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New Buy Rating for Steel Dynamics (STLD), the Basic Materials Giant

Tipranks - Tipranks - Thu Jul 23, 8:22AM CDT

In a report released today, Katja Jancic from BMO Capital maintained a Buy rating on Steel Dynamics, with a price target of $296.00.

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According to TipRanks, Jancic is a 5-star analyst with an average return of 30.4% and a 72.22% success rate. Jancic covers the Basic Materials sector, focusing on stocks such as Nucor, Steel Dynamics, and Algoma Steel Group.

In addition to BMO Capital, Steel Dynamics also received a Buy from KeyBanc’s Samuel McKinney in a report issued today. However, on the same day, J.P. Morgan maintained a Hold rating on Steel Dynamics (NASDAQ: STLD).

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Based on Steel Dynamics’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $6.09 billion and a net profit of $534.09 million. In comparison, last year the company earned a revenue of $4.57 billion and had a net profit of $298.73 million

Based on the recent corporate insider activity of 112 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of STLD in relation to earlier this year. Last month, James Stanley Anderson, the SVP of STLD sold 10,000.00 shares for a total of $2,687,030.02.

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