Steel Dynamics, Inc. to Post Q3 2024 Earnings of $3.26 Per Share, Seaport Res Ptn Forecasts (NASDAQ:STLD)

Steel Dynamics, Inc. (NASDAQ:STLD) – Seaport Res Ptn upped their Q3 2024 earnings per share estimates for shares of Steel Dynamics in a research report issued to clients and investors on Wednesday, April 24th. Seaport Res Ptn analyst M. Englert now forecasts that the basic materials company will post earnings per share of $3.26 for the quarter, up from their previous estimate 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.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.54 by $0.13. The company had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.74 billion. Steel Dynamics had a net margin of 12.89% and a return on equity of 27.62%. The firm’s revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted $4.01 earnings per share.

Several other research firms also recently issued reports on STLD. BMO Capital Markets upped their price objective on shares of Steel Dynamics from $110.00 to $120.00 and gave the company a “market perform” rating in a research note on Monday, March 18th. Citigroup upped their target price on Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, March 13th. JPMorgan Chase & Co. raised their price target on Steel Dynamics from $100.00 to $118.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 16th. Finally, UBS Group reduced 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $121.17.

Steel Dynamics Trading Up 0.8 %

NASDAQ STLD opened at $134.04 on Monday. The firm’s fifty day moving average price is $137.39 and its 200 day moving average price is $122.45. Steel Dynamics has a 12 month low of $90.55 and a 12 month high of $151.34. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.87 and a quick ratio of 1.67. The company has a market capitalization of $21.17 billion, a price-to-earnings ratio of 9.21 and a beta of 1.42.

Institutional Trading of Steel Dynamics

A number of hedge funds have recently added to or reduced their stakes in STLD. Greenfield Savings Bank lifted its holdings in shares of Steel Dynamics by 0.7% during the first quarter. Greenfield Savings Bank now owns 11,676 shares of the basic materials company’s stock worth $1,731,000 after purchasing an additional 85 shares during the period. EverSource Wealth Advisors LLC increased its stake in Steel Dynamics by 9.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,068 shares of the basic materials company’s stock valued at $126,000 after buying an additional 88 shares during the period. Global Retirement Partners LLC lifted its stake in shares of Steel Dynamics by 19.2% in the 1st quarter. Global Retirement Partners LLC now owns 570 shares of the basic materials company’s stock worth $84,000 after acquiring an additional 92 shares during the period. Signaturefd LLC boosted its holdings in shares of Steel Dynamics by 0.9% in the fourth quarter. Signaturefd LLC now owns 10,698 shares of the basic materials company’s stock valued at $1,263,000 after acquiring an additional 93 shares in the last quarter. Finally, Summit Trail Advisors LLC boosted its holdings in shares of Steel Dynamics by 5.3% in the first quarter. Summit Trail Advisors LLC now owns 1,937 shares of the basic materials company’s stock valued at $288,000 after acquiring an additional 98 shares in the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, April 14th. Investors of record on Sunday, March 31st were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.37%. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.43. Steel Dynamics’s dividend payout ratio (DPR) is currently 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.