Trade Report: Today, Macquarie lowers the Stock rating of Steel Dynamics Inc. (STLD)

Today, Macquarie lowers the Stock rating of Steel Dynamics Inc. (STLD)

Steel Dynamics Inc. (NASDAQ:STLD) was downgraded by Macquarie from an “outperform” rating to a “neutral” rating in a research note issued to investors on Tuesday, The Fly reports.

Several other research analysts have also commented on the company. Bank of America Corp. reissued a “hold” rating and set a $27.00 price objective on shares of Steel Dynamics in a report on Tuesday, September 20th. Jefferies Group reissued a “buy” rating on shares of Steel Dynamics in a report on Wednesday, August 3rd. Berenberg Bank lowered Steel Dynamics from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $35.00 to $36.50 in a report on Monday, November 14th. Morgan Stanley reissued a “buy” rating and set a $27.00 price objective on shares of Steel Dynamics in a report on Tuesday, August 16th. Finally, Citigroup Inc. initiated coverage on Steel Dynamics in a report on Monday, August 22nd. They set a “buy” rating and a $33.00 price objective for the company. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $29.22.

Shares of Steel Dynamics (NASDAQ:STLD) opened at 35.48 on Tuesday. Steel Dynamics has a 52-week low of $15.32 and a 52-week high of $35.97. The firm has a market cap of $8.65 billion, a P/E ratio of 79.91 and a beta of 1.33. The firm’s 50-day moving average is $28.88 and its 200-day moving average is $26.16.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, October 19th. The company reported $0.64 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by $0.03. Steel Dynamics had a return on equity of 14.52% and a net margin of 1.46%. The business had revenue of $2.10 billion for the quarter, compared to analysts’ expectations of $865.67 million. During the same period in the previous year, the firm posted $0.25 EPS. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. Analysts anticipate that Steel Dynamics will post $1.91 earnings per share for the current year.

In other news, Director Keith E. Busse sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $27.33, for a total transaction of $54,660.00. Following the transaction, the director now directly owns 1,004,923 shares of the company’s stock, valued at $27,464,545.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 4.10% of the company’s stock.

A number of large investors have recently modified their holdings of STLD. M&T Bank Corp boosted its stake in shares of Steel Dynamics by 0.4% in the third quarter. M&T Bank Corp now owns 17,774 shares of the company’s stock valued at $445,000 after buying an additional 67 shares during the last quarter. Capstone Asset Management Co. boosted its stake in shares of Steel Dynamics by 0.3% in the second quarter. Capstone Asset Management Co. now owns 27,074 shares of the company’s stock valued at $663,000 after buying an additional 71 shares during the last quarter. OLD National Bancorp IN boosted its stake in shares of Steel Dynamics by 0.7% in the third quarter. OLD National Bancorp IN now owns 19,690 shares of the company’s stock valued at $492,000 after buying an additional 131 shares during the last quarter. Advantus Capital Management Inc boosted its stake in shares of Steel Dynamics by 0.6% in the third quarter. Advantus Capital Management Inc now owns 29,668 shares of the company’s stock valued at $741,000 after buying an additional 169 shares during the last quarter. Finally, First Citizens Bank & Trust Co. boosted its stake in shares of Steel Dynamics by 1.3% in the third quarter. First Citizens Bank & Trust Co. now owns 15,723 shares of the company’s stock valued at $393,000 after buying an additional 208 shares during the last quarter. 80.33% of the stock is currently owned by institutional investors.

Steel Dynamics Company Profile

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