Posted by admin on Jun 14th, 2022
Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $70.58, but opened at $73.68. Steel Dynamics shares last traded at $70.70, with a volume of 6,061 shares trading hands.
Several brokerages have recently commented on STLD. StockNews.com began coverage on shares of Steel Dynamics in a research note on Thursday, March 31st. They set a “buy” rating for the company. The Goldman Sachs Group downgraded shares of Steel Dynamics from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $114.00 to $92.00 in a research note on Tuesday, May 31st. BMO Capital Markets upped their price objective on shares of Steel Dynamics from $95.00 to $104.00 in a research note on Friday, April 22nd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Steel Dynamics from $129.00 to $110.00 in a research note on Tuesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $85.86.
The stock’s fifty day moving average price is $82.93 and its 200 day moving average price is $72.06. The company has a quick ratio of 1.74, a current ratio of 3.42 and a debt-to-equity ratio of 0.45. The stock has a market cap of $13.34 billion, a PE ratio of 3.64 and a beta of 1.30.
Steel Dynamics (NASDAQ:STLD – Get Rating) last posted its quarterly earnings results on Wednesday, April 20th. The basic materials company reported $6.02 EPS for the quarter, beating analysts’ consensus estimates of $5.58 by $0.44. Steel Dynamics had a net margin of 19.02% and a return on equity of 69.88%. The firm had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter in the prior year, the company posted $2.10 earnings per share. The business’s revenue for the quarter was up 57.1% on a year-over-year basis. On average, equities research analysts expect that Steel Dynamics, Inc. will post 21.52 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be given a $0.34 dividend. The ex-dividend date is Wednesday, June 29th. This represents a $1.36 annualized dividend and a yield of 1.92%. Steel Dynamics’s payout ratio is presently 7.02%.
Steel Dynamics announced that its Board of Directors has approved a stock buyback plan on Monday, February 28th that permits the company to buyback $1.25 billion in outstanding shares. This buyback authorization permits the basic materials company to repurchase up to 8.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Steel Dynamics news, Director Keith E. Busse sold 5,040 shares of Steel Dynamics stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $83.51, for a total value of $420,890.40. Following the sale, the director now directly owns 724,034 shares in the company, valued at approximately $60,464,079.34. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.40% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of the business. Ninety One UK Ltd boosted its stake in shares of Steel Dynamics by 155.4% during the 1st quarter. Ninety One UK Ltd now owns 539,631 shares of the basic materials company’s stock worth $45,021,000 after purchasing an additional 328,309 shares during the period. Neuberger Berman Group LLC boosted its position in Steel Dynamics by 38.3% in the 1st quarter. Neuberger Berman Group LLC now owns 51,775 shares of the basic materials company’s stock valued at $4,331,000 after buying an additional 14,326 shares during the period. Toroso Investments LLC purchased a new stake in Steel Dynamics in the 1st quarter valued at about $1,679,000. BNP Paribas Arbitrage SA boosted 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 period. Finally, Range Financial Group LLC purchased a new stake in Steel Dynamics in the 1st quarter valued at about $724,000. 83.19% of the stock is owned by institutional investors and hedge funds.
About Steel Dynamics (NASDAQ:STLD)
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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