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 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

STLD has been the subject of a number of analyst reports. UBS Group upgraded shares of Steel Dynamics from a neutral rating to a buy rating and boosted their price objective for the stock from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Morgan Stanley cut their target price 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. BMO Capital Markets lowered their price target 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. upgraded 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 research note on Monday, September 9th. Finally, Bank of America decreased their target price on 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 assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $141.29.

Steel Dynamics Stock Down 0.2 %

NASDAQ STLD opened at $119.83 on Friday. The firm has a 50-day simple moving average of $120.11 and a 200 day simple moving average of $129.01. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.19 and a current ratio of 2.35. The stock has a market cap of $18.83 billion, a PE ratio of 8.23 and a beta of 1.32. Steel Dynamics has a twelve month low of $98.25 and a twelve month high of $151.34.

Steel Dynamics (NASDAQ:STLD) last issued 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 during the quarter, compared to analysts’ expectations of $4.43 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. Steel Dynamics’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same period last year, the business earned $4.81 earnings per share. On average, research analysts forecast that Steel Dynamics will post 10.57 EPS for the current year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a $0.46 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.84 annualized dividend and a dividend yield of 1.54%. Steel Dynamics’s dividend payout ratio is currently 12.64%.

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.