Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) – Research analysts at KeyCorp reduced their FY2022 earnings per share estimates for Steel Dynamics in a report released on Tuesday, April 19th. KeyCorp analyst P. Gibbs now anticipates that the basic materials company will earn $15.70 per share for the year, down from their previous forecast of $16.25.
Other equities research analysts have also issued research reports about the stock. The Goldman Sachs Group increased their price objective on shares of Steel Dynamics from $100.00 to $114.00 and gave the stock a “buy” rating in a report on Friday. JPMorgan Chase & Co. raised their target price on shares of Steel Dynamics from $95.00 to $117.00 and gave the company an “overweight” rating in a research note on Thursday, March 24th. Wolfe Research lowered shares of Steel Dynamics from a “peer perform” rating to an “underperform” rating and set a $60.00 target price on the stock. in a research note on Tuesday, January 11th. BMO Capital Markets raised their target price on shares of Steel Dynamics from $95.00 to $104.00 in a research note on Friday. Finally, Zacks Investment Research raised shares of Steel Dynamics from a “hold” rating to a “strong-buy” rating and set a $98.00 target price on the stock in a research note on Monday, April 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $91.00.
Steel Dynamics (NASDAQ:STLD – Get Rating) last issued its quarterly earnings results on Wednesday, April 20th. The basic materials company reported $6.02 earnings per share for the quarter, beating analysts’ consensus estimates of $5.59 by $0.43. Steel Dynamics had a net margin of 17.46% and a return on equity of 63.43%. The firm had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the prior year, the firm earned $2.10 EPS. The business’s revenue was up 57.1% on a year-over-year basis.
Steel Dynamics announced that its board has approved a stock repurchase program on Monday, February 28th that allows the company to buyback $1.25 billion in shares. This buyback authorization allows the basic materials company to reacquire up to 8.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, April 15th. Shareholders of record on Thursday, March 31st were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 1.52%. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Wednesday, March 30th. Steel Dynamics’s payout ratio is 8.67%.
In other news, SVP Christopher A. Graham sold 4,425 shares of the business’s stock in a transaction dated Thursday, March 3rd. The shares were sold at an average price of $76.51, for a total value of $338,556.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.40% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Amundi Pioneer Asset Management Inc. increased its holdings in Steel Dynamics by 12.3% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 256,517 shares of the basic materials company’s stock worth $9,048,000 after purchasing an additional 28,050 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in Steel Dynamics by 57.4% in the 3rd quarter. Vontobel Holding Ltd. now owns 9,950 shares of the basic materials company’s stock worth $582,000 after purchasing an additional 3,627 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in Steel Dynamics by 29.4% in the 3rd quarter. Commonwealth Equity Services LLC now owns 70,332 shares of the basic materials company’s stock worth $4,113,000 after purchasing an additional 15,982 shares in the last quarter. GWM Advisors LLC acquired a new position in Steel Dynamics in the 3rd quarter worth about $425,000. Finally, Nordea Investment Management AB increased its stake in shares of Steel Dynamics by 106.1% in the third quarter. Nordea Investment Management AB now owns 1,508,396 shares of the basic materials company’s stock valued at $91,152,000 after buying an additional 776,692 shares during the period. 79.32% of the stock is owned by institutional investors and hedge funds.
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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