Steel Dynamics (NASDAQ:STLD) Price Target Increased to $118.00 by Analysts at JPMorgan Chase & Co.

Steel Dynamics (NASDAQ:STLD) had its price objective lifted by JPMorgan Chase & Co. from $100.00 to $118.00 in a research report released on Tuesday, Benzinga reports. They currently have an underweight rating on the basic materials company’s stock.

Several other equities research analysts have also recently commented on STLD. Citigroup boosted their target price on Steel Dynamics from $130.00 to $160.00 and gave the company a buy rating in a research note on Wednesday, March 13th. BMO Capital Markets boosted their target price on Steel Dynamics from $110.00 to $120.00 and gave the company a market perform rating in a research note on Monday, March 18th. Finally, UBS Group cut their target price on Steel Dynamics from $120.00 to $119.00 and set a neutral rating on the stock in a research note on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $120.29.

Steel Dynamics Price Performance

Shares of STLD opened at $139.77 on Tuesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.67 and a current ratio of 2.91. The stock has a 50 day simple moving average of $135.46 and a 200 day simple moving average of $120.92. Steel Dynamics has a 52-week low of $90.55 and a 52-week high of $151.34. The firm has a market capitalization of $22.08 billion, a PE ratio of 9.58 and a beta of 1.42.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Tuesday, January 23rd. The basic materials company reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.63 by ($0.02). Steel Dynamics had a net margin of 13.04% and a return on equity of 29.49%. The business had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the prior year, the firm posted $4.37 earnings per share. Steel Dynamics’s revenue for the quarter was down 12.3% compared to the same quarter last year. Sell-side analysts predict that Steel Dynamics will post 11.6 EPS for the current fiscal year.

Steel Dynamics Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, April 14th. Stockholders of record on Sunday, March 31st were paid a dividend of $0.46 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.32%. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.43. Steel Dynamics’s dividend payout ratio is currently 12.61%.

Institutional Investors Weigh In On Steel Dynamics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nordea Investment Management AB raised its stake in shares of Steel Dynamics by 1.1% during the 4th quarter. Nordea Investment Management AB now owns 1,008,853 shares of the basic materials company’s stock worth $118,787,000 after purchasing an additional 11,026 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc bought a new stake in Steel Dynamics in the 4th quarter valued at $14,762,000. Barclays PLC raised its stake in Steel Dynamics by 3.1% in the 3rd quarter. Barclays PLC now owns 363,518 shares of the basic materials company’s stock valued at $38,975,000 after acquiring an additional 10,942 shares during the period. AustralianSuper Pty Ltd raised its stake in Steel Dynamics by 13.1% in the 4th quarter. AustralianSuper Pty Ltd now owns 514,888 shares of the basic materials company’s stock valued at $60,808,000 after acquiring an additional 59,668 shares during the period. Finally, Summit Global Investments bought a new stake in Steel Dynamics in the 3rd quarter valued at $9,372,000. Institutional investors own 82.41% of the company’s stock.

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.