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 raised their Q3 2024 EPS estimates for Steel Dynamics in a note issued to investors on Monday, September 16th. Seaport Res Ptn analyst M. Englert now forecasts that the basic materials company will post earnings of $1.98 per share for the quarter, up from their prior 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 issued its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.67 by $0.05. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The firm had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.43 billion. During the same quarter in the prior year, the business posted $4.81 earnings per share. Steel Dynamics’s revenue for the quarter was down 8.8% compared to the same quarter last year.

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

Steel Dynamics Stock Performance

Shares of STLD stock opened at $120.09 on Thursday. Steel Dynamics has a one year low of $98.25 and a one year high of $151.34. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.19 and a current ratio of 2.35. The company has a 50 day moving average price of $120.49 and a 200 day moving average price of $129.15. The firm has a market capitalization of $18.53 billion, a price-to-earnings ratio of 8.25 and a beta of 1.32.

Institutional Trading of Steel Dynamics

Institutional investors and hedge funds have recently modified their holdings of the business. Jump Financial LLC bought a new position in Steel Dynamics in the 4th quarter valued at about $271,000. Avantax Advisory Services Inc. grew its position in Steel Dynamics by 9.6% in the 4th quarter. Avantax Advisory Services Inc. now owns 3,101 shares of the basic materials company’s stock valued at $366,000 after buying an additional 272 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Steel Dynamics by 9.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 18,934 shares of the basic materials company’s stock valued at $2,236,000 after buying an additional 1,573 shares in the last quarter. Independent Advisor Alliance grew its position in Steel Dynamics by 17.9% in the 4th quarter. Independent Advisor Alliance now owns 2,558 shares of the basic materials company’s stock valued at $302,000 after buying an additional 389 shares in the last quarter. Finally, Brown Advisory Inc. grew its position in Steel Dynamics by 11.0% in the 4th quarter. Brown Advisory Inc. now owns 5,112 shares of the basic materials company’s stock valued at $604,000 after buying an additional 507 shares in the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.

Steel Dynamics Dividend Announcement

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 is Monday, September 30th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.53%. Steel Dynamics’s dividend payout ratio (DPR) is 12.64%.

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.