Steel Dynamics, Inc. (NASDAQ:STLD) Forecasted to Earn Q3 2024 Earnings of $3.26 Per Share

Steel Dynamics, Inc. (NASDAQ:STLD) – Investment analysts at Seaport Res Ptn boosted their Q3 2024 earnings per share (EPS) estimates for Steel Dynamics in a report released on Wednesday, April 24th. Seaport Res Ptn analyst M. Englert now anticipates that the basic materials company will post earnings per share of $3.26 for the quarter, up from their prior forecast of $2.75. The consensus estimate for Steel Dynamics’ current full-year earnings is $12.31 per share. Seaport Res Ptn also issued estimates for Steel Dynamics’ Q4 2024 earnings at $2.91 EPS and FY2024 earnings at $13.81 EPS.

STLD has been the subject of several other reports. BMO Capital Markets raised their price target on shares of Steel Dynamics from $110.00 to $120.00 and gave the company a “market perform” rating in a report on Monday, March 18th. UBS Group dropped their price objective on Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating for the company in a research note on Wednesday, January 24th. Citigroup boosted their price objective on Steel Dynamics from $130.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, March 13th. Finally, JPMorgan Chase & Co. increased their target price on Steel Dynamics from $100.00 to $118.00 and gave the company an “underweight” rating in a research note on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Steel Dynamics presently has a consensus rating of “Hold” and an average price target of $121.17.

Steel Dynamics Price Performance

STLD stock opened at $134.04 on Monday. The firm has a 50 day moving average of $137.39 and a 200-day moving average of $122.45. The company has a current ratio of 2.87, a quick ratio of 1.67 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $21.17 billion, a P/E ratio of 9.21 and a beta of 1.42. Steel Dynamics has a 12 month low of $90.55 and a 12 month high of $151.34.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 EPS for the quarter, topping the consensus estimate of $3.54 by $0.13. Steel Dynamics had a return on equity of 27.62% and a net margin of 12.89%. The business had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.74 billion. During the same quarter last year, the company earned $4.01 EPS. The firm’s revenue was down 4.1% compared to the same quarter last year.

Institutional Trading of Steel Dynamics

Hedge funds have recently modified their holdings of the company. LifeSteps Financial Inc. bought a new position in Steel Dynamics during the 1st quarter valued at about $26,000. Verdence Capital Advisors LLC boosted its stake in shares of Steel Dynamics by 48.9% during the first quarter. Verdence Capital Advisors LLC now owns 15,006 shares of the basic materials company’s stock valued at $2,224,000 after purchasing an additional 4,928 shares during the period. Checchi Capital Advisers LLC bought a new position in shares of Steel Dynamics in the first quarter worth about $243,000. Eudaimonia Partners LLC increased its stake in Steel Dynamics by 118.9% in the 1st quarter. Eudaimonia Partners LLC now owns 13,749 shares of the basic materials company’s stock worth $2,038,000 after buying an additional 7,467 shares during the period. Finally, Leavell Investment Management Inc. lifted its holdings in Steel Dynamics by 1.4% during the 1st quarter. Leavell Investment Management Inc. now owns 34,981 shares of the basic materials company’s stock valued at $5,201,000 after buying an additional 467 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, April 14th. Stockholders of record on Sunday, March 31st were issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 1.37%. The ex-dividend date was Wednesday, March 27th. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.43. Steel Dynamics’s payout ratio is 12.64%.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.