Steel Dynamics Inc (NASDAQ:STLD) reaching 52-week high, short interest dropping

Steel Dynamics Inc (NASDAQ:STLD) (Trend Analysis) shares were traded with no significant volume change. The stock closed last trading session at $28.44, up by 3.23%, with a volume of 3,591,300 shares against an average amount for the last three months of 3,092,670.

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Steel Dynamics Inc (NASDAQ:STLD) stock is currently trading 0.32% below its 52-week-high, 85.64% above its 52-week-low. The 1-year stock price history is in the range of $15.32 – $28.53. Steel Dynamics Inc (STLD) has a price to earnings ratio of 64.05 versus Basic Materials sector average of 17.05. STLD stock price has outperformed the Nasdaq by 59.6%. The Steel Producing company is currently valued at $6.93 billion, and its share price closed the last trading session at $28.44. The stock has a 50-day moving average of $25.24 and a 200-day moving average of $25.22.

Steel Dynamics Inc (STLD) current short interest stands at 7.6 million shares. It has decreased by 21% from the same period of last month. Around 4% of the company’s shares, which are float, are short sold. With a 10-days average volume of 4.22 million shares, the number of days required to cover the short positions stand at 1.8 days.

STLD is forecasted to report earnings per share of $0.44 and a revenue of $1.83 billion for the 4th Quarter of the fiscal year 2016. Steel Dynamics Inc (STLD) declared last quarter earnings on October 19. The Steel Producing company announced last quarter earnings per share of $0.65 against a consensus Street estimate of $0.65, matching the average estimate. The company posted a revenue of $2.1 billion compared to an estimation of $2.04 billion.

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There are currently eighteen analysts that cover Steel Dynamics Inc stock. Of those eighteen, fourteen have a Buy rating, three have a Hold rating and one has a Sell rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $29.69.

A recent analyst activity consisted of BofA/Merrill Lynch upgrading their Neutral rating to Buy on October 26. On the date of report, the stock closed at $26.58.

Citi initiated their coverage on the stock with Buy rating on August 22, and fixed their price target at $33. This corresponds to a 16.03% upside from the last closing price. On the date of report, the stock closed at $24.91.

Another research firm was KeyBanc who downgraded their Overweight rating to Sector Weight on August 19. On the date of report, the stock closed at $24.65.

Company snapshot

Steel Dynamics, Inc. owns and operates a flat-rolled steel mini-mill, as well as a cold mill. The Company is also constructing a plant for the manufacture of direct reduced iron. Steel Dynamics’s customers include intermediate steel processors, steel service centers, and end users such as manufacturers of cold-rolled strip.

Steel Dynamics Inc (NASDAQ:STLD) reaching 52-week high, short interest dropping was last modified: November 8th, 2016 by Steven Finley