Steel Dynamics (NASDAQ:STLD) Releases Q1 Earnings Guidance

Steel Dynamics (NASDAQ:STLD – Get Rating) updated its first quarter earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $3.78-3.82 for the period, compared to the consensus estimate of $3.07. Steel Dynamics also updated its Q1 2023 guidance to $3.78-$3.82 EPS.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Morgan Stanley increased their price target on shares of Steel Dynamics from $85.00 to $93.00 and gave the company an equal weight rating in a report on Monday, January 30th. The Goldman Sachs Group cut shares of Steel Dynamics from a buy rating to a neutral rating and increased their price objective for the company from $114.00 to $118.00 in a research note on Friday, January 27th. Credit Suisse Group increased their price objective on shares of Steel Dynamics from $92.00 to $106.00 and gave the company an outperform rating in a research note on Thursday. UBS Group cut shares of Steel Dynamics from a buy rating to a neutral rating in a research report on Monday, December 5th. Finally, Bank of America began coverage on shares of Steel Dynamics in a research report on Wednesday, January 4th. They set a buy rating for the company. Six 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 price target of $107.43.

Steel Dynamics Stock Down 2.2 %

Shares of NASDAQ STLD opened at $103.91 on Friday. The firm has a market capitalization of $17.83 billion, a PE ratio of 5.00 and a beta of 1.51. The company has a current ratio of 3.76, a quick ratio of 2.22 and a debt-to-equity ratio of 0.38. Steel Dynamics has a 1 year low of $62.44 and a 1 year high of $136.46. The firm’s 50-day moving average is $119.02 and its 200-day moving average is $100.94.

Steel Dynamics (NASDAQ:STLD – Get Rating) last released its quarterly earnings data on Wednesday, January 25th. The basic materials company reported $4.37 earnings per share for the quarter, topping the consensus estimate of $3.60 by $0.77. Steel Dynamics had a net margin of 17.35% and a return on equity of 56.22%. The business had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.77 billion. During the same quarter last year, the firm earned $5.78 EPS. Steel Dynamics’s quarterly revenue was down 9.1% compared to the same quarter last year. Equities analysts expect that Steel Dynamics will post 13.68 EPS for the current year.

Steel Dynamics Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Friday, March 31st will be paid a dividend of $0.425 per share. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, March 30th. This represents a $1.70 annualized dividend and a yield of 1.64%. Steel Dynamics’s dividend payout ratio (DPR) is presently 6.54%.

Institutional Trading of Steel Dynamics

Several hedge funds have recently bought and sold shares of the stock. Wellington Shields & Co. LLC raised its holdings in Steel Dynamics by 50.0% during the 4th quarter. Wellington Shields & Co. LLC now owns 300 shares of the basic materials company’s stock worth $29,000 after buying an additional 100 shares during the period. Harbour Investments Inc. raised its holdings in shares of Steel Dynamics by 7.1% in the fourth quarter. Harbour Investments Inc. now owns 2,085 shares of the basic materials company’s stock valued at $204,000 after purchasing an additional 138 shares during the last quarter. Wetherby Asset Management Inc. raised its holdings in shares of Steel Dynamics by 4.3% in the first quarter. Wetherby Asset Management Inc. now owns 4,204 shares of the basic materials company’s stock valued at $351,000 after purchasing an additional 174 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in shares of Steel Dynamics by 0.9% in the third quarter. Mercer Global Advisors Inc. ADV now owns 26,603 shares of the basic materials company’s stock valued at $1,887,000 after purchasing an additional 226 shares during the last quarter. Finally, Atlas Capital Advisors LLC raised its holdings in shares of Steel Dynamics by 6.4% in the fourth quarter. Atlas Capital Advisors LLC now owns 3,925 shares of the basic materials company’s stock valued at $383,000 after purchasing an additional 237 shares during the last quarter. 79.54% of the stock is currently owned by institutional investors and hedge funds.

Steel Dynamics Company Profile

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Steel Dynamics, Inc engages in the manufacture of steel products and metal recycling. It operates through the following segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment consists of sheet products including hot roll, cold roll, and coated steel, long products including structural steel beams, pilings, and standard and premium grade rail, and steel finishing services such as turning, polishing, straightening, chamfering, threading, and precision saw-cutting.