BMO Capital Markets Raises Steel Dynamics (NASDAQ:STLD) Price Target to $130.00

Steel Dynamics (NASDAQ:STLD) had its price objective boosted by BMO Capital Markets from $127.00 to $130.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a market perform rating on the basic materials company’s stock.

STLD has been the topic of a number of other reports. JPMorgan Chase & Co. cut their target price on Steel Dynamics from $131.00 to $129.00 and set a neutral rating on the stock in a research report on Wednesday. Morgan Stanley dropped their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an equal weight rating for the company in a research note on Wednesday, September 18th. UBS Group upgraded shares of Steel Dynamics from a neutral rating to a buy rating and increased their price objective for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Finally, Bank of America raised shares of Steel Dynamics from a neutral rating to a buy rating and boosted their target price for the stock from $140.00 to $155.00 in a research report on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Steel Dynamics has an average rating of Hold and a consensus price target of $142.86.

Steel Dynamics Price Performance

STLD opened at $128.46 on Thursday. 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 $19.82 billion, a price-to-earnings ratio of 10.30 and a beta of 1.31. The company has a current ratio of 2.35, a quick ratio of 1.19 and a debt-to-equity ratio of 0.25. The company has a fifty day simple moving average of $119.46 and a 200 day simple moving average of $128.15.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.05. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The company had revenue of $4.63 billion during the quarter, compared to the consensus estimate of $4.43 billion. During the same period last year, the firm earned $4.81 earnings per share. The company’s revenue was down 8.8% on a year-over-year basis. Equities research analysts expect that Steel Dynamics will post 10.15 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.46 per share. The ex-dividend date is Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.43%. Steel Dynamics’s dividend payout ratio (DPR) is 14.76%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of STLD. Larson Financial Group LLC bought a new position in Steel Dynamics in the first quarter worth about $25,000. Innealta Capital LLC bought a new stake in shares of Steel Dynamics in the 2nd quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Steel Dynamics in the 2nd quarter worth approximately $41,000. Quarry LP boosted its position in Steel Dynamics by 583.9% during the 4th quarter. Quarry LP now owns 383 shares of the basic materials company’s stock valued at $45,000 after purchasing an additional 327 shares during the period. Finally, Riverview Trust Co bought a new position in Steel Dynamics during the 1st quarter worth $50,000. 82.41% of the stock is owned by institutional investors and hedge funds.

About Steel Dynamics

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.