Steel Dynamics, Inc. (NASDAQ:STLD) Expected to Earn Q2 2024 Earnings of $2.67 Per Share

Steel Dynamics, Inc. (NASDAQ:STLD) – Research analysts at Seaport Res Ptn reduced their Q2 2024 earnings per share estimates for shares of Steel Dynamics in a report issued on Monday, June 17th. Seaport Res Ptn analyst M. Englert now forecasts that the basic materials company will earn $2.67 per share for the quarter, down from their prior forecast of $2.83. The consensus estimate for Steel Dynamics’ current full-year earnings is $12.20 per share. Seaport Res Ptn also issued estimates for Steel Dynamics’ Q3 2024 earnings at $2.75 EPS, FY2024 earnings at $11.71 EPS, Q1 2025 earnings at $3.19 EPS, Q2 2025 earnings at $3.52 EPS, Q4 2025 earnings at $2.90 EPS and FY2025 earnings at $12.92 EPS.

Several other brokerages have also issued reports on STLD. Jefferies Financial Group started coverage on Steel Dynamics in a research report on Monday, May 20th. They issued a “hold” rating and a $150.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on Steel Dynamics from $100.00 to $118.00 and gave the company an “underweight” rating in a research report on Tuesday, April 16th. BMO Capital Markets boosted their price objective on Steel Dynamics from $110.00 to $120.00 and gave the company a “market perform” rating in a research report on Monday, March 18th. Finally, Citigroup boosted their price objective on Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $125.29.

Steel Dynamics Price Performance

Shares of STLD opened at $126.55 on Tuesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.55 and a current ratio of 2.87. The stock has a 50 day simple moving average of $133.42 and a 200 day simple moving average of $128.12. Steel Dynamics has a 52-week low of $95.53 and a 52-week high of $151.34. The firm has a market capitalization of $19.88 billion, a PE ratio of 8.69 and a beta of 1.40.

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 analysts’ consensus estimates of $3.54 by $0.13. The company had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Steel Dynamics had a return on equity of 27.62% and a net margin of 12.89%. Steel Dynamics’s revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the business posted $4.01 EPS.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Sunday, June 30th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 1.45%. The ex-dividend date is Friday, June 28th. Steel Dynamics’s payout ratio is presently 12.64%.

Insider Activity

In other news, SVP Christopher A. Graham sold 21,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $136.81, for a total value of $2,873,010.00. Following the completion of the sale, the senior vice president now owns 60,415 shares of the company’s stock, valued at approximately $8,265,376.15. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 6.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Steel Dynamics

A number of large investors have recently added to or reduced their stakes in the business. Hamilton Wealth LLC bought a new stake in Steel Dynamics in the 1st quarter valued at $219,000. DekaBank Deutsche Girozentrale raised its stake in Steel Dynamics by 1.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 145,717 shares of the basic materials company’s stock valued at $21,677,000 after acquiring an additional 1,791 shares during the period. Pathway Financial Advisers LLC bought a new stake in Steel Dynamics in the 1st quarter valued at $6,848,000. Cetera Advisors LLC raised its stake in Steel Dynamics by 189.9% in the 1st quarter. Cetera Advisors LLC now owns 9,273 shares of the basic materials company’s stock valued at $1,375,000 after acquiring an additional 6,074 shares during the period. Finally, Cetera Investment Advisers raised its stake in Steel Dynamics by 172.2% in the 1st quarter. Cetera Investment Advisers now owns 24,220 shares of the basic materials company’s stock valued at $3,590,000 after acquiring an additional 15,321 shares during the period. Institutional investors own 82.41% of the company’s stock.

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.