Seaport Res Ptn Comments on Steel Dynamics, Inc.’s Q1 2024 Earnings (NASDAQ:STLD)

Steel Dynamics, Inc. (NASDAQ:STLDFree Report) – Seaport Res Ptn issued their Q1 2024 earnings per share estimates for shares of Steel Dynamics in a research report issued to clients and investors on Wednesday, January 24th. Seaport Res Ptn analyst M. Englert forecasts that the basic materials company will post earnings of $3.37 per share for the quarter. The consensus estimate for Steel Dynamics’ current full-year earnings is $10.65 per share. Seaport Res Ptn also issued estimates for Steel Dynamics’ Q2 2024 earnings at $4.47 EPS, Q3 2024 earnings at $2.87 EPS, Q4 2024 earnings at $1.61 EPS and FY2024 earnings at $12.32 EPS.

A number of other research analysts also recently weighed in on STLD. UBS Group lowered their price target on Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating on the stock in a report on Wednesday, January 24th. JPMorgan Chase & Co. boosted their target price on Steel Dynamics from $95.00 to $98.00 and gave the company an “underweight” rating in a research note on Tuesday, December 12th. StockNews.com began coverage on Steel Dynamics in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. Finally, Morgan Stanley boosted their target price on Steel Dynamics from $99.00 to $108.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 31st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $112.75.

Read Our Latest Analysis on STLD

Steel Dynamics Stock Up 4.8 %

Shares of Steel Dynamics stock opened at $122.45 on Monday. The stock’s fifty day moving average is $116.68 and its 200-day moving average is $109.19. The firm has a market capitalization of $19.81 billion, a PE ratio of 8.39 and a beta of 1.44. The company has a quick ratio of 1.67, a current ratio of 2.91 and a debt-to-equity ratio of 0.30. Steel Dynamics has a 12-month low of $90.55 and a 12-month high of $136.46.

Steel Dynamics (NASDAQ:STLDGet Free Report) last announced its earnings results on Tuesday, January 23rd. The basic materials company reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.02). The company had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.22 billion. Steel Dynamics had a return on equity of 29.49% and a net margin of 13.04%. The firm’s revenue for the quarter was down 12.3% on a year-over-year basis. During the same period last year, the firm earned $4.37 earnings per share.

Hedge Funds Weigh In On Steel Dynamics

Large investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC grew its holdings in Steel Dynamics by 25.8% during the fourth quarter. Global Retirement Partners LLC now owns 478 shares of the basic materials company’s stock worth $53,000 after purchasing an additional 98 shares during the period. Wellington Shields & Co. LLC grew its holdings in Steel Dynamics by 50.0% during the fourth quarter. Wellington Shields & Co. LLC now owns 300 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 100 shares during the period. Ronald Blue Trust Inc. boosted its holdings in shares of Steel Dynamics by 7.8% during the third quarter. Ronald Blue Trust Inc. now owns 1,425 shares of the basic materials company’s stock worth $155,000 after acquiring an additional 103 shares during the period. Allworth Financial LP boosted its holdings in shares of Steel Dynamics by 2.2% during the fourth quarter. Allworth Financial LP now owns 4,853 shares of the basic materials company’s stock worth $573,000 after acquiring an additional 103 shares during the period. Finally, Greenfield Savings Bank boosted its holdings in shares of Steel Dynamics by 0.9% during the fourth quarter. Greenfield Savings Bank now owns 11,591 shares of the basic materials company’s stock worth $1,369,000 after acquiring an additional 108 shares during the period. Institutional investors and hedge funds own 81.32% of the company’s stock.

Insider Transactions at Steel Dynamics

In other news, Director James C. Marcuccilli sold 25,454 shares of the company’s stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $122.43, for a total transaction of $3,116,333.22. Following the completion of the sale, the director now owns 59,989 shares in the company, valued at approximately $7,344,453.27. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director James C. Marcuccilli sold 25,454 shares of the business’s stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $122.43, for a total transaction of $3,116,333.22. Following the completion of the transaction, the director now owns 59,989 shares of the company’s stock, valued at approximately $7,344,453.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bradley S. Seaman sold 4,717 shares of the business’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $109.72, for a total value of $517,549.24. Following the transaction, the director now directly owns 46,462 shares of the company’s stock, valued at approximately $5,097,810.64. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by corporate insiders.

Steel Dynamics announced that its Board of Directors has initiated a share repurchase program on Friday, November 3rd that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the basic materials company to buy up to 8.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Steel Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Sunday, December 31st were paid a dividend of $0.425 per share. The ex-dividend date was Thursday, December 28th. This represents a $1.70 annualized dividend and a dividend yield of 1.39%. Steel Dynamics’s dividend payout ratio (DPR) is presently 11.65%.

Steel Dynamics Company Profile

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Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. 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 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.

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Earnings History and Estimates for Steel Dynamics (NASDAQ:STLD)

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