Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) – Equities researchers at KeyCorp issued their Q4 2022 EPS estimates for Steel Dynamics in a report issued on Monday, November 21st. KeyCorp analyst P. Gibbs forecasts that the basic materials company will earn $3.88 per share for the quarter. The consensus estimate for Steel Dynamics’ current full-year earnings is $21.89 per share. KeyCorp also issued estimates for Steel Dynamics’ FY2023 earnings at $8.40 EPS.
Other equities analysts also recently issued research reports about the company. The Goldman Sachs Group upped their target price on Steel Dynamics from $88.00 to $99.00 and gave the company a “buy” rating in a report on Friday, October 21st. BMO Capital Markets upped their target price on Steel Dynamics from $89.00 to $100.00 and gave the company a “market perform” rating in a report on Monday, November 14th. Morgan Stanley upped their target price on Steel Dynamics from $78.00 to $85.00 and gave the company an “equal weight” rating in a report on Friday, October 21st. StockNews.com downgraded Steel Dynamics from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Citigroup increased their price objective on Steel Dynamics to $110.00 in a report on Tuesday, September 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Steel Dynamics has a consensus rating of “Hold” and an average price target of $94.14.
Steel Dynamics Price Performance
Institutional Investors Weigh In On Steel Dynamics
Hedge funds have recently modified their holdings of the business. Catalyst Capital Advisors LLC bought a new stake in shares of Steel Dynamics in the first quarter valued at approximately $36,000. First Horizon Advisors Inc. boosted its position in shares of Steel Dynamics by 70.0% in the second quarter. First Horizon Advisors Inc. now owns 464 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 191 shares during the period. Parkside Financial Bank & Trust boosted its position in shares of Steel Dynamics by 425.8% in the second quarter. Parkside Financial Bank & Trust now owns 468 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 379 shares during the period. Quent Capital LLC boosted its position in shares of Steel Dynamics by 1,042.9% in the first quarter. Quent Capital LLC now owns 480 shares of the basic materials company’s stock valued at $40,000 after acquiring an additional 438 shares during the period. Finally, Clearstead Advisors LLC bought a new stake in shares of Steel Dynamics in the third quarter valued at approximately $35,000. 80.36% of the stock is owned by institutional investors.
Insider Buying and Selling at Steel Dynamics
In other Steel Dynamics news, Director Keith E. Busse sold 22,103 shares of the stock in a transaction that occurred on Monday, October 24th. The stock was sold at an average price of $96.33, for a total transaction of $2,129,181.99. Following the transaction, the director now owns 701,948 shares in the company, valued at $67,618,650.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 5.40% of the company’s stock.
Steel Dynamics Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, January 13th. Shareholders of record on Saturday, December 31st will be issued a dividend of $0.34 per share. The ex-dividend date is Friday, December 30th. This represents a $1.36 annualized dividend and a yield of 1.31%. Steel Dynamics’s dividend payout ratio (DPR) is presently 6.00%.
Steel Dynamics declared that its Board of Directors has approved a stock repurchase program on Thursday, November 10th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the basic materials company to purchase up to 8.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
Steel Dynamics Company Profile
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.
- Get a free copy of the StockNews.com research report on Steel Dynamics (STLD)
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