Steel Dynamics, Inc. (STLD) Expected to Announce Quarterly Sales of $2.37 Billion
Wall Street brokerages expect that Steel Dynamics, Inc. (NASDAQ:STLD) will post $2.37 billion in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Steel Dynamics’ earnings. The highest sales estimate is $2.49 billion and the lowest is $2.30 billion. Steel Dynamics posted sales of $2.10 billion during the same quarter last year, which would suggest a positive year over year growth rate of 12.9%. The firm is expected to issue its next earnings results on Wednesday, October 18th.
According to Zacks, analysts expect that Steel Dynamics will report full year sales of $2.37 billion for the current year, with estimates ranging from $9.15 billion to $9.53 billion. For the next fiscal year, analysts forecast that the business will post sales of $9.47 billion per share, with estimates ranging from $8.95 billion to $10.12 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Steel Dynamics.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.63. The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Steel Dynamics had a return on equity of 21.75% and a net margin of 6.07%. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.58 earnings per share.
A number of equities analysts recently commented on STLD shares. BidaskClub cut Steel Dynamics from a “hold” rating to a “sell” rating in a report on Saturday, June 17th. Longbow Research raised Steel Dynamics from a “neutral” rating to a “buy” rating in a report on Monday, June 19th. Berenberg Bank reaffirmed a “buy” rating and issued a $46.00 target price on shares of Steel Dynamics in a report on Monday, June 19th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Steel Dynamics in a report on Saturday, June 24th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $45.00 target price on shares of Steel Dynamics in a report on Monday, June 26th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $40.47.
In other Steel Dynamics news, Director Keith E. Busse sold 4,965 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total value of $190,755.30. Following the completion of the sale, the director now owns 1,005,666 shares in the company, valued at approximately $38,637,687.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher A. Graham sold 5,021 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $38.05, for a total value of $191,049.05. Following the completion of the sale, the insider now owns 26,778 shares of the company’s stock, valued at approximately $1,018,902.90. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Achmea Investment Management B.V. purchased a new position in shares of Steel Dynamics during the second quarter valued at about $534,000. Lord Abbett & CO. LLC grew its position in shares of Steel Dynamics by 10.3% during the second quarter. Lord Abbett & CO. LLC now owns 1,177,700 shares of the basic materials company’s stock valued at $42,173,000 after purchasing an additional 110,000 shares in the last quarter. USA Financial Portformulas Corp purchased a new position in shares of Steel Dynamics during the second quarter valued at about $525,000. Toronto Dominion Bank purchased a new position in shares of Steel Dynamics during the second quarter valued at about $107,000. Finally, Advisory Services Network LLC grew its position in shares of Steel Dynamics by 2.3% during the second quarter. Advisory Services Network LLC now owns 4,414 shares of the basic materials company’s stock valued at $158,000 after purchasing an additional 101 shares in the last quarter. Institutional investors and hedge funds own 82.64% of the company’s stock.
Steel Dynamics (NASDAQ STLD) opened at 33.23 on Friday. Steel Dynamics has a 12 month low of $23.34 and a 12 month high of $40.17. The stock has a 50 day moving average price of $34.53 and a 200 day moving average price of $34.91. The stock has a market capitalization of $7.97 billion, a PE ratio of 15.26 and a beta of 1.26.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Saturday, September 30th will be paid a $0.155 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.62 dividend on an annualized basis and a yield of 1.87%. Steel Dynamics’s payout ratio is presently 28.57%.
Steel Dynamics Company Profile
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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