Analysts Set Expectations for Steel Dynamics FY2024 Earnings

Steel Dynamics, Inc. (NASDAQ:STLD) – Equities researchers at KeyCorp issued their FY2024 earnings per share estimates for shares of Steel Dynamics in a research note issued to investors on Tuesday, January 21st. KeyCorp analyst P. Gibbs expects that the basic materials company will post earnings of $9.80 per share for the year. The consensus estimate for Steel Dynamics’ current full-year earnings is $8.93 per share.

A number of other equities analysts also recently weighed in on the stock. StockNews.com downgraded shares of Steel Dynamics from a “hold” rating to a “sell” rating in a research note on Thursday. JPMorgan Chase & Co. reduced their price objective on Steel Dynamics from $134.00 to $132.00 and set a “neutral” rating for the company in a research report on Friday, January 17th. Citigroup dropped their target price on Steel Dynamics from $160.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. BMO Capital Markets raised their price target on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a report on Friday, October 18th. Finally, UBS Group reiterated a “neutral” rating and issued a $149.00 price target (up previously from $145.00) on shares of Steel Dynamics in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Steel Dynamics has an average rating of “Hold” and an average price target of $143.38.

Steel Dynamics Trading Down 0.0 %

Shares of NASDAQ STLD opened at $122.35 on Friday. Steel Dynamics has a 1 year low of $104.60 and a 1 year high of $155.56. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.39 and a quick ratio of 1.26. The firm has a 50-day moving average of $127.27 and a 200 day moving average of $126.38. The stock has a market cap of $18.63 billion, a P/E ratio of 12.48 and a beta of 1.36.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, January 22nd. The basic materials company reported $1.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.33). Steel Dynamics had a return on equity of 17.25% and a net margin of 8.76%. During the same period in the prior year, the company posted $2.61 earnings per share.

Steel Dynamics Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.50%. The ex-dividend date was Tuesday, December 31st. Steel Dynamics’s dividend payout ratio is currently 18.78%.

Insider Activity at Steel Dynamics

In related news, VP Chad Bickford sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $134.86, for a total transaction of $269,720.00. Following the completion of the transaction, the vice president now directly owns 17,100 shares in the company, valued at approximately $2,306,106. The trade was a 10.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Miguel Alvarez sold 6,650 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $143.00, for a total transaction of $950,950.00. Following the completion of the sale, the senior vice president now directly owns 116,949 shares of the company’s stock, valued at approximately $16,723,707. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,650 shares of company stock worth $1,498,170 over the last quarter. Company insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Steel Dynamics

Institutional investors and hedge funds have recently bought and sold shares of the business. Holocene Advisors LP grew its holdings in Steel Dynamics by 85.8% during the 3rd quarter. Holocene Advisors LP now owns 2,295,365 shares of the basic materials company’s stock valued at $289,400,000 after buying an additional 1,060,007 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Steel Dynamics by 6.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,546,104 shares of the basic materials company’s stock valued at $194,933,000 after buying an additional 96,122 shares in the last quarter. Nordea Investment Management AB grew its holdings in Steel Dynamics by 22.4% during the 4th quarter. Nordea Investment Management AB now owns 1,384,526 shares of the basic materials company’s stock valued at $158,487,000 after buying an additional 253,802 shares in the last quarter. Lord Abbett & CO. LLC increased its stake in Steel Dynamics by 116.5% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,018,668 shares of the basic materials company’s stock worth $128,434,000 after acquiring an additional 548,086 shares during the last quarter. Finally, Barclays PLC raised its holdings in shares of Steel Dynamics by 21.8% during the 3rd quarter. Barclays PLC now owns 448,942 shares of the basic materials company’s stock worth $56,603,000 after acquiring an additional 80,262 shares in the last quarter. 82.41% of the stock is owned by institutional investors.

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.