Stelco Holdings Inc (TSE:STLC – Get Free Report) shares hit a new 52-week high on Wednesday . The company traded as high as C$67.93 and last traded at C$67.73, with a volume of 118778 shares changing hands. The stock had previously closed at C$67.93.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on STLC shares. Royal Bank of Canada increased their price objective on shares of Stelco from C$43.00 to C$70.00 in a research report on Tuesday, July 16th. Stifel Nicolaus lowered Stelco from a “buy” rating to a “hold” rating and boosted their price target for the stock from C$47.00 to C$70.00 in a research report on Tuesday, July 16th. Finally, Cormark downgraded Stelco from a “buy” rating to a “tender” rating and increased their price objective for the company from C$58.50 to C$70.00 in a report on Tuesday, July 16th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of C$58.25.
Get Our Latest Research Report on STLC
Stelco Price Performance
Stelco Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Shareholders of record on Monday, August 26th were issued a $0.75 dividend. This is an increase from Stelco’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a dividend yield of 4.41%. The ex-dividend date of this dividend was Monday, August 19th. Stelco’s payout ratio is currently 95.54%.
Stelco Company Profile
Stelco Holdings Inc is Canada-based company and owner of one of the technologically advanced integrated steelmaking facilities in North America. The Company produce flat-rolled value-added steels, including coated, cold-rolled and hot-rolled steel products as well as metallurgical coke. With gauge, crown, and shape control, as well as reliable uniformity of mechanical properties, The Company’s steel products are supplied to customers in the construction, automotive and energy industries across Canada and the United States, as well as to a variety of steel service centers, which are regional distributors of steel products.
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