Wells Fargo & Company Issues Positive Forecast for Steel Dynamics (NASDAQ:STLD) Stock Price

Steel Dynamics (NASDAQ:STLD) had its price target increased by equities researchers at Wells Fargo & Company from $172.00 to $190.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 13.90% from the stock’s current price.

Several other equities research analysts have also recently weighed in on STLD. BMO Capital Markets increased their price target on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Morgan Stanley increased their target price on shares of Steel Dynamics from $145.00 to $173.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Citigroup raised their price target on shares of Steel Dynamics from $150.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. JPMorgan Chase & Co. boosted their price target on shares of Steel Dynamics from $165.00 to $190.00 and gave the stock a “neutral” rating in a research report on Friday, December 5th. Finally, Jefferies Financial Group upped their price objective on shares of Steel Dynamics from $180.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 10th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $176.89.

Steel Dynamics Trading Down 3.0%

Shares of NASDAQ:STLD traded down $5.15 during mid-day trading on Monday, reaching $166.82. 926,943 shares of the company’s stock were exchanged, compared to its average volume of 1,494,081. The firm has a market capitalization of $24.36 billion, a price-to-earnings ratio of 22.08, a PEG ratio of 1.25 and a beta of 1.46. The business’s fifty day moving average price is $156.48 and its 200-day moving average price is $140.32. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.47 and a current ratio of 3.11. Steel Dynamics has a twelve month low of $103.17 and a twelve month high of $174.31.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share for the quarter, beating analysts’ consensus estimates of $2.63 by $0.11. The business had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.74 billion. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.Steel Dynamics’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.05 earnings per share. On average, research analysts predict that Steel Dynamics will post 9.01 EPS for the current fiscal year.

Insider Activity

In related news, SVP Miguel Alvarez sold 8,251 shares of the stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the transaction, the senior vice president directly owned 117,068 shares of the company’s stock, valued at $19,057,499.72. This represents a 6.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Steel Dynamics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Steel Dynamics in the second quarter worth approximately $339,769,000. Price T Rowe Associates Inc. MD grew its holdings in Steel Dynamics by 25.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,066,300 shares of the basic materials company’s stock worth $883,854,000 after buying an additional 1,437,897 shares in the last quarter. Boston Partners bought a new stake in Steel Dynamics during the third quarter worth $101,254,000. Nordea Investment Management AB raised its position in Steel Dynamics by 43.3% in the 2nd quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock valued at $271,238,000 after buying an additional 630,935 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its stake in Steel Dynamics by 40.6% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,675,973 shares of the basic materials company’s stock valued at $214,541,000 after acquiring an additional 484,304 shares in the last quarter. 82.41% of the stock is owned by institutional investors.

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.