Steel Dynamics (STLD) is Initiated by Citigroup to Buy, Price Target at $33

Steel Dynamics (STLD) was Initiated by Citigroup to “Buy” and the brokerage firm has set the Price Target at $33. Citigroup advised their investors in a research report released on Aug 22, 2016.

Many Wall Street Analysts have commented on Steel Dynamics. Steel Dynamics was Downgraded by KeyBanc Capital Mkts to ” Sector Weight” on Aug 19, 2016. Steel Dynamics was Downgraded by BofA/Merrill to ” Neutral” on Jul 20, 2016. Company shares were Reiterated by Cowen on Jul 20, 2016 to “Outperform”, Firm has raised the Price Target to $ 33 from a previous price target of $30 .

On the company’s financial health, Steel Dynamics reported $0.58 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Jul 18, 2016. Analyst had a consensus of $0.56. The company had revenue of $2023.90 million for the quarter, compared to analysts expectations of $2044.13 million. The company’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.22 EPS.

Steel Dynamics closed down -0.91 points or -3.54% at $24.79 with 38,66,819 shares getting traded on Friday. Post opening the session at $25.27, the shares hit an intraday low of $24.6 and an intraday high of $25.59 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on Aug 1, 2016, Keith E Busse (director) sold 13,155 shares at $27.00 per share price. According to the SEC, on Jul 27, 2016, Jurgen Dr Kolb (director) sold 17,900 shares at $26.85 per share price. On Aug 28, 2015, Richard P Jr Teets (Executive Vice President) purchased 6,000 shares at $18.75 per share price, according to the Form-4 filing with the securities and exchange commission.

Steel Dynamics Inc. (SDI) is a steel producing and a metal recycling company. The Company operates in three segments: steel operations metals recycling and ferrous resources operations and steel fabrication operations. The Company offers hot roll cold roll galvanized galvanneal Galvalume Galfan and painted sheet steel; a range of structural steel beams and rails; engineered steel of various sizes and chemistries; and various merchant-bar products rounds angles flats and channels. The Company also offers steel finishing and fabrication services. In the metals recycling operations of its metals recycling and ferrous resources segment its products include an array of both ferrous and non-ferrous scrap processing scrap management transportation and brokerage products and services. Its steel fabrication segment produces steel joists and steel decking materials.

Steel Dynamics

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