co. LLC raised its holdings in Steel Dynamics by 50.0% in the fourth quarter. Wellington Shields & Co. LLC now owns 300 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 100 shares during the period. Hexagon Capital Partners LLC raised its holdings in Steel Dynamics by 91.1% in the second quarter. Hexagon Capital Partners LLC now owns 302 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 144 shares during the period. Finally, Clearstead Advisors LLC acquired a new stake in Steel Dynamics in the third quarter worth $35,000. 81.32% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Company Profile

(Get Free Report)

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 rolled, cold rolled, 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; 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.

Further Reading

Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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