Steel Dynamics (STLD) Releases Earnings Results, Beats Expectations By $0.04 EPS

Steel Dynamics (NASDAQ:STLD) issued its quarterly earnings results on Wednesday. The basic materials company reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.04, RTT News reports. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.14 billion. Steel Dynamics had a net margin of 11.49% and a return on equity of 33.17%. The company’s quarterly revenue was up 31.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.66 earnings per share.

Steel Dynamics stock opened at $41.32 on Friday. Steel Dynamics has a 1 year low of $35.48 and a 1 year high of $52.10. The company has a market capitalization of $9.52 billion, a P/E ratio of 15.59, a P/E/G ratio of 0.61 and a beta of 1.29. The company has a quick ratio of 1.92, a current ratio of 3.61 and a debt-to-equity ratio of 0.66.

The business also recently announced a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Sunday, September 30th were issued a $0.1875 dividend. The ex-dividend date was Thursday, September 27th. This represents a $0.75 dividend on an annualized basis and a yield of 1.82%. Steel Dynamics’s payout ratio is 28.30%.

A number of brokerages have recently commented on STLD. Zacks Investment Research upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a report on Wednesday, September 12th. Bank of America lifted their price target on shares of Steel Dynamics from $54.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday, July 25th. BidaskClub downgraded shares of Steel Dynamics from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. Finally, Seaport Global Securities began coverage on shares of Steel Dynamics in a report on Thursday, October 11th. They set a “buy” rating and a $55.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $54.08.

Steel Dynamics announced that its board has initiated a share repurchase plan on Tuesday, September 4th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

In related news, insider Christopher A. Graham sold 10,800 shares of the business’s stock in a transaction that occurred on Wednesday, September 19th. The shares were sold at an average price of $47.61, for a total value of $514,188.00. Following the completion of the sale, the insider now directly owns 26,087 shares in the company, valued at $1,242,002.07. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.40% of the stock is currently owned by insiders.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. The company operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment provides hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; merchant bar products, including angles, merchant rounds, flats, channels, and reinforcing bars; beams, channels, and specialty steel sections; and threaded rod products, and cold drawn and heat treated bars.

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Earnings History for Steel Dynamics (NASDAQ:STLD)

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