JPMorgan Chase & Co. Cuts Steel Dynamics (NASDAQ:STLD) Price Target to $256.00

Steel Dynamics (NASDAQ:STLD) had its price target dropped by JPMorgan Chase & Co. from $262.00 to $256.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 9.71% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Citigroup increased their price objective on Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Wall Street Zen upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Saturday, April 18th. Barclays initiated coverage on shares of Steel Dynamics in a research report on Thursday, May 21st. They set an “overweight” rating and a $270.00 price target on the stock. KeyCorp lifted their price objective on shares of Steel Dynamics from $241.00 to $262.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Finally, Wells Fargo & Company cut their price objective on shares of Steel Dynamics from $293.00 to $291.00 and set an “overweight” rating for the company in a report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Steel Dynamics presently has an average rating of “Moderate Buy” and an average target price of $239.18.

Steel Dynamics Trading Down 0.3%

STLD stock opened at $233.35 on Wednesday. Steel Dynamics has a one year low of $119.89 and a one year high of $288.74. The stock has a market cap of $33.77 billion, a price-to-earnings ratio of 24.96, a price-to-earnings-growth ratio of 0.45 and a beta of 1.53. The company has a fifty day moving average price of $246.03 and a two-hundred day moving average price of $207.77. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.13 and a quick ratio of 1.33.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.01). The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The business’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.44 earnings per share. Equities analysts anticipate that Steel Dynamics will post 16.73 EPS for the current year.

Insiders Place Their Bets

In other news, Director Kenneth W. Cornew sold 5,000 shares of the stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total value of $1,124,350.00. Following the completion of the transaction, the director owned 31,299 shares of the company’s stock, valued at approximately $7,038,206.13. This represents a 13.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the sale, the senior vice president directly owned 102,837 shares in the company, valued at $27,632,301.90. This trade represents a 8.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 22,125 shares of company stock worth $5,438,226 in the last ninety days. Insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Steel Dynamics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Prosperity Bancshares Inc acquired a new stake in Steel Dynamics during the 4th quarter valued at approximately $25,000. MV Capital Management Inc. bought a new stake in shares of Steel Dynamics in the 4th quarter valued at $27,000. Sound Income Strategies LLC increased its position in shares of Steel Dynamics by 1,500.0% during the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock worth $28,000 after buying an additional 150 shares during the period. Cedar Mountain Advisors LLC bought a new position in Steel Dynamics during the first quarter worth $31,000. Finally, DV Equities LLC acquired a new position in Steel Dynamics in the fourth quarter valued at $33,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

About Steel Dynamics

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.