BidaskClub Downgrades Steel Dynamics (NASDAQ:STLD) to Sell

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Steel Dynamics (NASDAQ:STLD) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Tuesday, BidAskClub reports.

Several other brokerages have also commented on STLD. Macquarie set a $31.00 price objective on Steel Dynamics and gave the stock a “hold” rating in a report on Wednesday, September 18th. Zacks Investment Research upgraded Steel Dynamics from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a research note on Friday, January 3rd. JPMorgan Chase & Co. set a $35.00 target price on shares of Steel Dynamics and gave the stock a “buy” rating in a research report on Monday, September 23rd. Longbow Research upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and set a $40.00 price objective on the stock in a research note on Monday, December 9th. Finally, UBS Group dropped their price objective on shares of Steel Dynamics from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $34.75.

NASDAQ STLD traded down $0.17 during trading hours on Tuesday, hitting $33.06. 18,264 shares of the company’s stock traded hands, compared to its average volume of 1,609,477. The company has a market capitalization of $7.24 billion, a PE ratio of 5.99, a PEG ratio of 1.03 and a beta of 1.67. The company has a debt-to-equity ratio of 0.60, a current ratio of 4.00 and a quick ratio of 2.24. Steel Dynamics has a 52-week low of $25.02 and a 52-week high of $39.35. The firm’s 50-day moving average is $34.15 and its 200-day moving average is $30.95.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Wednesday, October 16th. The basic materials company reported $0.69 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.70 by ($0.01). Steel Dynamics had a return on equity of 22.08% and a net margin of 7.44%. The business had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.62 billion. During the same period last year, the business earned $1.69 earnings per share. Equities research analysts predict that Steel Dynamics will post 3.04 earnings per share for the current fiscal year.

Large investors have recently made changes to their positions in the company. Boston Partners boosted its stake in shares of Steel Dynamics by 130,791.2% during the 3rd quarter. Boston Partners now owns 2,782,747 shares of the basic materials company’s stock worth $82,944,000 after acquiring an additional 2,780,621 shares in the last quarter. Eaton Vance Management boosted its holdings in shares of Steel Dynamics by 466.8% in the second quarter. Eaton Vance Management now owns 1,940,465 shares of the basic materials company’s stock valued at $58,602,000 after acquiring an additional 1,598,122 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of Steel Dynamics by 120.9% during the second quarter. Nuveen Asset Management LLC now owns 1,889,404 shares of the basic materials company’s stock worth $57,060,000 after acquiring an additional 1,034,176 shares during the period. DNB Asset Management AS increased its stake in shares of Steel Dynamics by 47.7% during the fourth quarter. DNB Asset Management AS now owns 1,209,487 shares of the basic materials company’s stock worth $41,171,000 after acquiring an additional 390,856 shares during the period. Finally, Point72 Asset Management L.P. purchased a new position in Steel Dynamics during the second quarter worth about $35,753,000. 80.60% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.

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Analyst Recommendations for Steel Dynamics (NASDAQ:STLD)

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