Zacks Investment Research Upgrades Steel Dynamics (STLD) to “Hold”

Steel Dynamics (NASDAQ:STLD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “Steel Dynamics, Inc., together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. The company operates through Steel Operations, Metals Recycling Operations, Steel Fabrication Operations, and Other segments. The Steel Operations segment provides a range of sheet steel products, such as hot roll, cold roll, and coated steel products; structural steel beams and pilings to construction market etc. The Metals Recycling Operations segment is involved in the purchase, process, and resale of ferrous and nonferrous scrap metals into reusable forms and grades. The Steel Fabrication Operations segment produces steel building components comprising steel joists, girders, trusses, and steel decks primarily for the non-residential construction industry. The Other segment offers pig and hot briquetted iron; and iron nugget products that are used in electric arc furnace steel mill production. “

A number of other equities analysts have also issued reports on STLD. BidaskClub upgraded shares of Steel Dynamics from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Bank of America set a $51.00 target price on shares of Steel Dynamics and gave the stock a “buy” rating in a research report on Monday. Longbow Research lowered shares of Steel Dynamics from a “buy” rating to a “neutral” rating in a report on Monday, October 2nd. Cowen set a $43.00 price objective on shares of Steel Dynamics and gave the company a “buy” rating in a report on Monday, December 18th. Finally, ValuEngine lowered shares of Steel Dynamics from a “buy” rating to a “hold” rating in a report on Wednesday, November 29th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $42.64.

Shares of Steel Dynamics (NASDAQ:STLD) traded up $0.67 during mid-day trading on Wednesday, hitting $45.78. 695,080 shares of the stock were exchanged, compared to its average volume of 2,737,433. Steel Dynamics has a 12 month low of $32.15 and a 12 month high of $46.32. The firm has a market capitalization of $10,850.00, a price-to-earnings ratio of 21.10, a price-to-earnings-growth ratio of 1.26 and a beta of 1.40. The company has a debt-to-equity ratio of 0.80, a current ratio of 3.35 and a quick ratio of 1.95.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, October 18th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.66. Steel Dynamics had a net margin of 5.79% and a return on equity of 21.45%. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same period in the prior year, the business earned $0.64 earnings per share. Steel Dynamics’s quarterly revenue was up 16.3% on a year-over-year basis. equities research analysts anticipate that Steel Dynamics will post 2.64 earnings per share for the current year.

A number of large investors have recently modified their holdings of the business. IHT Wealth Management LLC increased its stake in Steel Dynamics by 0.7% in the second quarter. IHT Wealth Management LLC now owns 407 shares of the basic materials company’s stock valued at $198,000 after purchasing an additional 3 shares in the last quarter. Sheaff Brock Investment Advisors LLC increased its position in shares of Steel Dynamics by 0.3% during the second quarter. Sheaff Brock Investment Advisors LLC now owns 6,408 shares of the basic materials company’s stock worth $229,000 after acquiring an additional 20 shares in the last quarter. Advisory Services Network LLC increased its position in shares of Steel Dynamics by 2.3% during the second quarter. Advisory Services Network LLC now owns 4,414 shares of the basic materials company’s stock worth $158,000 after acquiring an additional 101 shares in the last quarter. First Allied Advisory Services Inc. increased its position in shares of Steel Dynamics by 2.8% during the second quarter. First Allied Advisory Services Inc. now owns 8,296 shares of the basic materials company’s stock worth $297,000 after acquiring an additional 223 shares in the last quarter. Finally, M&T Bank Corp increased its position in shares of Steel Dynamics by 2.7% during the second quarter. M&T Bank Corp now owns 19,829 shares of the basic materials company’s stock worth $709,000 after acquiring an additional 515 shares in the last quarter. 83.38% of the stock is owned by hedge funds and other institutional investors.

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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.

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