Q3 2024 Earnings Forecast for Steel Dynamics, Inc. Issued By Seaport Res Ptn (NASDAQ:STLD)

Steel Dynamics, Inc. (NASDAQ:STLD) – Equities researchers at Seaport Res Ptn reduced their Q3 2024 earnings per share estimates for shares of Steel Dynamics in a note issued to investors on Wednesday, July 24th. Seaport Res Ptn analyst M. Englert now expects that the basic materials company will post earnings of $2.45 per share for the quarter, down from their previous forecast of $2.75. The consensus estimate for Steel Dynamics’ current full-year earnings is $11.51 per share. Seaport Res Ptn also issued estimates for Steel Dynamics’ FY2024 earnings at $10.93 EPS, Q2 2025 earnings at $3.40 EPS and Q4 2025 earnings at $2.85 EPS.

Other analysts have also issued research reports about the stock. JPMorgan Chase & Co. increased their price objective on shares of Steel Dynamics from $118.00 to $120.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 16th. Jefferies Financial Group began coverage on Steel Dynamics in a research report on Monday, May 20th. They set a “hold” rating and a $150.00 price target for the company. BMO Capital Markets lowered their price objective on Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a research report on Tuesday, June 18th. Finally, Bank of America cut their target price on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Steel Dynamics has a consensus rating of “Hold” and an average price target of $133.86.

Steel Dynamics Trading Up 3.5 %

Shares of NASDAQ:STLD opened at $127.60 on Friday. The business has a 50-day moving average price of $128.10 and a 200-day moving average price of $129.73. The stock has a market cap of $20.05 billion, a price-to-earnings ratio of 8.76 and a beta of 1.35. Steel Dynamics has a 52-week low of $95.53 and a 52-week high of $151.34. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25.

Steel Dynamics (NASDAQ:STLD) last posted 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. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The business had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.43 billion. During the same quarter last year, the company posted $4.81 earnings per share. The business’s quarterly revenue was down 8.8% on a year-over-year basis.

Hedge Funds Weigh In On Steel Dynamics

A number of hedge funds have recently made changes to their positions in STLD. Norges Bank acquired a new position in Steel Dynamics in the 4th quarter valued at $221,817,000. Sapient Capital LLC acquired a new stake in shares of Steel Dynamics in the fourth quarter valued at about $38,644,000. Swedbank AB acquired a new stake in shares of Steel Dynamics in the first quarter valued at about $32,178,000. Acadian Asset Management LLC lifted its stake in shares of Steel Dynamics by 21.6% in the first quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock worth $168,550,000 after buying an additional 202,312 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Steel Dynamics by 4.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,604,492 shares of the basic materials company’s stock worth $534,295,000 after acquiring an additional 152,254 shares during the last quarter. Institutional investors and hedge funds own 82.41% of the company’s stock.

Insider Buying and Selling

In other news, SVP Christopher A. Graham sold 21,000 shares of Steel Dynamics stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $136.81, for a total value of $2,873,010.00. Following the sale, the senior vice president now owns 60,415 shares in the company, valued at $8,265,376.15. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 6.00% of the stock is owned by insiders.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Sunday, June 30th were paid a $0.46 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.84 dividend on an annualized basis and a yield of 1.44%. 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.