KeyCorp Comments on Steel Dynamics FY2024 Earnings

Steel Dynamics, Inc. (NASDAQ:STLD) – Stock analysts at KeyCorp issued their FY2024 EPS estimates for Steel Dynamics in a research note issued to investors on Tuesday, January 21st. KeyCorp analyst P. Gibbs forecasts 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 research analysts have also recently weighed in on STLD. UBS Group reiterated a “neutral” rating and set a $149.00 price target (up from $145.00) on shares of Steel Dynamics in a research report on Thursday, December 12th. The Goldman Sachs Group started coverage on shares of Steel Dynamics in a report on Monday, December 2nd. They issued a “neutral” rating and a $155.00 target price for the company. BNP Paribas upgraded Steel Dynamics from a “neutral” rating to an “outperform” rating in a research report on Friday, January 3rd. Jefferies Financial Group raised Steel Dynamics from a “hold” rating to a “buy” rating and lifted their price objective for the company from $125.00 to $145.00 in a research note on Friday. Finally, Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and increased their target price for the stock from $140.00 to $155.00 in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Steel Dynamics currently has a consensus rating of “Hold” and a consensus price target of $143.38.

Steel Dynamics Stock Down 0.0 %

Shares of STLD opened at $122.35 on Friday. The company’s 50-day moving average price is $127.27 and its 200 day moving average price is $126.37. Steel Dynamics has a 12-month low of $104.60 and a 12-month high of $155.56. The company has a current ratio of 2.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.31. The firm 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 released its quarterly earnings results on Wednesday, January 22nd. The basic materials company reported $1.36 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.33). Steel Dynamics had a net margin of 8.76% and a return on equity of 17.25%. During the same quarter in the previous year, the business posted $2.61 EPS.

Steel Dynamics Dividend Announcement

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

Insider Activity at Steel Dynamics

In related news, VP Chad Bickford sold 2,000 shares of the company’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 value of $269,720.00. Following the completion of the transaction, the vice president now directly owns 17,100 shares of the company’s stock, valued at $2,306,106. This represents a 10.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Miguel Alvarez sold 6,650 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 116,949 shares in the company, valued at approximately $16,723,707. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,650 shares of company stock valued at $1,498,170 over the last 90 days. 6.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Steel Dynamics

Several hedge funds have recently made changes to their positions in STLD. Wilmington Savings Fund Society FSB acquired a new stake in shares of Steel Dynamics in the 3rd quarter valued at about $25,000. ORG Wealth Partners LLC acquired a new stake in shares of Steel Dynamics in the fourth quarter valued at approximately $28,000. Private Trust Co. NA grew its position in shares of Steel Dynamics by 532.6% during the third quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 245 shares during the last quarter. Brooklyn Investment Group acquired a new position in shares of Steel Dynamics in the 3rd quarter valued at $61,000. Finally, Quest Partners LLC acquired a new position in shares of Steel Dynamics in the 3rd quarter valued at $62,000. Hedge funds and other 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.