Steel Dynamics (NASDAQ:STLD) Price Target Raised to $150.00 at JPMorgan Chase & Co.

Steel Dynamics (NASDAQ:STLD) had its price target upped by stock analysts at JPMorgan Chase & Co. from $138.00 to $150.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 12.00% from the stock’s current price.

Other analysts have also issued research reports about the stock. UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and set a $149.00 target price on the stock in a research report on Monday, March 24th. BMO Capital Markets upgraded shares of Steel Dynamics from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $135.00 to $145.00 in a research report on Monday, March 31st. Morgan Stanley raised their target price on shares of Steel Dynamics from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Friday, June 20th. Finally, Wall Street Zen lowered shares of Steel Dynamics from a “hold” rating to a “sell” rating in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $149.33.

Steel Dynamics Price Performance

STLD traded down $1.15 on Monday, hitting $133.93. 190,157 shares of the company were exchanged, compared to its average volume of 1,529,701. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.38 and a current ratio of 2.74. The business’s fifty day moving average is $131.70 and its 200 day moving average is $127.06. Steel Dynamics has a fifty-two week low of $103.17 and a fifty-two week high of $155.56. The firm has a market capitalization of $19.88 billion, a P/E ratio of 17.71, a price-to-earnings-growth ratio of 1.05 and a beta of 1.37.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.40 by $0.04. The business had revenue of $4.37 billion for the quarter, compared to analyst estimates of $4.17 billion. Steel Dynamics had a net margin of 6.80% and a return on equity of 13.26%. During the same period in the prior year, the business earned $3.67 earnings per share. As a group, sell-side analysts anticipate that Steel Dynamics will post 9.01 EPS for the current year.

Insider Activity

In other news, Director Gabriel Shaheen sold 1,254 shares of the business’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $134.11, for a total value of $168,173.94. Following the completion of the sale, the director owned 81,812 shares of the company’s stock, valued at approximately $10,971,807.32. The trade was a 1.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Miguel Alvarez sold 7,495 shares of the business’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $135.26, for a total transaction of $1,013,773.70. Following the completion of the sale, the senior vice president directly owned 125,319 shares of the company’s stock, valued at $16,950,647.94. The trade was a 5.64% decrease in their position. The disclosure for this sale can be found here. 6.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Steel Dynamics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Financial Gravity Asset Management Inc. acquired a new position in shares of Steel Dynamics in the 1st quarter valued at about $25,000. Cary Street Partners Investment Advisory LLC boosted 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 valued at $25,000 after purchasing an additional 163 shares during the period. Zions Bancorporation National Association UT acquired a new position in Steel Dynamics during the 1st quarter valued at about $32,000. WPG Advisers LLC acquired a new position in Steel Dynamics during the 1st quarter valued at about $32,000. Finally, Grove Bank & Trust boosted its stake in Steel Dynamics by 194.7% during the 1st quarter. Grove Bank & Trust now owns 277 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 183 shares during the period. Institutional investors own 82.41% of the company’s stock.

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.