Steel Dynamics (NASDAQ:STLD) Announces Earnings Results

Steel Dynamics (NASDAQ:STLD) issued its earnings results on Wednesday. The basic materials company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.98 by $0.07, Briefing.com reports. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The company had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.18 billion. During the same period in the previous year, the firm earned $3.47 EPS. The business’s revenue was down 5.4% on a year-over-year basis.

Steel Dynamics Trading Up 5.0 %

NASDAQ STLD traded up $6.52 during mid-day trading on Thursday, reaching $136.38. 349,932 shares of the stock were exchanged, compared to its average volume of 1,253,955. The business’s fifty day simple moving average is $120.15 and its 200 day simple moving average is $127.55. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.19 and a current ratio of 2.35. The stock has a market capitalization of $21.04 billion, a PE ratio of 10.41 and a beta of 1.31. Steel Dynamics has a 1-year low of $98.25 and a 1-year high of $151.34.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date was Monday, September 30th. Steel Dynamics’s dividend payout ratio is presently 14.76%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on STLD. BMO Capital Markets boosted their price target on Steel Dynamics from $127.00 to $130.00 and gave the stock a “market perform” rating in a research note on Thursday, October 10th. Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $140.00 to $155.00 in a research report on Tuesday, October 1st. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price target for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Morgan Stanley decreased their price objective on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Steel Dynamics from $131.00 to $129.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $142.86.

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.