Citigroup Inc. Lowers Steel Dynamics, Inc. (STLD) Price Target to $41.00

Steel Dynamics, Inc. (NASDAQ:STLD) had its price objective reduced by Citigroup Inc. from $43.00 to $41.00 in a research note issued to investors on Friday. The brokerage currently has a “buy” rating on the basic materials company’s stock. Citigroup Inc.’s price objective would indicate a potential upside of 22.75% from the stock’s previous close.

STLD has been the topic of a number of other reports. Jefferies Group LLC restated a “buy” rating and set a $45.00 target price on shares of Steel Dynamics in a research report on Monday, June 26th. Morgan Stanley restated a “buy” rating on shares of Steel Dynamics in a research report on Tuesday, July 18th. Berenberg Bank restated a “buy” rating and set a $46.00 target price on shares of Steel Dynamics in a research report on Monday, June 19th. BidaskClub lowered shares of Steel Dynamics from a “hold” rating to a “sell” rating in a research report on Saturday, June 17th. Finally, Zacks Investment Research upgraded shares of Steel Dynamics from a “sell” rating to a “hold” rating in a research report on Wednesday, July 26th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $39.68.

Steel Dynamics (STLD) traded up 0.72% during mid-day trading on Friday, hitting $33.63. 722,705 shares of the stock traded hands. The stock has a market cap of $8.07 billion, a PE ratio of 15.45 and a beta of 1.26. Steel Dynamics has a 12-month low of $23.34 and a 12-month high of $40.17. The company has a 50 day moving average of $34.70 and a 200-day moving average of $35.00.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.63. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.37 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period last year, the firm posted $0.58 earnings per share. Equities research analysts forecast that Steel Dynamics will post $2.79 earnings per share for the current year.

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In other Steel Dynamics news, insider Christopher A. Graham sold 5,021 shares of the business’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total transaction of $191,049.05. Following the sale, the insider now directly owns 26,778 shares in the company, valued at approximately $1,018,902.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Keith E. Busse sold 4,965 shares of the business’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total transaction of $190,755.30. Following the sale, the director now owns 1,005,666 shares in the company, valued at $38,637,687.72. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the business. IHT Wealth Management LLC boosted its position in shares of Steel Dynamics by 0.7% during the 2nd quarter. IHT Wealth Management LLC now owns 407 shares of the basic materials company’s stock worth $198,000 after purchasing an additional 3 shares in the last quarter. Sheaff Brock Investment Advisors LLC boosted its position in shares of Steel Dynamics by 0.3% during the 2nd quarter. Sheaff Brock Investment Advisors LLC now owns 6,408 shares of the basic materials company’s stock worth $229,000 after purchasing an additional 20 shares in the last quarter. Advisory Services Network LLC boosted its position in shares of Steel Dynamics by 2.3% during the 2nd quarter. Advisory Services Network LLC now owns 4,414 shares of the basic materials company’s stock worth $158,000 after purchasing an additional 101 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of Steel Dynamics by 1.5% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 10,424 shares of the basic materials company’s stock worth $362,000 after purchasing an additional 154 shares in the last quarter. Finally, Alpha Windward LLC boosted its position in shares of Steel Dynamics by 1.1% during the 2nd quarter. Alpha Windward LLC now owns 14,244 shares of the basic materials company’s stock worth $510,000 after purchasing an additional 154 shares in the last quarter. Institutional investors own 82.70% of the company’s stock.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.

Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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