Steel Dynamics, Inc. (NASDAQ:STLD) – Stock analysts at KeyCorp raised their Q3 2018 earnings estimates for shares of Steel Dynamics in a research note issued to investors on Sunday, September 9th. KeyCorp analyst P. Gibbs now expects that the basic materials company will earn $1.77 per share for the quarter, up from their prior forecast of $1.69.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Monday, July 23rd. The basic materials company reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.04. Steel Dynamics had a return on equity of 26.90% and a net margin of 10.01%. The company had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the previous year, the firm earned $0.63 earnings per share. The business’s quarterly revenue was up 29.3% compared to the same quarter last year.

Other analysts have also recently issued research reports about the company. Bank of America boosted their price target on Steel Dynamics from $54.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $58.00 price target on shares of Steel Dynamics in a research report on Wednesday, July 25th. BidaskClub cut Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 13th. Zacks Investment Research upgraded Steel Dynamics from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a research note on Tuesday, June 19th. Finally, ValuEngine lowered Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Saturday, June 16th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $54.17.

Shares of NASDAQ:STLD opened at $46.19 on Tuesday. Steel Dynamics has a fifty-two week low of $32.20 and a fifty-two week high of $52.10. The stock has a market capitalization of $10.97 billion, a price-to-earnings ratio of 17.13, a P/E/G ratio of 0.70 and a beta of 1.32. The company has a quick ratio of 1.92, a current ratio of 3.61 and a debt-to-equity ratio of 0.66.

Steel Dynamics declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, September 4th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the basic materials company to repurchase up to 6.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 12th. Stockholders of record on Sunday, September 30th will be paid a $0.1875 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.62%. Steel Dynamics’s payout ratio is presently 28.30%.

Several institutional investors have recently bought and sold shares of the company. Global X Management Co LLC increased its stake in shares of Steel Dynamics by 28.8% in the second quarter. Global X Management Co LLC now owns 68,686 shares of the basic materials company’s stock worth $3,156,000 after purchasing an additional 15,354 shares during the period. California Public Employees Retirement System increased its stake in Steel Dynamics by 5.5% during the second quarter. California Public Employees Retirement System now owns 609,968 shares of the basic materials company’s stock valued at $28,028,000 after acquiring an additional 31,690 shares during the period. Glenmede Trust Co. NA increased its stake in Steel Dynamics by 889.0% during the second quarter. Glenmede Trust Co. NA now owns 495,899 shares of the basic materials company’s stock valued at $22,786,000 after acquiring an additional 445,759 shares during the period. Granahan Investment Management Inc. MA increased its stake in Steel Dynamics by 220.0% during the second quarter. Granahan Investment Management Inc. MA now owns 18,691 shares of the basic materials company’s stock valued at $859,000 after acquiring an additional 12,850 shares during the period. Finally, Qube Research & Technologies Ltd bought a new position in Steel Dynamics during the second quarter valued at about $119,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. The company operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment provides hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; merchant bar products, including angles, merchant rounds, flats, channels, and reinforcing bars; beams, channels, and specialty steel sections; and threaded rod products, and cold drawn and heat treated bars.

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

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