Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) – Equities research analysts at KeyCorp raised their Q2 2022 earnings per share estimates for shares of Steel Dynamics in a research note issued to investors on Wednesday, May 18th. KeyCorp analyst P. Gibbs now expects that the basic materials company will post earnings per share of $5.78 for the quarter, up from their prior estimate of $5.06. KeyCorp also issued estimates for Steel Dynamics’ Q3 2022 earnings at $4.85 EPS and FY2022 earnings at $19.00 EPS.
Other research analysts have also issued reports about the company. JPMorgan Chase & Co. increased their price objective on Steel Dynamics from $95.00 to $117.00 and gave the company an “overweight” rating in a research report on Thursday, March 24th. Zacks Investment Research upgraded Steel Dynamics from a “hold” rating to a “strong-buy” rating and set a $98.00 price objective on the stock in a research report on Monday, April 4th. The Goldman Sachs Group raised their price target on Steel Dynamics from $100.00 to $114.00 and gave the stock a “buy” rating in a research report on Friday, April 22nd. StockNews.com initiated coverage on Steel Dynamics in a research report on Thursday, March 31st. They issued a “buy” rating on the stock. Finally, BMO Capital Markets raised their price target on Steel Dynamics from $95.00 to $104.00 in a research report on Friday, April 22nd. One analyst has rated the stock with a sell rating, two have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $91.00.
Steel Dynamics (NASDAQ:STLD – Get Rating) last announced its quarterly earnings data on Wednesday, April 20th. The basic materials company reported $6.02 EPS for the quarter, beating analysts’ consensus estimates of $5.58 by $0.44. The firm had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.35 billion. Steel Dynamics had a return on equity of 69.88% and a net margin of 19.02%. The business’s quarterly revenue was up 57.1% compared to the same quarter last year. During the same period last year, the company earned $2.10 EPS.
Steel Dynamics announced that its Board of Directors has initiated a share repurchase program on Monday, February 28th that permits the company to buyback $1.25 billion in shares. This buyback authorization permits the basic materials company to buy up to 8.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 1.79%. The ex-dividend date is Wednesday, June 29th. Steel Dynamics’s dividend payout ratio is 7.02%.
In related news, SVP Christopher A. Graham sold 4,425 shares of Steel Dynamics stock in a transaction dated Thursday, March 3rd. The stock was sold at an average price of $76.51, for a total value of $338,556.75. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 5.40% of the company’s stock.
Several large investors have recently added to or reduced their stakes in STLD. Dimensional Fund Advisors LP grew its holdings in Steel Dynamics by 1.1% during the third quarter. Dimensional Fund Advisors LP now owns 6,425,620 shares of the basic materials company’s stock worth $375,789,000 after purchasing an additional 67,683 shares during the period. Millennium Management LLC grew its holdings in Steel Dynamics by 19.4% during the third quarter. Millennium Management LLC now owns 1,907,985 shares of the basic materials company’s stock worth $111,579,000 after purchasing an additional 310,252 shares during the period. Centiva Capital LP grew its holdings in Steel Dynamics by 325.0% during the third quarter. Centiva Capital LP now owns 22,089 shares of the basic materials company’s stock worth $1,292,000 after purchasing an additional 16,892 shares during the period. Boston Common Asset Management LLC boosted its holdings in shares of Steel Dynamics by 1.0% during the third quarter. Boston Common Asset Management LLC now owns 216,133 shares of the basic materials company’s stock worth $12,639,000 after acquiring an additional 2,042 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its holdings in shares of Steel Dynamics by 20.6% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 88,042 shares of the basic materials company’s stock worth $5,494,000 after acquiring an additional 15,044 shares during the period. 83.19% of the stock is currently owned by institutional investors and hedge funds.
About Steel Dynamics (Get Rating)
Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.
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