Steel Dynamics (NASDAQ:STLD) Updates Q2 2022 Earnings Guidance

Steel Dynamics (NASDAQ:STLDGet Rating) updated its second quarter 2022 earnings guidance on Thursday. The company provided earnings per share guidance of $6.61-$6.65 for the period, compared to the consensus earnings per share estimate of $5.73. The company issued revenue guidance of -.

A number of brokerages have weighed in on STLD. The Goldman Sachs Group cut Steel Dynamics from a buy rating to a neutral rating and reduced their price objective for the company from $114.00 to $92.00 in a research note on Tuesday, May 31st. BMO Capital Markets boosted their target price on Steel Dynamics from $95.00 to $104.00 in a report on Friday, April 22nd. JPMorgan Chase & Co. dropped their target price on Steel Dynamics from $129.00 to $110.00 in a report on Tuesday, June 14th. UBS Group set a $95.00 target price on Steel Dynamics in a report on Monday. Finally, StockNews.com initiated coverage on Steel Dynamics in a report on Thursday, March 31st. They issued a buy rating on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and an average price target of $87.00.

STLD stock traded down $1.85 on Thursday, reaching $65.55. 54,477 shares of the company’s stock were exchanged, compared to its average volume of 2,234,035. The stock has a fifty day moving average of $81.08 and a 200-day moving average of $72.42. Steel Dynamics has a twelve month low of $50.54 and a twelve month high of $100.37. The firm has a market cap of $12.37 billion, a PE ratio of 3.48 and a beta of 1.30. The company has a quick ratio of 1.74, a current ratio of 3.42 and a debt-to-equity ratio of 0.45.

Steel Dynamics (NASDAQ:STLDGet Rating) last announced its quarterly earnings data on Wednesday, April 20th. The basic materials company reported $6.02 earnings per share for the quarter, topping analysts’ consensus estimates of $5.58 by $0.44. Steel Dynamics had a return on equity of 69.88% and a net margin of 19.02%. The firm had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same quarter in the prior year, the company posted $2.10 earnings per share. Steel Dynamics’s quarterly revenue was up 57.1% on a year-over-year basis. On average, equities research analysts predict that Steel Dynamics will post 19.84 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.07%. The ex-dividend date is Wednesday, June 29th. Steel Dynamics’s dividend payout ratio (DPR) is 7.02%.

Steel Dynamics announced that its board has authorized a stock buyback plan on Monday, February 28th that permits the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization permits the basic materials company to reacquire up to 8.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

In other Steel Dynamics news, Director Keith E. Busse sold 5,040 shares of the company’s stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $83.51, for a total value of $420,890.40. Following the sale, the director now owns 724,034 shares of the company’s stock, valued at $60,464,079.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.40% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of the company. State Street Corp lifted its position in shares of Steel Dynamics by 9.5% in the first quarter. State Street Corp now owns 9,207,455 shares of the basic materials company’s stock valued at $771,198,000 after acquiring an additional 800,656 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Steel Dynamics by 183.6% in the first quarter. First Trust Advisors LP now owns 1,380,388 shares of the basic materials company’s stock valued at $115,166,000 after acquiring an additional 893,705 shares in the last quarter. Invesco Ltd. lifted its position in shares of Steel Dynamics by 13.3% in the first quarter. Invesco Ltd. now owns 1,335,217 shares of the basic materials company’s stock valued at $111,397,000 after acquiring an additional 156,637 shares in the last quarter. Eaton Vance Management lifted its position in shares of Steel Dynamics by 23.0% in the first quarter. Eaton Vance Management now owns 729,960 shares of the basic materials company’s stock valued at $60,899,000 after acquiring an additional 136,355 shares in the last quarter. Finally, Royal Bank of Canada lifted its position in shares of Steel Dynamics by 42.8% in the first quarter. Royal Bank of Canada now owns 572,222 shares of the basic materials company’s stock valued at $47,743,000 after acquiring an additional 171,478 shares in the last quarter. Institutional investors and hedge funds own 83.19% of the company’s stock.

Steel Dynamics Company Profile (Get Rating)

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.

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Earnings History and Estimates for Steel Dynamics (NASDAQ:STLD)

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