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STLD

Steel Dynamics

$28.83

-1.29 (-4.28%)

18:06
10/16/19
10/16
18:06
10/16/19
18:06

Steel Dynamics CEO says steel pricing environment 'challenging'

"Our third quarter 2019 consolidated operating income was $228 million and adjusted EBITDA $315 million," said Mark Millett, President and CEO. "The team delivered a solid third quarter performance in a challenging steel pricing environment, as average steel pricing declined in the quarter more than offsetting the benefit of lower scrap costs. Steel customer inventory destocking has subsided, and underlying domestic steel demand remains principally intact for the primary steel consuming sectors, with particular strength in construction, as supported by our continued seasonally strong steel fabrication backlog."

  • 17

    Oct

STLD Steel Dynamics
$28.83

-1.29 (-4.28%)

08/26/19
08/26/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Foot Locker (FL) downgraded to Neutral from Outperform at Baird and to Neutral from Positive at Susquehanna. 2. Steel Dynamics (STLD) downgraded to Neutral from Buy at Longbow with analyst Christopher Olin saying his confidence in the Steel Mill segment's ability to meet or beat expectations in the second half of 2019 is eroding. 3. Abraxas Petroleum (AXAS) downgraded to Neutral from Buy at Ladenburg with analyst Michael Schmitz saying reduced estimated free cash flow resulting from lower projected commodity prices, combined with uncertainty resulting from the escalation of the trade war, will be additional headwinds for the Exploration and Production group. 4. Elanco (ELAN) downgraded to Neutral from Buy at BofA/Merrill with analyst Michael Ryskin saying while the acquisition of Bayer's (BAYRY) Animal Health business could turn out positive in the longer term, there is too much uncertainty in the near-term, including which parts of the portfolio will be divested due to antitrust issues. 5. Cree (CREE) downgraded to Underweight from Neutral at Piper Jaffray with analyst Harsh Kumar reducing his estimates reducing to reflect broader weakness in the LED market and the impact of Huawei on the Cree's Wolfspeed business. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/05/19
BMOC
09/05/19
DOWNGRADE
BMOC
Market Perform
Steel Dynamics downgraded to Market Perform from Outperform at BMO Capital
09/05/19
BMOC
09/05/19
DOWNGRADE
Target $30
BMOC
Market Perform
Steel Dynamics downgraded to Market Perform from Outperform at BMO Capital
BMO Capital analyst David Gagliano downgraded Steel Dynamics (STLD) to Market Perform from Outperform and lowered his price target for the shares to $30 from $40. The analyst, who still believes shares are undervalued on longer-term fair value estimates, finds the stock's risk/reward more balanced in the near term. There is more downside risk versus upside potential to underlying spot prices into year end, and Steel Dynamics' near-term company-specific catalysts are limited, Gagliano tells investors in a research note. He believes the company, between now and 2022, is more exposed to near-term spot steel pricing volatility. Gagliano coupled the downgrade of Steel Dynamics with an upgrade of Arch Coal (ARCH) to Outperform from Market Perform.
09/23/19
JPMS
09/23/19
DOWNGRADE
JPMS
Underweight
JPMorgan double downgrades AK Steel, cuts U.S. Steel on flattish price outlook
JPMorgan analyst Michael Gambardella earlier today lowered his estimates and price targets for the steel companies to reflect a "more flattish" steel price environment. The analyst also double downgraded AK Steel (AKS) to Underweight from Overweight and downgraded U.S. Steel (X) to Neutral Overweight. He removed U.S. Steel from his firm's Analyst Focus List. The U.S. steel stocks and steel prices have been under pressure this year, which is largely due to concerns about supply additions planned for the next several years, continued uncertainty surrounding trade, and some softening in demand, Gambardella tells investors in a research note. Further, after a brief rebound, steel and scrap prices are now heading lower, adds the analyst. He kept Overweight ratings on Commercial Metals (CMC), Nucor (NUE), Steel Dynamics (STLD), and Stelco Holdings (STZHF).

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$NSD

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13:15
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