Steel Dynamics (NASDAQ:STLD) Price Target Raised to $169.00 at Wells Fargo & Company

Key Points

• Wells Fargo raised the price target for Steel Dynamics (NASDAQ:STLD) from $150.00 to $169.00, indicating a potential upside of 11.84% from the current stock price.
• Steel Dynamics reported quarterly earnings of $2.74 EPS, exceeding analyst expectations of $2.63, and showing an 11.2% increase in revenue year-over-year.
• Despite the positive earnings report, shares of Steel Dynamics fell 1.8% to $151.10 during trading on Wednesday.

Steel Dynamics (NASDAQ:STLD - Get Free Report) had its price target upped by analysts at Wells Fargo & Company from $150.00 to $169.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the basic materials company's stock. Wells Fargo & Company's price objective indicates a potential upside of 11.84% from the stock's previous close.

Several other analysts have also issued reports on the stock. UBS Group set a $158.00 price target on shares of Steel Dynamics and gave the stock a "buy" rating in a research report on Tuesday. JPMorgan Chase & Co. upped their price target on shares of Steel Dynamics from $150.00 to $160.00 and gave the stock a "neutral" rating in a research report on Monday, October 13th. BMO Capital Markets upped their price target on shares of Steel Dynamics from $155.00 to $167.00 and gave the stock an "outperform" rating in a research report on Wednesday. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Steel Dynamics in a research report on Wednesday, October 8th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $159.33.

Steel Dynamics Stock Down 1.8%

Shares of STLD stock traded down $2.72 during trading on Wednesday, reaching $151.10. The company's stock had a trading volume of 130,058 shares, compared to its average volume of 1,541,950. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43. The business has a fifty day moving average price of $136.53 and a 200-day moving average price of $131.11. Steel Dynamics has a one year low of $103.17 and a one year high of $156.24. The company has a market cap of $22.24 billion, a price-to-earnings ratio of 20.01, a price-to-earnings-growth ratio of 1.20 and a beta of 1.40.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings results on Monday, October 20th. The basic materials company reported $2.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.63 by $0.11. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.93%. The firm had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.74 billion. During the same period in the prior year, the firm posted $2.05 earnings per share. The company's quarterly revenue was up 11.2% compared to the same quarter last year. Analysts anticipate that Steel Dynamics will post 9.01 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Christopher A. Graham sold 12,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the completion of the sale, the senior vice president owned 66,738 shares of the company's stock, valued at $8,456,371.98. This represents a 15.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 6.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Steel Dynamics

Several institutional investors and hedge funds have recently bought and sold shares of STLD. Financial Gravity Asset Management Inc. bought a new position in shares of Steel Dynamics in the first quarter worth about $25,000. Cary Street Partners Investment Advisory LLC lifted its holdings in shares of Steel Dynamics by 493.9% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 196 shares of the basic materials company's stock worth $25,000 after acquiring an additional 163 shares during the last quarter. Trust Co. of Toledo NA OH bought a new position in shares of Steel Dynamics in the second quarter worth about $30,000. Zions Bancorporation National Association UT bought a new position in Steel Dynamics in the 1st quarter valued at approximately $32,000. Finally, WPG Advisers LLC bought a new position in Steel Dynamics in the 1st quarter valued at approximately $32,000. Institutional investors own 82.41% of the company's stock.

Steel Dynamics Company Profile

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.

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