$2.38 Billion in Sales Expected for Steel Dynamics, Inc. (STLD) This Quarter
Wall Street analysts expect Steel Dynamics, Inc. (NASDAQ:STLD) to post sales of $2.38 billion for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Steel Dynamics’ earnings, with the highest sales estimate coming in at $2.49 billion and the lowest estimate coming in at $2.30 billion. Steel Dynamics posted sales of $2.10 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 13.3%. The company is scheduled to announce its next earnings report on Wednesday, October 18th.
According to Zacks, analysts expect that Steel Dynamics will report full-year sales of $2.38 billion for the current financial year, with estimates ranging from $9.15 billion to $9.53 billion. For the next financial year, analysts anticipate that the company will report sales of $9.39 billion per share, with estimates ranging from $8.95 billion to $10.12 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that that provide coverage for Steel Dynamics.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.63. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.37 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The business’s revenue was up 18.1% on a year-over-year basis. During the same period last year, the business earned $0.58 EPS.
A number of brokerages have recently weighed in on STLD. Zacks Investment Research upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $38.00 price objective for the company in a research note on Saturday, May 20th. Jefferies Group LLC restated a “buy” rating and issued a $43.00 price objective (up from $42.00) on shares of Steel Dynamics in a research note on Saturday, July 22nd. Bank of America Corporation boosted their price objective on shares of Steel Dynamics from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, July 21st. Morgan Stanley restated a “buy” rating on shares of Steel Dynamics in a research note on Tuesday, July 18th. Finally, Cowen and Company restated a “buy” rating and issued a $44.00 price objective on shares of Steel Dynamics in a research note on Wednesday, July 19th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Steel Dynamics currently has a consensus rating of “Buy” and an average target price of $39.79.
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In other Steel Dynamics news, Director Keith E. Busse sold 4,965 shares of the business’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total value of $190,755.30. Following the sale, the director now owns 1,005,666 shares of the company’s stock, valued at approximately $38,637,687.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher A. Graham sold 5,021 shares of the business’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total transaction of $191,049.05. Following the completion of the sale, the insider now directly owns 26,778 shares in the company, valued at approximately $1,018,902.90. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Advantage Investment Management LLC raised its stake in shares of Steel Dynamics by 39.6% in the first quarter. Advantage Investment Management LLC now owns 3,350 shares of the basic materials company’s stock valued at $116,000 after buying an additional 950 shares during the period. Washington Trust Bank raised its stake in shares of Steel Dynamics by 48.8% in the second quarter. Washington Trust Bank now owns 3,393 shares of the basic materials company’s stock valued at $122,000 after buying an additional 1,113 shares during the period. James Investment Research Inc. acquired a new stake in shares of Steel Dynamics during the first quarter valued at about $145,000. Advisory Services Network LLC acquired a new stake in shares of Steel Dynamics during the first quarter valued at about $150,000. Finally, IFP Advisors Inc raised its stake in shares of Steel Dynamics by 163.8% in the first quarter. IFP Advisors Inc now owns 4,366 shares of the basic materials company’s stock valued at $152,000 after buying an additional 2,711 shares during the period. 83.61% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Steel Dynamics (NASDAQ:STLD) traded up 1.03% on Friday, reaching $35.27. 1,422,287 shares of the company’s stock traded hands. The company’s 50-day moving average is $35.49 and its 200-day moving average is $35.24. The firm has a market capitalization of $8.51 billion, a P/E ratio of 16.20 and a beta of 1.23. Steel Dynamics has a 52 week low of $22.79 and a 52 week high of $40.17.
The business also recently announced a quarterly dividend, which was paid on Friday, July 7th. Investors of record on Friday, June 30th were given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend was Wednesday, June 28th. Steel Dynamics’s dividend payout ratio (DPR) is currently 28.57%.
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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