Equities research analysts expect Steel Dynamics, Inc. (NASDAQ:STLD) to announce $3.17 billion in sales for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Steel Dynamics’ earnings, with the highest sales estimate coming in at $3.25 billion and the lowest estimate coming in at $3.08 billion. Steel Dynamics posted sales of $2.44 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 29.9%. The company is scheduled to report its next earnings report after the market closes on Wednesday, October 17th.
According to Zacks, analysts expect that Steel Dynamics will report full year sales of $11.86 billion for the current financial year, with estimates ranging from $11.66 billion to $12.15 billion. For the next fiscal year, analysts expect that the company will report sales of $12.22 billion, with estimates ranging from $11.03 billion to $13.53 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow Steel Dynamics.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Monday, July 23rd. The basic materials company reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.04. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $2.91 billion. Steel Dynamics had a return on equity of 26.90% and a net margin of 10.01%. The company’s quarterly revenue was up 29.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.63 earnings per share.
A number of brokerages have recently commented on STLD. Zacks Investment Research upgraded Steel Dynamics from a “hold” rating to a “buy” rating and set a $53.00 price target on the stock in a report on Tuesday, June 19th. Bank of America boosted their price target on Steel Dynamics from $54.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, July 25th. BidaskClub lowered Steel Dynamics from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. Finally, Seaport Global Securities began coverage on Steel Dynamics in a report on Thursday. They issued a “buy” rating and a $55.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $54.08.
Shares of Steel Dynamics stock opened at $42.39 on Friday. The stock has a market capitalization of $10.61 billion, a PE ratio of 16.19, a PEG ratio of 0.68 and a beta of 1.29. Steel Dynamics has a one year low of $35.48 and a one year high of $52.10. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.92 and a current ratio of 3.61.
Steel Dynamics announced that its board has initiated a stock repurchase program on Tuesday, September 4th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to buy up to 6.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Sunday, September 30th were issued a dividend of $0.1875 per share. The ex-dividend date was Thursday, September 27th. This represents a $0.75 annualized dividend and a yield of 1.77%. Steel Dynamics’s payout ratio is presently 28.30%.
In related news, insider Christopher A. Graham sold 10,800 shares of the company’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $47.61, for a total transaction of $514,188.00. Following the sale, the insider now owns 26,087 shares in the company, valued at $1,242,002.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.40% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. increased its position in Steel Dynamics by 2.0% during the second quarter. PNC Financial Services Group Inc. now owns 107,665 shares of the basic materials company’s stock worth $4,946,000 after buying an additional 2,136 shares during the last quarter. GWM Advisors LLC acquired a new position in Steel Dynamics during the second quarter worth approximately $683,000. Northern Trust Corp increased its position in Steel Dynamics by 2.4% during the second quarter. Northern Trust Corp now owns 2,679,485 shares of the basic materials company’s stock worth $123,123,000 after buying an additional 63,716 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its position in Steel Dynamics by 14.7% during the second quarter. Nomura Asset Management Co. Ltd. now owns 40,678 shares of the basic materials company’s stock worth $1,869,000 after buying an additional 5,214 shares during the last quarter. Finally, American International Group Inc. increased its position in Steel Dynamics by 0.6% during the second quarter. American International Group Inc. now owns 474,862 shares of the basic materials company’s stock worth $21,820,000 after buying an additional 2,709 shares during the last quarter. 83.43% of the stock is currently owned by hedge funds and other institutional investors.
About Steel Dynamics
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. The company operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment provides hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; merchant bar products, including angles, merchant rounds, flats, channels, and reinforcing bars; beams, channels, and specialty steel sections; and threaded rod products, and cold drawn and heat treated bars.
Recommended Story: How to Invest in Marijuana Stocks
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Steel Dynamics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steel Dynamics and related companies with MarketBeat.com's FREE daily email newsletter.