Steel Dynamics (NASDAQ:STLD) Issues Q3 2024 Earnings Guidance

Steel Dynamics (NASDAQ:STLD) issued an update on its third quarter 2024 earnings guidance on Friday morning. The company provided EPS guidance of 1.940-1.980 for the period, compared to the consensus EPS estimate of 2.070. The company issued revenue guidance of -.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Bank of America cut their price target on shares of Steel Dynamics from $150.00 to $145.00 and set a neutral rating on the stock in a research report on Wednesday, June 26th. Morgan Stanley cut their price objective 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 cut their price objective 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. UBS Group raised shares of Steel Dynamics from a neutral rating to a buy rating and increased their price objective for the stock from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. raised shares of Steel Dynamics from an underweight rating to a neutral rating and increased their price objective for the stock from $120.00 to $131.00 in a research report on Monday, September 9th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $141.29.

Steel Dynamics Stock Performance

Shares of NASDAQ:STLD traded down $0.26 during mid-day trading on Friday, reaching $119.83. The company had a trading volume of 6,816,311 shares, compared to its average volume of 1,277,772. The company has a current ratio of 2.35, a quick ratio of 1.19 and a debt-to-equity ratio of 0.25. The firm has a market cap of $18.49 billion, a price-to-earnings ratio of 8.17 and a beta of 1.32. The company’s 50-day moving average price is $120.30 and its 200-day moving average price is $129.08. Steel Dynamics has a one year low of $98.25 and a one year high of $151.34.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The company had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same quarter in the previous year, the firm posted $4.81 EPS. Steel Dynamics’s revenue was down 8.8% on a year-over-year basis. As a group, equities research analysts anticipate that Steel Dynamics will post 10.57 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a yield of 1.54%. Steel Dynamics’s payout ratio is 12.64%.

About Steel Dynamics

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.