JPMorgan Chase & Co. Cuts Steel Dynamics (NASDAQ:STLD) Price Target to $260.00

Key Points

• JPMorgan cut Steel Dynamics’ price target from $272 to $260 while maintaining a “neutral” rating; the new target implied 9.07% upside from the prior close.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average target price of $257.45, based on eight Buy and four Hold ratings.
• Steel Dynamics shares rose 1.8% to $238.38, while the company’s latest quarterly results exceeded expectations, reporting $3.69 in EPS and $6.09 billion in revenue.

Steel Dynamics (NASDAQ:STLD - Get Free Report) had its price objective cut by research analysts at JPMorgan Chase & Co. from $272.00 to $260.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a "neutral" rating on the basic materials company's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 9.07% from the company's previous close.

STLD has been the subject of several other research reports. Wells Fargo & Company upped their target price on shares of Steel Dynamics from $255.00 to $257.00 and gave the company an "overweight" rating in a research note on Friday, September 18th. Morgan Stanley dropped their price objective on Steel Dynamics from $270.00 to $260.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 22nd. The Goldman Sachs Group started coverage on Steel Dynamics in a report on Wednesday, July 29th. They set a "buy" rating and a $300.00 target price on the stock. UBS Group raised their price target on Steel Dynamics from $165.00 to $276.00 and gave the stock a "neutral" rating in a research report on Monday, August 10th. Finally, Bank of America decreased their price objective on Steel Dynamics from $280.00 to $260.00 and set a "neutral" rating for the company in a research report on Thursday, July 9th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $257.45.

Steel Dynamics Trading Up 1.8%

Shares of Steel Dynamics stock traded up $4.21 during trading on Friday, reaching $238.38. 599,305 shares of the company were exchanged, compared to its average volume of 1,203,678. The business has a 50-day moving average price of $241.43 and a 200-day moving average price of $233.72. The firm has a market capitalization of $34.17 billion, a price-to-earnings ratio of 21.61, a P/E/G ratio of 0.42 and a beta of 1.48. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. Steel Dynamics has a twelve month low of $140.87 and a twelve month high of $288.74.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.63 by $0.06. The firm had revenue of $6.09 billion for the quarter, compared to analysts' expectations of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company's revenue was up 33.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.01 earnings per share. Sell-side analysts anticipate that Steel Dynamics will post 18.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Steel Dynamics

Several hedge funds have recently made changes to their positions in the business. Meeder Asset Management Inc. acquired a new position in Steel Dynamics during the second quarter worth $26,000. Wealth Enhancement Trust Services Inc. lifted its position in Steel Dynamics by 1,200.0% during the 3rd quarter. Wealth Enhancement Trust Services Inc. now owns 117 shares of the basic materials company's stock worth $26,000 after buying an additional 108 shares in the last quarter. NBH Bank bought a new stake in Steel Dynamics during the 2nd quarter worth about $31,000. Caitlin John LLC acquired a new position in shares of Steel Dynamics during the 2nd quarter worth about $35,000. Finally, MV Capital Management Inc. acquired a new position in shares of Steel Dynamics during the 4th quarter worth about $27,000. 82.41% of the stock is owned by institutional investors.

About Steel Dynamics

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnace steel mills that use recycled ferrous scrap and other raw materials to manufacture steel products for customers in construction, automotive, manufacturing, energy and other industrial markets.

Its steel operations produce flat-roll steel, long products, structural steel and rail products, along with specialized steel products such as galvanized, painted and other value-added coated materials.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.