Steel Dynamics, Inc. Forecasted to Earn Q3 2024 Earnings of $1.98 Per Share (NASDAQ:STLD)

Steel Dynamics, Inc. (NASDAQ:STLD) – Research analysts at Seaport Res Ptn lifted their Q3 2024 EPS estimates for shares of Steel Dynamics in a report released on Monday, September 16th. Seaport Res Ptn analyst M. Englert now anticipates that the basic materials company will post earnings of $1.98 per share for the quarter, up from their previous forecast of $1.95. The consensus estimate for Steel Dynamics’ current full-year earnings is $10.57 per share. Seaport Res Ptn also issued estimates for Steel Dynamics’ Q4 2024 earnings at $1.61 EPS and FY2024 earnings at $9.97 EPS.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.67 by $0.05. The company had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The business’s revenue was down 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.81 EPS.

Several other brokerages have also recently issued reports on STLD. Bank of America lowered their price objective on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Morgan Stanley dropped their target price on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research report on Wednesday. BMO Capital Markets dropped their target price on shares of Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating on the stock in a research report on Tuesday. Finally, JPMorgan Chase & Co. raised shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $120.00 to $131.00 in a research report on Monday, September 9th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Steel Dynamics has an average rating of “Hold” and an average price target of $141.29.

Steel Dynamics Stock Performance

Shares of STLD opened at $120.09 on Thursday. The firm’s 50 day moving average is $120.49 and its 200-day moving average is $129.15. The stock has a market capitalization of $18.53 billion, a P/E ratio of 8.25 and a beta of 1.32. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19. Steel Dynamics has a 12-month low of $98.25 and a 12-month high of $151.34.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 1.53%. The ex-dividend date is Monday, September 30th. Steel Dynamics’s dividend payout ratio is currently 12.64%.

Institutional Trading of Steel Dynamics

Several institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC acquired a new stake in shares of Steel Dynamics during the second quarter worth approximately $2,049,000. New Century Financial Group LLC acquired a new stake in shares of Steel Dynamics during the second quarter worth approximately $246,000. Ariadne Wealth Management LP acquired a new stake in shares of Steel Dynamics during the second quarter worth approximately $267,000. Truist Financial Corp lifted its stake in Steel Dynamics by 3.1% in the second quarter. Truist Financial Corp now owns 72,834 shares of the basic materials company’s stock valued at $9,432,000 after acquiring an additional 2,190 shares during the last quarter. Finally, Creative Planning lifted its stake in Steel Dynamics by 2.6% in the second quarter. Creative Planning now owns 27,138 shares of the basic materials company’s stock valued at $3,514,000 after acquiring an additional 684 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors and hedge funds.

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.