Bank of America Has Lowered Expectations for Steel Dynamics (NASDAQ:STLD) Stock Price

Steel Dynamics (NASDAQ:STLD) had its price objective reduced by research analysts at Bank of America from $280.00 to $260.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. Bank of America‘s price objective suggests a potential upside of 13.83% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Jefferies Financial Group reissued a “buy” rating on shares of Steel Dynamics in a report on Tuesday, March 17th. Barclays started coverage on shares of Steel Dynamics in a research note on Thursday, May 21st. They set an “overweight” rating and a $270.00 price objective for the company. Morgan Stanley increased their target price on shares of Steel Dynamics from $227.00 to $270.00 and gave the stock an “equal weight” rating in a report on Monday, June 22nd. JPMorgan Chase & Co. raised their target price on Steel Dynamics from $192.00 to $205.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 14th. Finally, BMO Capital Markets upped their price target on Steel Dynamics from $195.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $234.55.

Steel Dynamics Price Performance

STLD opened at $228.42 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33. The stock’s 50 day simple moving average is $246.00 and its 200 day simple moving average is $206.74. The firm has a market cap of $33.06 billion, a price-to-earnings ratio of 24.43, a PEG ratio of 0.43 and a beta of 1.53. Steel Dynamics has a 1 year low of $119.89 and a 1 year high of $288.74.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.39 billion. During the same period last year, the company posted $1.44 EPS. The business’s revenue for the quarter was up 19.1% compared to the same quarter last year. As a group, analysts predict that Steel Dynamics will post 16.73 earnings per share for the current year.

Insider Buying and Selling at Steel Dynamics

In other news, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the transaction, the senior vice president directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Miguel Alvarez sold 4,825 shares of the business’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total value of $1,088,423.50. Following the completion of the sale, the senior vice president directly owned 122,257 shares in the company, valued at $27,578,734.06. This trade represents a 3.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 22,125 shares of company stock worth $5,438,226. Corporate insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Steel Dynamics

Several large investors have recently bought and sold shares of the business. Prosperity Bancshares Inc purchased a new position in Steel Dynamics in the fourth quarter valued at $25,000. MV Capital Management Inc. acquired a new stake in Steel Dynamics during the fourth quarter worth about $27,000. Sound Income Strategies LLC raised its stake in Steel Dynamics by 1,500.0% during the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 150 shares during the period. Cedar Mountain Advisors LLC purchased a new stake in shares of Steel Dynamics in the 1st quarter valued at approximately $31,000. Finally, DV Equities LLC acquired a new position in Steel Dynamics in the fourth quarter valued at approximately $33,000. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.