Credit Agricole SA Cuts Steel Dynamics Inc. (STLD) Price Target to $27.00
Steel Dynamics Inc. (NASDAQ:STLD) had its target price reduced by equities research analysts at Credit Agricole SA from $29.00 to $27.00 in a research report issued on Wednesday. The firm currently has a “market perform” rating on the stock. Credit Agricole SA’s target price points to a potential upside of 11.52% from the company’s previous close.
A number of other brokerages have also recently weighed in on STLD. Credit Suisse Group AG upped their price target on shares of Steel Dynamics from $27.00 to $33.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 8th. BMO Capital Markets reaffirmed an “outperform” rating and set a $30.00 price target on shares of Steel Dynamics in a research report on Friday, July 22nd. Zacks Investment Research cut shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Friday, July 1st. Jefferies Group reaffirmed a “buy” rating and set a $31.00 price target (up from $28.00) on shares of Steel Dynamics in a research report on Friday, June 10th. Finally, Rosenblatt Securities initiated coverage on shares of Steel Dynamics in a research report on Wednesday, June 1st. They set a “buy” rating and a $21.00 price target for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $27.77.
Shares of Steel Dynamics (NASDAQ:STLD) opened at 24.21 on Wednesday. The firm has a market cap of $5.90 billion, a PE ratio of 494.08 and a beta of 1.70. Steel Dynamics has a 52-week low of $15.32 and a 52-week high of $28.01. The stock’s 50 day moving average price is $25.00 and its 200-day moving average price is $24.55.
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Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Monday, July 18th. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. Steel Dynamics had a net margin of 0.17% and a return on equity of 10.79%. The firm earned $2.02 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the prior year, the company earned $0.22 EPS. On average, equities research analysts anticipate that Steel Dynamics will post $2.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a $0.14 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.56 annualized dividend and a dividend yield of 2.31%. Steel Dynamics’s payout ratio is currently 1,120.00%.
In other Steel Dynamics news, Director Jurgen Dr Kolb sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $26.50, for a total value of $26,500.00. Following the sale, the director now owns 65,014 shares in the company, valued at $1,722,871. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Keith E. Busse sold 13,155 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $27.00, for a total transaction of $355,185.00. Following the completion of the sale, the director now owns 1,006,894 shares in the company, valued at approximately $27,186,138. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in STLD. Norges Bank purchased a new stake in shares of Steel Dynamics during the fourth quarter valued at approximately $84,058,000. Aperio Group LLC boosted its position in Steel Dynamics by 24.8% in the first quarter. Aperio Group LLC now owns 66,815 shares of the company’s stock valued at $1,504,000 after buying an additional 13,283 shares during the period. Nisa Investment Advisors L.L.C. boosted its position in Steel Dynamics by 2.9% in the first quarter. Nisa Investment Advisors L.L.C. now owns 38,820 shares of the company’s stock valued at $874,000 after buying an additional 1,100 shares during the period. TIAA CREF Investment Management LLC boosted its position in Steel Dynamics by 32.7% in the first quarter. TIAA CREF Investment Management LLC now owns 2,368,036 shares of the company’s stock valued at $53,304,000 after buying an additional 584,195 shares during the period. Finally, Teachers Advisors Inc. boosted its position in Steel Dynamics by 29.7% in the first quarter. Teachers Advisors Inc. now owns 616,238 shares of the company’s stock valued at $13,872,000 after buying an additional 141,090 shares during the period. Institutional investors own 82.42% of the company’s stock.
About Steel Dynamics
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