JPMorgan Chase & Co. Lowers Steel Dynamics (NASDAQ:STLD) Price Target to $129.00

Steel Dynamics (NASDAQ:STLD) had its target price lowered by JPMorgan Chase & Co. from $131.00 to $129.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 0.42% from the company’s current price.

A number of other research firms also recently issued reports on STLD. Morgan Stanley decreased their target price on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and raised their target price for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. Bank of America raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $140.00 to $155.00 in a research note on Tuesday, October 1st. Finally, 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. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $142.86.

Steel Dynamics Trading Down 1.3 %

NASDAQ:STLD opened at $128.46 on Wednesday. The firm has a 50 day moving average of $119.46 and a 200 day moving average of $128.15. 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 52 week low of $98.25 and a 52 week high of $151.34. The stock has a market capitalization of $19.82 billion, a price-to-earnings ratio of 8.82 and a beta of 1.31.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.67 by $0.05. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.43 billion. During the same period last year, the firm posted $4.81 EPS. Steel Dynamics’s revenue was down 8.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Steel Dynamics will post 10.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Steel Dynamics

Institutional investors and hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD lifted its holdings in Steel Dynamics by 4.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,604,492 shares of the basic materials company’s stock valued at $534,295,000 after acquiring an additional 152,254 shares during the last quarter. Pacer Advisors Inc. lifted its stake in shares of Steel Dynamics by 7.0% in the 2nd quarter. Pacer Advisors Inc. now owns 2,138,157 shares of the basic materials company’s stock valued at $276,891,000 after purchasing an additional 140,042 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Steel Dynamics by 1.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,768,333 shares of the basic materials company’s stock worth $228,999,000 after purchasing an additional 22,390 shares during the period. LSV Asset Management increased its position in shares of Steel Dynamics by 3.9% during the 2nd quarter. LSV Asset Management now owns 1,410,070 shares of the basic materials company’s stock worth $182,604,000 after purchasing an additional 53,532 shares during the last quarter. Finally, Acadian Asset Management LLC raised its holdings in Steel Dynamics by 21.6% in the 1st quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock valued at $168,550,000 after buying an additional 202,312 shares during the period. 82.41% of the stock is currently owned by institutional investors and hedge funds.

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.