Steel Dynamics (NASDAQ:STLD) Given New $205.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised its price target for Steel Dynamics from $192 to $205 and kept a "neutral" rating, implying roughly a 4.53% upside versus the recent share price (~$196.12).
• Analyst sentiment is mixed with a consensus Hold rating and a consensus price target of $183.89 (five Buys, four Holds, one Sell); the stock trades around $196 with a market cap of $28.38B and a P/E of 24.48.
• Most recent quarter showed $1.82 EPS (beat by $0.10) and $4.41B revenue (below expectations); institutional ownership is high at 82.41%, including a ~$48.7M position by Qube Research.

Steel Dynamics (NASDAQ:STLD - Get Free Report) had its price target raised by equities researchers at JPMorgan Chase & Co. from $192.00 to $205.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the basic materials company's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 4.53% from the stock's current price.

A number of other research analysts have also recently issued reports on STLD. KeyCorp began coverage on shares of Steel Dynamics in a research report on Wednesday, March 25th. They set an "overweight" rating and a $190.00 price target for the company. Wall Street Zen cut shares of Steel Dynamics from a "buy" rating to a "hold" rating in a research report on Saturday, April 4th. Morgan Stanley reissued an "underperform" rating and set a $190.00 price target on shares of Steel Dynamics in a research report on Tuesday, March 17th. Jefferies Financial Group reissued a "buy" rating on shares of Steel Dynamics in a research report on Tuesday, March 17th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Steel Dynamics in a research report on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Steel Dynamics currently has a consensus rating of "Hold" and a consensus price target of $183.89.

Steel Dynamics Trading Up 0.3%

Shares of NASDAQ:STLD traded up $0.65 on Tuesday, hitting $196.12. The company had a trading volume of 242,009 shares, compared to its average volume of 1,263,194. The firm's 50-day simple moving average is $185.72 and its two-hundred day simple moving average is $170.60. Steel Dynamics has a 1 year low of $112.72 and a 1 year high of $208.47. The company has a quick ratio of 1.29, a current ratio of 3.06 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $28.38 billion, a price-to-earnings ratio of 24.48, a P/E/G ratio of 0.52 and a beta of 1.39.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its earnings results on Tuesday, January 27th. The basic materials company reported $1.82 EPS for the quarter, topping the consensus estimate of $1.72 by $0.10. Steel Dynamics had a net margin of 6.52% and a return on equity of 13.56%. The firm had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.62 billion. During the same period last year, the company posted $1.36 EPS. The company's quarterly revenue was up 14.0% compared to the same quarter last year. Equities analysts anticipate that Steel Dynamics will post 9.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of STLD. NewEdge Advisors LLC raised its holdings in Steel Dynamics by 307.5% in the first quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company's stock worth $102,000 after buying an additional 618 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Steel Dynamics by 82.7% in the first quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company's stock worth $435,000 after buying an additional 1,578 shares during the last quarter. Jump Financial LLC purchased a new position in Steel Dynamics in the second quarter worth about $1,019,000. Qube Research & Technologies Ltd purchased a new position in Steel Dynamics in the second quarter worth about $48,746,000. Finally, Sei Investments Co. raised its holdings in Steel Dynamics by 7.9% in the second quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company's stock worth $13,447,000 after buying an additional 7,712 shares during the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

About Steel Dynamics

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company's product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.

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