Wells Fargo & Company Increases Steel Dynamics (NASDAQ:STLD) Price Target to $172.00

Steel Dynamics (NASDAQ:STLD) had its price target boosted by investment analysts at Wells Fargo & Company from $169.00 to $172.00 in a report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 10.67% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. increased their price target on Steel Dynamics from $150.00 to $160.00 and gave the company a “neutral” rating in a research note on Monday, October 13th. Jefferies Financial Group increased their price objective on shares of Steel Dynamics from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. KeyCorp lifted their target price on shares of Steel Dynamics from $152.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Morgan Stanley upped their price target on shares of Steel Dynamics from $145.00 to $173.00 and gave the company an “overweight” rating in a research note on Friday, October 24th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Steel Dynamics in a research note on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $170.44.

Steel Dynamics Price Performance

Shares of STLD opened at $155.41 on Friday. The company has a 50 day moving average of $145.58 and a two-hundred day moving average of $135.65. The company has a quick ratio of 1.34, a current ratio of 3.11 and a debt-to-equity ratio of 0.43. Steel Dynamics has a twelve month low of $103.17 and a twelve month high of $164.73. The company has a market cap of $22.70 billion, a price-to-earnings ratio of 20.58, a price-to-earnings-growth ratio of 1.39 and a beta of 1.45.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Tuesday, October 21st. The basic materials company reported $2.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the firm posted $2.05 earnings per share. As a group, analysts predict that Steel Dynamics will post 9.01 earnings per share for the current fiscal year.

Insider Transactions at Steel Dynamics

In related news, SVP Miguel Alvarez sold 8,251 shares of the business’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the completion of the transaction, the senior vice president directly owned 117,068 shares in the company, valued at $19,057,499.72. The trade was a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Steel Dynamics

Institutional investors have recently modified their holdings of the stock. New York State Common Retirement Fund grew its holdings in Steel Dynamics by 15.1% during the first quarter. New York State Common Retirement Fund now owns 95,112 shares of the basic materials company’s stock worth $11,897,000 after acquiring an additional 12,500 shares during the period. CWM LLC boosted its position in Steel Dynamics by 108.7% in the 1st quarter. CWM LLC now owns 8,330 shares of the basic materials company’s stock worth $1,042,000 after purchasing an additional 4,338 shares in the last quarter. Edgestream Partners L.P. boosted its position in Steel Dynamics by 117.8% in the 1st quarter. Edgestream Partners L.P. now owns 5,619 shares of the basic materials company’s stock worth $703,000 after purchasing an additional 3,039 shares in the last quarter. Wealthfront Advisers LLC grew its stake in shares of Steel Dynamics by 32.2% during the 1st quarter. Wealthfront Advisers LLC now owns 33,923 shares of the basic materials company’s stock worth $4,243,000 after purchasing an additional 8,256 shares during the period. Finally, Forum Financial Management LP increased its holdings in shares of Steel Dynamics by 41.8% during the 1st quarter. Forum Financial Management LP now owns 4,415 shares of the basic materials company’s stock valued at $552,000 after purchasing an additional 1,302 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Steel Dynamics Company Profile

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.