KeyCorp Forecasts Strong Price Appreciation for Steel Dynamics (NASDAQ:STLD) Stock

Steel Dynamics (NASDAQ:STLD) had its price objective hoisted by stock analysts at KeyCorp from $262.00 to $265.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the basic materials company’s stock. KeyCorp‘s target price would suggest a potential upside of 10.46% from the stock’s previous close.

A number of other analysts have also recently weighed in on STLD. Bank of America cut their price target on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. JPMorgan Chase & Co. lowered their price objective on Steel Dynamics from $272.00 to $260.00 and set a “neutral” rating for the company in a research report on Friday, October 9th. Wells Fargo & Company increased their price objective on Steel Dynamics from $257.00 to $271.00 and gave the company an “overweight” rating in a report on Wednesday. Morgan Stanley cut their target price on Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 22nd. Finally, Weiss Ratings cut Steel Dynamics from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, October 13th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $259.64.

Steel Dynamics Trading Down 3.3%

Shares of NASDAQ:STLD opened at $239.90 on Friday. Steel Dynamics has a 52 week low of $148.13 and a 52 week high of $288.74. The company’s 50 day moving average is $237.41 and its two-hundred day moving average is $238.44. The company has a market cap of $34.38 billion, a PE ratio of 17.70, a P/E/G ratio of 0.36 and a beta of 1.48. The company has a current ratio of 3.14, a quick ratio of 1.45 and a debt-to-equity ratio of 0.43.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Monday, October 19th. The basic materials company reported $5.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.48 by ($0.22). The firm had revenue of $6.51 billion for the quarter, compared to analysts’ expectations of $6.43 billion. Steel Dynamics had a return on equity of 21.57% and a net margin of 8.82%. Steel Dynamics’s revenue for the quarter was up 34.8% on a year-over-year basis. During the same period last year, the firm posted $2.74 earnings per share. Equities analysts predict that Steel Dynamics will post 17.92 earnings per share for the current fiscal year.

Institutional Trading of Steel Dynamics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Keating Financial Advisory Services Inc. lifted its holdings in shares of Steel Dynamics by 27.1% in the 2nd quarter. Keating Financial Advisory Services Inc. now owns 197 shares of the basic materials company’s stock valued at $45,000 after purchasing an additional 42 shares during the last quarter. Parkside Financial Bank & Trust grew its stake in Steel Dynamics by 2.7% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,726 shares of the basic materials company’s stock worth $396,000 after buying an additional 45 shares during the last quarter. Nilsine Partners LLC grew its stake in Steel Dynamics by 6.8% during the 2nd quarter. Nilsine Partners LLC now owns 969 shares of the basic materials company’s stock worth $222,000 after buying an additional 62 shares during the last quarter. Kestra Private Wealth Services LLC increased its position in Steel Dynamics by 2.7% during the first quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company’s stock worth $431,000 after buying an additional 64 shares during the period. Finally, Trustmark Bank Trust Department increased its position in Steel Dynamics by 4.5% during the second quarter. Trustmark Bank Trust Department now owns 1,613 shares of the basic materials company’s stock worth $370,000 after buying an additional 70 shares during the period. 82.41% of the stock is owned by hedge funds and other institutional investors.

About Steel Dynamics

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. The company manufactures steel products using electric arc furnace technology and serves customers across industries such as construction, automotive, manufacturing, and energy.

Its operations include the production of flat rolled steel, long steel products, structural steel, rail, and specialty products. Steel Dynamics also provides steel processing and fabrication services, including the manufacture of steel joists, deck systems, and other components used in commercial and industrial construction.

The company operates metals recycling facilities that collect, process, and supply ferrous and nonferrous scrap to support its steelmaking operations.