Steel Dynamics, Inc. (STLD) Posts Earnings Results, Beats Estimates By $0.03 EPS
Steel Dynamics, Inc. (NASDAQ:STLD) issued its quarterly earnings results on Wednesday. The basic materials company reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.79 by $0.03. The company had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.19 billion. Steel Dynamics had a net margin of 4.91% and a return on equity of 17.30%. The firm’s quarterly revenue was up 36.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.26 EPS.
Shares of Steel Dynamics (NASDAQ:STLD) traded up 0.09% during midday trading on Wednesday, hitting $32.70. The stock had a trading volume of 3,368,907 shares. The stock’s 50 day moving average price is $34.67 and its 200 day moving average price is $33.58. Steel Dynamics has a 12 month low of $22.62 and a 12 month high of $40.17. The firm has a market cap of $7.92 billion, a price-to-earnings ratio of 20.96 and a beta of 1.35.
The business also recently declared a quarterly dividend, which was paid on Monday, April 10th. Stockholders of record on Friday, March 31st were given a dividend of $0.155 per share. The ex-dividend date of this dividend was Wednesday, March 29th. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.14. This represents a $0.62 annualized dividend and a dividend yield of 1.90%. Steel Dynamics’s dividend payout ratio is currently 35.90%.
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In other Steel Dynamics news, Director Richard P. Teets, Jr. sold 140,295 shares of Steel Dynamics stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $35.64, for a total value of $5,000,113.80. Following the sale, the director now owns 5,042,939 shares of the company’s stock, valued at approximately $179,730,345.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 4.10% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in STLD. Virginia Retirement Systems ET AL increased its stake in Steel Dynamics by 7.9% in the third quarter. Virginia Retirement Systems ET AL now owns 79,000 shares of the basic materials company’s stock worth $1,974,000 after buying an additional 5,800 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in Steel Dynamics by 31.2% in the third quarter. UBS Asset Management Americas Inc. now owns 368,750 shares of the basic materials company’s stock worth $9,215,000 after buying an additional 87,769 shares during the last quarter. Soros Fund Management LLC increased its stake in Steel Dynamics by 178.7% in the fourth quarter. Soros Fund Management LLC now owns 47,369 shares of the basic materials company’s stock worth $1,685,000 after buying an additional 30,373 shares during the last quarter. Wells Fargo & Company MN increased its stake in Steel Dynamics by 3.7% in the third quarter. Wells Fargo & Company MN now owns 3,310,120 shares of the basic materials company’s stock worth $82,720,000 after buying an additional 116,785 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in Steel Dynamics by 65.6% in the fourth quarter. Renaissance Technologies LLC now owns 2,306,200 shares of the basic materials company’s stock worth $82,055,000 after buying an additional 913,900 shares during the last quarter. 79.46% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently weighed in on the stock. BMO Capital Markets reissued a “buy” rating and issued a $48.00 price target on shares of Steel Dynamics in a report on Wednesday, March 22nd. JPMorgan Chase & Co. boosted their price target on shares of Steel Dynamics from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Wednesday, March 22nd. Deutsche Bank AG boosted their price target on shares of Steel Dynamics from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, March 21st. Macquarie reissued a “neutral” rating on shares of Steel Dynamics in a report on Monday, March 20th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $45.00 price target on shares of Steel Dynamics in a report on Thursday, March 16th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Steel Dynamics currently has a consensus rating of “Buy” and an average price target of $36.74.
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About Steel Dynamics
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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