Brokerages Set Steel Dynamics, Inc. (NASDAQ:STLD) Price Target at $146.22

Shares of Steel Dynamics, Inc. (NASDAQ:STLD) have been given an average rating of “Moderate Buy” by the ten ratings firms that are presently covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $146.22.

STLD has been the subject of a number of recent analyst reports. KeyCorp raised shares of Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $155.00 price target for the company in a report on Tuesday, February 11th. The Goldman Sachs Group initiated coverage on shares of Steel Dynamics in a report on Monday, December 2nd. They set a “neutral” rating and a $155.00 price target for the company. JPMorgan Chase & Co. cut their price target on shares of Steel Dynamics from $134.00 to $132.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Citigroup cut their price target on shares of Steel Dynamics from $160.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Finally, StockNews.com cut shares of Steel Dynamics from a “hold” rating to a “sell” rating in a research report on Wednesday.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, SVP Glenn Pushis sold 23,649 shares of the company’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $134.67, for a total value of $3,184,810.83. Following the completion of the transaction, the senior vice president now directly owns 122,140 shares in the company, valued at approximately $16,448,593.80. This represents a 16.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Steel Dynamics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Steel Dynamics during the fourth quarter worth $336,426,000. Holocene Advisors LP increased its position in shares of Steel Dynamics by 85.8% during the third quarter. Holocene Advisors LP now owns 2,295,365 shares of the basic materials company’s stock worth $289,400,000 after buying an additional 1,060,007 shares during the period. Capital Research Global Investors increased its position in shares of Steel Dynamics by 29.4% during the fourth quarter. Capital Research Global Investors now owns 3,592,670 shares of the basic materials company’s stock worth $409,816,000 after buying an additional 815,629 shares during the period. Lord Abbett & CO. LLC increased its position in shares of Steel Dynamics by 116.5% during the third quarter. Lord Abbett & CO. LLC now owns 1,018,668 shares of the basic materials company’s stock worth $128,434,000 after buying an additional 548,086 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Steel Dynamics by 8.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,628,403 shares of the basic materials company’s stock worth $642,033,000 after buying an additional 451,630 shares during the period. 82.41% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Stock Performance

NASDAQ STLD opened at $133.48 on Thursday. The firm has a 50-day moving average price of $124.64 and a two-hundred day moving average price of $127.12. Steel Dynamics has a 12-month low of $104.60 and a 12-month high of $155.56. The company has a quick ratio of 1.08, a current ratio of 2.53 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $20.32 billion, a P/E ratio of 13.62, a P/E/G ratio of 1.05 and a beta of 1.35.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.33). Steel Dynamics had a return on equity of 17.32% and a net margin of 8.76%. During the same quarter in the prior year, the company posted $2.61 EPS. Analysts anticipate that Steel Dynamics will post 9.01 earnings per share for the current year.

Steel Dynamics declared that its Board of Directors has initiated a stock buyback plan on Monday, February 24th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the basic materials company to purchase up to 7.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Steel Dynamics Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be given a $0.50 dividend. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a yield of 1.50%. The ex-dividend date is Monday, March 31st. Steel Dynamics’s dividend payout ratio is 20.41%.

Steel Dynamics Company Profile

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.