KeyCorp Comments on Steel Dynamics, Inc.’s FY2017 Earnings (STLD)
Steel Dynamics, Inc. (NASDAQ:STLD) – Research analysts at KeyCorp upped their FY2017 earnings per share estimates for Steel Dynamics in a note issued to investors on Wednesday. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings of $2.52 per share for the year, up from their previous estimate of $2.38.
Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.63. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.58 EPS. ILLEGAL ACTIVITY WARNING: This piece of content was reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this piece of content on another site, it was illegally stolen and republished in violation of US and international copyright & trademark legislation. The legal version of this piece of content can be viewed at https://www.thecerbatgem.com/2017/10/04/keycorp-comments-on-steel-dynamics-inc-s-fy2017-earnings-stld.html.
STLD has been the subject of a number of other research reports. Clarkson Capital reiterated a “neutral” rating on shares of Steel Dynamics in a research report on Thursday, July 20th. Deutsche Bank AG restated a “buy” rating on shares of Steel Dynamics in a report on Saturday, June 24th. Longbow Research lowered Steel Dynamics from a “buy” rating to a “neutral” rating in a report on Monday. BidaskClub cut Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, Zacks Investment Research raised Steel Dynamics from a “sell” rating to a “hold” rating in a research note on Wednesday, July 26th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $40.47.
Steel Dynamics (NASDAQ STLD) opened at 34.86 on Monday. The firm has a market capitalization of $8.36 billion, a price-to-earnings ratio of 16.01 and a beta of 1.29. Steel Dynamics has a 12 month low of $23.34 and a 12 month high of $40.17. The firm’s 50-day moving average is $34.16 and its 200 day moving average is $34.84.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Investors of record on Saturday, September 30th will be paid a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 1.78%. The ex-dividend date is Thursday, September 28th. Steel Dynamics’s payout ratio is presently 28.57%.
In related news, Director Keith E. Busse sold 4,965 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 1,005,666 shares of the company’s stock, valued at approximately $38,637,687.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christopher A. Graham sold 5,021 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total value of $191,049.05. Following the completion of the transaction, the insider now directly owns 26,778 shares in the company, valued at $1,018,902.90. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Steel Dynamics by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 24,405,049 shares of the basic materials company’s stock valued at $873,945,000 after buying an additional 611,096 shares during the last quarter. BlackRock Inc. raised its holdings in Steel Dynamics by 9.2% in the 2nd quarter. BlackRock Inc. now owns 21,932,609 shares of the basic materials company’s stock worth $785,405,000 after acquiring an additional 1,840,803 shares during the period. Boston Partners raised its holdings in Steel Dynamics by 11.9% in the 2nd quarter. Boston Partners now owns 16,383,812 shares of the basic materials company’s stock worth $586,703,000 after acquiring an additional 1,742,242 shares during the period. State Street Corp raised its holdings in Steel Dynamics by 17.9% in the 2nd quarter. State Street Corp now owns 8,857,134 shares of the basic materials company’s stock worth $317,162,000 after acquiring an additional 1,346,487 shares during the period. Finally, Prudential Financial Inc. lifted its position in Steel Dynamics by 21.7% during the 2nd quarter. Prudential Financial Inc. now owns 4,079,525 shares of the basic materials company’s stock worth $146,088,000 after acquiring an additional 727,722 shares during the last quarter. Hedge funds and other institutional investors own 82.64% of the company’s stock.
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.
Receive News & Stock Ratings for Steel Dynamics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steel Dynamics Inc. and related stocks with our FREE daily email newsletter.