KeyCorp Brokers Reduce Earnings Estimates for Steel Dynamics, Inc. (STLD)
Steel Dynamics, Inc. (NASDAQ:STLD) – Equities research analysts at KeyCorp dropped their Q2 2017 earnings per share estimates for shares of Steel Dynamics in a research note issued on Tuesday. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings of $0.76 per share for the quarter, down from their previous forecast of $0.78. KeyCorp also issued estimates for Steel Dynamics’ FY2018 earnings at $2.60 EPS.
Several other brokerages have also recently weighed in on STLD. Zacks Investment Research cut shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Thursday, May 25th. Credit Suisse Group raised shares of Steel Dynamics from a “neutral” rating to an “outperform” rating and set a $36.00 price target on the stock in a research report on Wednesday, May 24th. Deutsche Bank AG upped their price target on shares of Steel Dynamics from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, March 21st. Cowen and Company upped their price target on shares of Steel Dynamics from $41.00 to $42.00 and gave the company an “outperform” rating in a research report on Monday, April 24th. Finally, Barclays PLC reaffirmed a “buy” rating and set a $43.00 price target on shares of Steel Dynamics in a research report on Monday, May 15th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $37.91.
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Shares of Steel Dynamics (NASDAQ STLD) opened at 33.18 on Thursday. The company’s 50-day moving average price is $34.81 and its 200 day moving average price is $35.53. Steel Dynamics has a 52 week low of $22.79 and a 52 week high of $40.17. The firm has a market cap of $8.02 billion, a P/E ratio of 15.67 and a beta of 1.29.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, April 19th. The basic materials company reported $0.82 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.79 by $0.03. The business had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.19 billion. Steel Dynamics had a return on equity of 21.77% and a net margin of 6.19%. The firm’s revenue was up 36.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.26 EPS.
Institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio raised its position in shares of Steel Dynamics by 5.1% in the first quarter. Public Employees Retirement System of Ohio now owns 156,132 shares of the basic materials company’s stock valued at $5,427,000 after buying an additional 7,614 shares in the last quarter. Steadfast Capital Management LP bought a new position in shares of Steel Dynamics during the first quarter valued at $81,408,000. Macquarie Group Ltd. raised its position in shares of Steel Dynamics by 1.1% in the first quarter. Macquarie Group Ltd. now owns 801,525 shares of the basic materials company’s stock valued at $27,861,000 after buying an additional 8,792 shares in the last quarter. Tudor Investment Corp ET AL raised its position in shares of Steel Dynamics by 622.7% in the first quarter. Tudor Investment Corp ET AL now owns 142,900 shares of the basic materials company’s stock valued at $4,967,000 after buying an additional 123,126 shares in the last quarter. Finally, Shelton Capital Management raised its position in shares of Steel Dynamics by 31.6% in the first quarter. Shelton Capital Management now owns 18,549 shares of the basic materials company’s stock valued at $645,000 after buying an additional 4,457 shares in the last quarter. Hedge funds and other institutional investors own 83.58% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 7th. Stockholders of record on Friday, June 30th will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $0.62 annualized dividend and a dividend yield of 1.87%. Steel Dynamics’s dividend payout ratio is currently 29.25%.
Steel Dynamics Company Profile
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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