Steel Dynamics (NASDAQ:STLD) Upgraded by Bank of America to Buy

by · The Markets Daily

Steel Dynamics (NASDAQ:STLD – Get Free Report) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Tuesday, Marketbeat reports. The brokerage currently has a $155.00 price target on the basic materials company’s stock, up from their prior price target of $140.00. Bank of America‘s target price indicates a potential upside of 21.47% from the company’s current price.

STLD has been the subject of several other reports. JPMorgan Chase & Co. raised shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $120.00 to $131.00 in a report on Monday, September 9th. BMO Capital Markets decreased their target price on shares of Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating for the company in a research note on Tuesday, September 17th. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price target for the stock from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Finally, Morgan Stanley cut their price objective on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $142.71.

Get Our Latest Report on STLD

Steel Dynamics Price Performance

Shares of NASDAQ STLD opened at $127.60 on Tuesday. The company has a 50 day moving average of $119.58 and a 200 day moving average of $128.62. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. Steel Dynamics has a twelve month low of $98.25 and a twelve month high of $151.34. The firm has a market cap of $19.69 billion, a P/E ratio of 8.76 and a beta of 1.32.

Steel Dynamics (NASDAQ:STLD – Get Free Report) last announced its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.67 by $0.05. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The firm had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same period in the prior year, the company posted $4.81 earnings per share. The company’s quarterly revenue was down 8.8% on a year-over-year basis. As a group, research analysts expect that Steel Dynamics will post 10.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Steel Dynamics

Institutional investors have recently bought and sold shares of the stock. Nordea Investment Management AB increased its position in Steel Dynamics by 2.5% in the first quarter. Nordea Investment Management AB now owns 1,034,133 shares of the basic materials company’s stock worth $153,290,000 after buying an additional 25,280 shares in the last quarter. Schroder Investment Management Group increased its holdings in Steel Dynamics by 15.3% in the 4th quarter. Schroder Investment Management Group now owns 743,697 shares of the basic materials company’s stock worth $87,831,000 after acquiring an additional 98,764 shares in the last quarter. SG Americas Securities LLC raised its stake in Steel Dynamics by 1,498.4% during the 1st quarter. SG Americas Securities LLC now owns 29,730 shares of the basic materials company’s stock worth $4,407,000 after acquiring an additional 27,870 shares during the period. Trustmark National Bank Trust Department lifted its holdings in Steel Dynamics by 126.6% during the first quarter. Trustmark National Bank Trust Department now owns 7,134 shares of the basic materials company’s stock valued at $1,057,000 after purchasing an additional 3,986 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of Steel Dynamics by 2,679.3% in the first quarter. Bessemer Group Inc. now owns 10,867 shares of the basic materials company’s stock worth $1,611,000 after purchasing an additional 10,476 shares during the period. 82.41% of the stock is owned by institutional investors.

About Steel Dynamics

(Get Free Report)

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.

See Also