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Steel Dynamics, Inc. (NASDAQ:STLD - Get Rating) - Investment analysts at KeyCorp increased their Q2 2022 earnings estimates for shares of Steel Dynamics in a note issued to investors on Wednesday, May 18th. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings per share of $5.78 for the quarter, up from their previous estimate of $5.06. KeyCorp also issued estimates for Steel Dynamics' Q3 2022 earnings at $4.85 EPS and FY2022 earnings at $19.00 EPS.
A number of other analysts have also weighed in on STLD. Zacks Investment Research lowered Steel Dynamics from a "strong-buy" rating to a "hold" rating and set a $82.00 target price for the company. in a research note on Tuesday. The Goldman Sachs Group raised their target price on Steel Dynamics from $100.00 to $114.00 and gave the company a "buy" rating in a research note on Friday, April 22nd. StockNews.com assumed coverage on Steel Dynamics in a report on Thursday, March 31st. They issued a "buy" rating on the stock. BMO Capital Markets raised their price target on Steel Dynamics from $95.00 to $104.00 in a report on Friday, April 22nd. Finally, JPMorgan Chase & Co. raised their price target on Steel Dynamics from $95.00 to $117.00 and gave the company an "overweight" rating in a report on Thursday, March 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, Steel Dynamics presently has an average rating of "Buy" and an average target price of $89.00.
Shares of NASDAQ:STLD opened at $78.10 on Monday. Steel Dynamics has a twelve month low of $50.54 and a twelve month high of $100.37. The firm has a market cap of $14.74 billion, a PE ratio of 4.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.74 and a current ratio of 3.42. The business has a fifty day moving average of $83.74 and a 200-day moving average of $70.37. Steel Dynamics (NASDAQ:STLD - Get Rating) last announced its earnings results on Wednesday, April 20th. The basic materials company reported $6.02 earnings per share for the quarter, beating analysts' consensus estimates of $5.58 by $0.44. Steel Dynamics had a return on equity of 69.88% and a net margin of 19.02%. The company had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.35 billion. During the same period last year, the company posted $2.10 earnings per share. The firm's quarterly revenue was up 57.1% compared to the same quarter last year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Neuberger Berman Group LLC raised its position in shares of Steel Dynamics by 38.3% during the first quarter. Neuberger Berman Group LLC now owns 51,775 shares of the basic materials company's stock worth $4,331,000 after purchasing an additional 14,326 shares during the period. Toroso Investments LLC acquired a new stake in Steel Dynamics in the 1st quarter valued at approximately $1,679,000. BNP Paribas Arbitrage SA raised its position in Steel Dynamics by 12.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 156,812 shares of the basic materials company's stock valued at $13,083,000 after buying an additional 17,807 shares during the last quarter. Range Financial Group LLC acquired a new stake in Steel Dynamics in the 1st quarter valued at approximately $724,000. Finally, Virtu Financial LLC acquired a new stake in Steel Dynamics in the 1st quarter valued at approximately $2,149,000. 83.19% of the stock is currently owned by institutional investors.
In other news, SVP Christopher A. Graham sold 4,425 shares of the firm's stock in a transaction dated Thursday, March 3rd. The stock was sold at an average price of $76.51, for a total transaction of $338,556.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 5.40% of the stock is currently owned by company insiders.
Steel Dynamics announced that its Board of Directors has initiated a share buyback plan on Monday, February 28th that permits the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 8.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Wednesday, June 29th. Steel Dynamics's dividend payout ratio (DPR) is currently 7.02%.
About Steel Dynamics (Get Rating)
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 roll, cold roll, 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; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.
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