Steel Dynamics (NASDAQ:STLD) Updates 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 -.

Analysts Set New Price Targets

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

Steel Dynamics Price Performance

NASDAQ STLD traded down $0.26 during trading hours on Friday, reaching $119.83. The company’s stock had a trading volume of 6,833,768 shares, compared to its average volume of 1,277,772. Steel Dynamics has a 1 year low of $98.25 and a 1 year high of $151.34. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $18.49 billion, a price-to-earnings ratio of 8.17 and a beta of 1.32. The firm’s 50-day moving average price is $120.30 and its 200-day moving average price is $129.08.

Steel Dynamics (NASDAQ:STLD) last released its 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. The firm had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The company’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.81 earnings per share. On average, equities research analysts predict that Steel Dynamics will post 10.57 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently disclosed 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. This represents a $1.84 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend is Monday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is presently 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.