Steel Dynamics (NASDAQ:STLD) Given New $190.00 Price Target at JPMorgan Chase & Co.

Steel Dynamics (NASDAQ:STLD) had its target price raised by JPMorgan Chase & Co. from $165.00 to $190.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 14.24% from the stock’s current price.

Several other research firms have also commented on STLD. Jefferies Financial Group upped their price target on shares of Steel Dynamics from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. The Goldman Sachs Group set a $172.00 target price on Steel Dynamics and gave the stock a “neutral” rating in a research note on Friday, October 31st. UBS Group set a $165.00 target price on Steel Dynamics in a report on Tuesday, November 4th. BMO Capital Markets boosted their price target on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a report on Wednesday, October 22nd. Finally, Wells Fargo & Company upped their price objective on Steel Dynamics from $169.00 to $172.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $173.78.

Steel Dynamics Stock Performance

STLD stock traded down $1.80 during trading on Friday, reaching $166.31. The company had a trading volume of 345,382 shares, compared to its average volume of 1,500,651. The company has a market cap of $24.29 billion, a price-to-earnings ratio of 22.01, a price-to-earnings-growth ratio of 1.24 and a beta of 1.47. Steel Dynamics has a twelve month low of $103.17 and a twelve month high of $172.94. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.47 and a current ratio of 3.11. The firm has a 50-day simple moving average of $153.18 and a 200-day simple moving average of $138.56.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share for the quarter, beating the consensus estimate of $2.63 by $0.11. The business had revenue of $4.83 billion for the quarter, compared to the consensus estimate of $4.74 billion. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.05 EPS. As a group, sell-side analysts expect that Steel Dynamics will post 9.01 earnings per share for the current year.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Miguel Alvarez sold 8,251 shares of the stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the transaction, the senior vice president owned 117,068 shares in the company, valued at $19,057,499.72. This trade represents a 6.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 6.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Steel Dynamics

A number of large investors have recently added to or reduced their stakes in STLD. PNC Financial Services Group Inc. increased its stake in shares of Steel Dynamics by 10.9% during the first quarter. PNC Financial Services Group Inc. now owns 23,676 shares of the basic materials company’s stock worth $2,961,000 after purchasing an additional 2,329 shares in the last quarter. Blair William & Co. IL acquired a new stake in Steel Dynamics in the 1st quarter worth about $214,000. Cary Street Partners Investment Advisory LLC increased its stake in Steel Dynamics by 493.9% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company’s stock worth $25,000 after buying an additional 163 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Steel Dynamics by 2.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,405,666 shares of the basic materials company’s stock worth $175,821,000 after buying an additional 30,759 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Steel Dynamics by 12.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 258,507 shares of the basic materials company’s stock valued at $32,334,000 after acquiring an additional 28,240 shares during the last quarter. 82.41% of the stock is currently 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.