Steel Dynamics (NASDAQ:STLD) Issues Q3 Earnings Guidance

Steel Dynamics (NASDAQ:STLD) updated its third quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $1.94-1.98 for the period, compared to the consensus estimate of $2.09.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on STLD shares. UBS Group upgraded shares of Steel Dynamics from a neutral rating to a buy rating and upped their price target for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Morgan Stanley lifted their price target on Steel Dynamics from $134.00 to $138.00 and gave the stock an equal weight rating in a research note on Thursday, August 15th. Bank of America dropped their price objective on Steel Dynamics from $150.00 to $145.00 and set a neutral rating for the company in a research note on Wednesday, June 26th. JPMorgan Chase & Co. upgraded Steel Dynamics from an underweight rating to a neutral rating and upped their target price for the company from $120.00 to $131.00 in a report on Monday, September 9th. Finally, BMO Capital Markets cut their price target on shares of Steel Dynamics from $140.00 to $135.00 and set a market perform rating on the stock in a report on Tuesday, June 18th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Steel Dynamics has an average rating of Hold and an average price target of $143.43.

Steel Dynamics Stock Performance

Shares of STLD stock traded down $1.83 during trading hours on Monday, reaching $111.01. The company had a trading volume of 1,441,044 shares, compared to its average volume of 1,238,647. 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 business has a fifty day moving average price of $121.20 and a 200-day moving average price of $129.54. Steel Dynamics has a one year low of $95.53 and a one year high of $151.34. The firm has a market cap of $17.44 billion, a PE ratio of 7.75 and a beta of 1.32.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.05. The firm had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.43 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The company’s revenue was down 8.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.81 EPS. Sell-side analysts predict that Steel Dynamics will post 10.81 earnings per share for the current fiscal year.

Steel Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Monday, September 30th. Steel Dynamics’s dividend payout ratio is presently 12.64%.

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.