FY2024 EPS Forecast for Steel Dynamics Decreased by Analyst

Steel Dynamics, Inc. (NASDAQ:STLD) – Equities researchers at Zacks Research decreased their FY2024 EPS estimates for Steel Dynamics in a research report issued to clients and investors on Wednesday, November 27th. Zacks Research analyst R. Department now anticipates that the basic materials company will post earnings per share of $9.99 for the year, down from their prior estimate of $10.00. The consensus estimate for Steel Dynamics’ current full-year earnings is $10.10 per share. Zacks Research also issued estimates for Steel Dynamics’ Q4 2024 earnings at $1.55 EPS, Q1 2025 earnings at $2.23 EPS, Q4 2025 earnings at $2.18 EPS, FY2025 earnings at $9.18 EPS, Q1 2026 earnings at $3.09 EPS and FY2026 earnings at $10.46 EPS.

Several other research firms have also recently weighed in on STLD. Bank of America upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $140.00 to $155.00 in a research report on Tuesday, October 1st. Morgan Stanley lowered 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. JPMorgan Chase & Co. upped their target price on shares of Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. The Goldman Sachs Group started coverage on Steel Dynamics in a research report on Monday. They set a “neutral” rating and a $155.00 price target on the stock. Finally, UBS Group raised Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Steel Dynamics presently has a consensus rating of “Hold” and an average price target of $145.63.

Steel Dynamics Price Performance

Shares of NASDAQ STLD opened at $143.20 on Monday. The stock’s 50-day simple moving average is $135.54 and its two-hundred day simple moving average is $127.82. Steel Dynamics has a twelve month low of $104.60 and a twelve month high of $155.56. The firm has a market capitalization of $21.80 billion, a P/E ratio of 12.91 and a beta of 1.31. The company has a quick ratio of 1.26, a current ratio of 2.39 and a debt-to-equity ratio of 0.31.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, beating the consensus estimate of $1.98 by $0.07. The firm had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.18 billion. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period last year, the firm earned $3.47 EPS.

Steel Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.46 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.84 annualized dividend and a yield of 1.28%. Steel Dynamics’s payout ratio is 16.65%.

Insiders Place Their Bets

In related news, SVP Miguel Alvarez sold 6,650 shares of Steel Dynamics stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $143.00, for a total transaction of $950,950.00. Following the completion of the transaction, the senior vice president now directly owns 116,949 shares of the company’s stock, valued at $16,723,707. This trade represents a 5.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Glenn Pushis sold 17,941 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the completion of the sale, the senior vice president now owns 146,693 shares in the company, valued at approximately $19,523,371.37. This trade represents a 10.90 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,591 shares of company stock worth $3,885,938. Company insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB bought a new stake in Steel Dynamics in the 3rd quarter worth about $25,000. Innealta Capital LLC purchased a new stake in Steel Dynamics in the second quarter worth approximately $33,000. Private Trust Co. NA grew its position in Steel Dynamics by 532.6% in the 3rd quarter. Private Trust Co. NA now owns 291 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 245 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Steel Dynamics during the second quarter valued at $41,000. Finally, Cullen Frost Bankers Inc. increased its position in shares of Steel Dynamics by 33.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 400 shares of the basic materials company’s stock valued at $52,000 after purchasing an additional 100 shares during the last quarter. Institutional investors own 82.41% of the company’s stock.

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.