CSFB cut shares of Stelco (TSE:STLC – Free Report) from an outperform rating to a neutral rating in a research note published on Friday, BayStreet.CA reports. They currently have C$42.00 price objective on the stock, down from their prior price objective of C$50.55.
Several other analysts have also commented on the company. JPMorgan Chase & Co. decreased their price target on Stelco from C$48.00 to C$40.00 in a research note on Friday, August 11th. Stifel Nicolaus decreased their price target on Stelco from C$46.00 to C$37.00 in a research note on Friday, August 11th. Royal Bank of Canada dropped their target price on shares of Stelco from C$47.00 to C$43.00 and set a sector perform rating for the company in a research note on Friday, August 11th. Cormark reduced their price target on Stelco from C$62.00 to C$50.00 in a research report on Friday, August 11th. Finally, BMO Capital Markets cut their price target on shares of Stelco from C$60.00 to C$55.00 in a research note on Friday, August 11th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and an average price target of C$46.67.
Stelco Stock Performance
Stelco Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 24th were given a $0.42 dividend. The ex-dividend date was Thursday, August 17th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.69%. Stelco’s dividend payout ratio (DPR) is presently 31.00%.
Stelco Holdings Inc is Canada-based company and owner of one of the technologically advanced integrated steelmaking facilities in North America. The Company produce flat-rolled value-added steels, including coated, cold-rolled and hot-rolled steel products as well as metallurgical coke. With gauge, crown, and shape control, as well as reliable uniformity of mechanical properties, The Company’s steel products are supplied to customers in the construction, automotive and energy industries across Canada and the United States, as well as to a variety of steel service centers, which are regional distributors of steel products.
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