Steel Dynamics (NASDAQ:STLD) Releases Q3 Earnings Guidance

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

Steel Dynamics Stock Performance

Steel Dynamics stock opened at $114.49 on Wednesday. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. Steel Dynamics has a twelve month low of $95.53 and a twelve month high of $151.34. The company’s 50-day moving average price is $120.93 and its 200-day moving average price is $129.38. The company has a market cap of $17.99 billion, a PE ratio of 7.86 and a beta of 1.32.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.67 by $0.05. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The company had revenue of $4.63 billion for the quarter, compared to analysts’ expectations of $4.43 billion. During the same period in the previous year, the firm posted $4.81 earnings per share. The firm’s revenue for the quarter was down 8.8% on a year-over-year basis. On average, equities research analysts forecast that Steel Dynamics will post 10.81 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.84 annualized dividend and a yield of 1.61%. Steel Dynamics’s payout ratio is presently 12.64%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on STLD shares. JPMorgan Chase & Co. upgraded shares of Steel Dynamics from an underweight rating to a neutral rating and boosted their price objective for the company from $120.00 to $131.00 in a research report on Monday, September 9th. Morgan Stanley lifted their price target on shares of Steel Dynamics from $134.00 to $138.00 and gave the stock an equal weight rating in a research note on Thursday, August 15th. BMO Capital Markets reduced their price objective on shares of Steel Dynamics from $135.00 to $127.00 and set a market perform rating on the stock in a research report on Tuesday. Bank of America decreased their price objective on shares of Steel Dynamics from $150.00 to $145.00 and set a neutral rating for the company in a research note on Wednesday, June 26th. Finally, UBS Group raised Steel Dynamics from a neutral rating to a buy rating and upped their target price for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $142.29.

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.