Wells Fargo & Company Forecasts Strong Price Appreciation for Steel Dynamics (NASDAQ:STLD) Stock

Steel Dynamics (NASDAQ:STLD) had its price target boosted by equities researchers at Wells Fargo & Company from $172.00 to $190.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 13.90% from the stock’s previous close.

Several other equities research analysts have also recently commented on STLD. Citigroup boosted their price objective on shares of Steel Dynamics from $150.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. JPMorgan Chase & Co. lifted their price target on Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a research note on Friday, December 5th. Jefferies Financial Group upped their price objective on Steel Dynamics from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 10th. Morgan Stanley increased their price objective on Steel Dynamics from $145.00 to $173.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Finally, BMO Capital Markets boosted their target price on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $176.89.

Steel Dynamics Stock Down 3.0%

Shares of STLD traded down $5.15 on Monday, hitting $166.82. The company’s stock had a trading volume of 926,943 shares, compared to its average volume of 1,494,081. The firm’s fifty day moving average price is $156.48 and its 200-day moving average price is $140.32. Steel Dynamics has a fifty-two week low of $103.17 and a fifty-two week high of $174.31. The company has a quick ratio of 1.47, a current ratio of 3.11 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $24.36 billion, a price-to-earnings ratio of 22.08, a P/E/G ratio of 1.25 and a beta of 1.46.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Tuesday, October 21st. The basic materials company reported $2.74 EPS for the quarter, topping the consensus estimate of $2.63 by $0.11. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. The firm had revenue of $4.83 billion for the quarter, compared to the consensus estimate of $4.74 billion. During the same period last year, the company posted $2.05 EPS. The business’s quarterly revenue was up 11.2% on a year-over-year basis. On average, equities research analysts expect that Steel Dynamics will post 9.01 EPS for the current year.

Insider Transactions at Steel Dynamics

In related news, SVP Miguel Alvarez sold 8,251 shares of Steel Dynamics stock in a transaction dated Wednesday, October 29th. The stock was 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 owned 117,068 shares in the company, valued at approximately $19,057,499.72. This trade represents a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 6.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Allworth Financial LP lifted its stake in shares of Steel Dynamics by 119.3% in the 2nd quarter. Allworth Financial LP now owns 11,012 shares of the basic materials company’s stock valued at $1,410,000 after acquiring an additional 5,991 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in Steel Dynamics by 21.9% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 88,558 shares of the basic materials company’s stock worth $11,336,000 after purchasing an additional 15,931 shares in the last quarter. Edgestream Partners L.P. increased its holdings in Steel Dynamics by 477.1% in the 2nd quarter. Edgestream Partners L.P. now owns 32,427 shares of the basic materials company’s stock worth $4,151,000 after purchasing an additional 26,808 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its position in Steel Dynamics by 1.2% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 163,399 shares of the basic materials company’s stock valued at $20,917,000 after purchasing an additional 1,954 shares during the last quarter. Finally, Korea Investment CORP boosted its stake in shares of Steel Dynamics by 17.7% during the second quarter. Korea Investment CORP now owns 133,975 shares of the basic materials company’s stock valued at $17,150,000 after purchasing an additional 20,135 shares in the last quarter. 82.41% of the stock is owned by institutional investors.

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.