Steel Dynamics (NASDAQ:STLD) Releases Q3 2024 Earnings Guidance

Steel Dynamics (NASDAQ:STLD) updated its third quarter 2024 earnings guidance on Friday. The company provided earnings per share guidance of 1.940-1.980 for the period, compared to the consensus earnings per share estimate of 2.070. The company issued revenue guidance of -.

Wall Street Analysts Forecast Growth

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

Steel Dynamics Trading Down 0.2 %

Shares of Steel Dynamics stock traded down $0.26 during trading 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. 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 cap 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 is $120.30 and its two-hundred day moving average is $129.08. Steel Dynamics has a 52-week low of $98.25 and a 52-week high of $151.34.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The company’s revenue was down 8.8% on a year-over-year basis. During the same quarter last year, the firm earned $4.81 EPS. On average, sell-side analysts anticipate that Steel Dynamics will post 10.57 earnings per share for the current year.

Steel Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a $0.46 dividend. 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 is currently 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.