Analysts Set Steel Dynamics, Inc. (NASDAQ:STLD) Target Price at $94.14

Shares of Steel Dynamics, Inc. (NASDAQ:STLDGet Rating) have been assigned a consensus rating of “Hold” from the eight ratings firms that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $94.14.

A number of analysts recently issued reports on STLD shares. The Goldman Sachs Group increased their target price on Steel Dynamics from $88.00 to $99.00 and gave the stock a “buy” rating in a research note on Friday, October 21st. BMO Capital Markets upped their price target on Steel Dynamics from $89.00 to $100.00 and gave the stock a “market perform” rating in a research report on Monday, November 14th. Morgan Stanley upped their price target on Steel Dynamics from $78.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Friday, October 21st. Citigroup upped their price target on Steel Dynamics to $110.00 in a research report on Tuesday, September 13th. Finally, StockNews.com raised Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Wednesday, November 16th.

Steel Dynamics Price Performance

NASDAQ STLD opened at $100.64 on Friday. The business has a 50 day simple moving average of $84.99 and a 200 day simple moving average of $79.21. Steel Dynamics has a 52-week low of $50.54 and a 52-week high of $103.00. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.08 and a current ratio of 3.67. The stock has a market cap of $17.67 billion, a price-to-earnings ratio of 4.44 and a beta of 1.46.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 13th. Stockholders of record on Saturday, December 31st will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend is Friday, December 30th. Steel Dynamics’s payout ratio is presently 6.00%.

Steel Dynamics announced that its board has approved a stock repurchase plan on Thursday, November 10th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the basic materials company to reacquire up to 8.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other Steel Dynamics news, Director Keith E. Busse sold 22,103 shares of the firm’s stock in a transaction on Monday, October 24th. The stock was sold at an average price of $96.33, for a total transaction of $2,129,181.99. Following the completion of the sale, the director now owns 701,948 shares of the company’s stock, valued at approximately $67,618,650.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Steel Dynamics

Several hedge funds have recently added to or reduced their stakes in STLD. Daiwa Securities Group Inc. lifted its holdings in Steel Dynamics by 26.7% during the 1st quarter. Daiwa Securities Group Inc. now owns 26,550 shares of the basic materials company’s stock valued at $2,215,000 after purchasing an additional 5,600 shares during the last quarter. Signaturefd LLC increased its position in Steel Dynamics by 56.0% during the 1st quarter. Signaturefd LLC now owns 1,618 shares of the basic materials company’s stock worth $135,000 after buying an additional 581 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its position in Steel Dynamics by 3,055.1% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 20,603 shares of the basic materials company’s stock worth $1,719,000 after buying an additional 19,950 shares during the period. Measured Wealth Private Client Group LLC bought a new position in Steel Dynamics during the 1st quarter worth $286,000. Finally, Metis Global Partners LLC bought a new position in Steel Dynamics during the 1st quarter worth $304,000. Institutional investors and hedge funds own 80.36% of the company’s stock.

Steel Dynamics Company Profile

(Get Rating)

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.

Further Reading

Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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