Berenberg Bank Gives a Buy Rating to Steel Dynamics

By Austin Angelo

In a report issued on June 16, Alessandro Abate from Berenberg Bank assigned a Buy rating to Steel Dynamics (NASDAQ: STLD), with a price target of $46. The company’s shares opened today at $33.63.

According to TipRanks.com, Abate is a 4-star analyst with an average return of 15.0% and a 64.0% success rate. Abate covers the Basic Materials sector, focusing on stocks such as ArcelorMittal, Nucor Corp, and Tenaris SA.

Steel Dynamics has an analyst consensus of Strong Buy, with a price target consensus of $44.83.

Based on Steel Dynamics’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $2.37 billion and quarterly net profit of $201 million. In comparison, last year the company earned revenue of $1.74 billion and had a net profit of $62.74 million.

Based on the recent corporate insider activity of 84 insiders, corporate insider sentiment is negative on the stock. Most recently, in March 2017, Richard Teets, the EVP of STLD sold 140,295 shares for a total of $5,000,114.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Steel Dynamics, Inc. is a diversified carbon-steel steel producer and metals recycler in the U.S. It produces a wide array of steel – beams, bars, steel sheet, and more. It operates through the following segments: Steel Operations, Metals Recycling Operations, Steel Fabrication Operations, and Others. The Steel Operations segment consist of its electric arc furnace mini-mills, producing steel from steel scrap, utilizing continuous casting, automated rolling mills, and various downstream finishing facilities. The Metals Recycling Operations segment primarily includes its metals recycling operations, liquid pig iron production facility, and Minnesota iron operations. The Steel Fabrication Operations segment includes New Millennium Building Systems plants, which fabricate steel joists, trusses, girders, and decking used within the non-residential construction industry. The company was founded by Keith E. Busse, Mark D. Millett, Richard P. Teets and John C. Bates in August 1993 and is headquartered in Fort Wayne, IN.