JPMorgan Chase & Co. Lowers Steel Dynamics (NASDAQ:STLD) Price Target to $135.00

Steel Dynamics (NASDAQ:STLD - Free Report) had its price objective cut by JPMorgan Chase & Co. from $140.00 to $135.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the basic materials company's stock.

A number of other research analysts have also commented on the stock. UBS Group upgraded shares of Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price objective on the stock in a research note on Monday, March 24th. BMO Capital Markets upgraded Steel Dynamics from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $135.00 to $145.00 in a research report on Monday, March 31st. Morgan Stanley upgraded Steel Dynamics from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $145.00 to $158.00 in a report on Friday, March 7th. Wolfe Research upgraded shares of Steel Dynamics from an "underperform" rating to a "peer perform" rating in a report on Thursday, February 27th. Finally, BNP Paribas upgraded Steel Dynamics from a "neutral" rating to an "outperform" rating in a research report on Friday, January 3rd. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $149.11.

Steel Dynamics Trading Up 0.9 %

STLD stock traded up $1.08 during trading on Wednesday, reaching $118.29. 1,049,759 shares of the stock were exchanged, compared to its average volume of 1,505,000. Steel Dynamics has a 1 year low of $103.17 and a 1 year high of $155.56. The company has a current ratio of 2.53, a quick ratio of 1.08 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $17.73 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 1.05 and a beta of 1.35. The business has a 50 day moving average price of $125.36 and a 200-day moving average price of $128.40.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 EPS for the quarter, missing analysts' consensus estimates of $1.69 by ($0.33). Steel Dynamics had a net margin of 8.76% and a return on equity of 17.32%. During the same period in the previous year, the firm earned $2.61 EPS. On average, research analysts predict that Steel Dynamics will post 9.01 earnings per share for the current year.

Steel Dynamics Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Monday, March 31st were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, March 31st. This is a positive change from Steel Dynamics's previous quarterly dividend of $0.46. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.69%. Steel Dynamics's dividend payout ratio (DPR) is 20.41%.

Steel Dynamics declared that its Board of Directors has approved a share buyback plan on Monday, February 24th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the basic materials company to purchase up to 7.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Insider Activity at Steel Dynamics

In related news, SVP Glenn Pushis sold 23,649 shares of the company's stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $134.67, for a total value of $3,184,810.83. Following the completion of the sale, the senior vice president now owns 122,140 shares in the company, valued at approximately $16,448,593.80. This represents a 16.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 6.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Steel Dynamics

Institutional investors have recently added to or reduced their stakes in the stock. Forum Financial Management LP boosted its position in Steel Dynamics by 2.5% during the fourth quarter. Forum Financial Management LP now owns 3,113 shares of the basic materials company's stock valued at $355,000 after purchasing an additional 75 shares during the last quarter. Atomi Financial Group Inc. raised its stake in shares of Steel Dynamics by 5.0% during the 4th quarter. Atomi Financial Group Inc. now owns 1,929 shares of the basic materials company's stock worth $220,000 after purchasing an additional 91 shares in the last quarter. Resonant Capital Advisors LLC boosted its holdings in shares of Steel Dynamics by 3.3% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,200 shares of the basic materials company's stock valued at $366,000 after buying an additional 101 shares during the last quarter. OneAscent Financial Services LLC grew its position in shares of Steel Dynamics by 2.2% in the 4th quarter. OneAscent Financial Services LLC now owns 4,605 shares of the basic materials company's stock valued at $527,000 after acquiring an additional 101 shares during the period. Finally, Parallel Advisors LLC increased its position in Steel Dynamics by 6.3% during the first quarter. Parallel Advisors LLC now owns 1,734 shares of the basic materials company's stock worth $217,000 after buying an additional 102 shares during 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.