Q3 2024 EPS Estimates for Steel Dynamics, Inc. (NASDAQ:STLD) Raised by Seaport Res Ptn

Steel Dynamics, Inc. (NASDAQ:STLD) – Seaport Res Ptn upped their Q3 2024 earnings per share estimates for shares of Steel Dynamics in a report issued on Monday, September 16th. Seaport Res Ptn analyst M. Englert now anticipates that the basic materials company will earn $1.98 per share for the quarter, up from their prior forecast of $1.95. The consensus estimate for Steel Dynamics’ current full-year earnings is $10.57 per share. Seaport Res Ptn also issued estimates for Steel Dynamics’ Q4 2024 earnings at $1.61 EPS and FY2024 earnings at $9.97 EPS.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.43 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The company’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same period in the prior year, the company earned $4.81 EPS.

A number of other brokerages have also weighed in on STLD. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and upped their target price for the stock from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Bank of America cut their price objective on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. JPMorgan Chase & Co. upgraded Steel Dynamics from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $120.00 to $131.00 in a report on Monday, September 9th. BMO Capital Markets cut their price objective on Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating for the company in a report on Tuesday. Finally, Morgan Stanley cut their price objective on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $141.29.

Steel Dynamics Price Performance

Shares of NASDAQ STLD opened at $119.83 on Thursday. The firm has a market capitalization of $18.49 billion, a P/E ratio of 8.23 and a beta of 1.32. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. The stock’s 50-day simple moving average is $120.30 and its two-hundred day simple moving average is $129.08. Steel Dynamics has a twelve month low of $98.25 and a twelve month high of $151.34.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend is Monday, September 30th. Steel Dynamics’s dividend payout ratio is presently 12.64%.

Institutional Investors Weigh In On Steel Dynamics

Institutional investors have recently bought and sold shares of the stock. Larson Financial Group LLC purchased a new stake in Steel Dynamics during the 1st quarter valued at about $25,000. LifeSteps Financial Inc. purchased a new stake in Steel Dynamics in the 1st quarter worth approximately $26,000. Security National Bank purchased a new stake in Steel Dynamics in the 4th quarter worth approximately $30,000. Innealta Capital LLC purchased a new stake in Steel Dynamics in the 2nd quarter worth approximately $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Steel Dynamics in the 2nd quarter worth approximately $41,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

About Steel Dynamics

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.