Q4 2022 Earnings Forecast for Steel Dynamics, Inc. (NASDAQ:STLD) Issued By KeyCorp

Steel Dynamics, Inc. (NASDAQ:STLDGet Rating) – Research analysts at KeyCorp issued their Q4 2022 earnings per share (EPS) estimates for shares of Steel Dynamics in a research report issued on Monday, November 21st. KeyCorp analyst P. Gibbs forecasts that the basic materials company will post earnings of $3.88 per share for the quarter. The consensus estimate for Steel Dynamics’ current full-year earnings is $21.89 per share. KeyCorp also issued estimates for Steel Dynamics’ FY2023 earnings at $8.40 EPS.

Other equities analysts have also recently issued research reports about the company. BMO Capital Markets lifted their price objective on Steel Dynamics from $89.00 to $100.00 and gave the company a “market perform” rating in a report on Monday, November 14th. The Goldman Sachs Group boosted their target price on Steel Dynamics from $88.00 to $99.00 and gave the company a “buy” rating in a research note on Friday, October 21st. StockNews.com cut Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Thursday. Morgan Stanley boosted their target price on Steel Dynamics from $78.00 to $85.00 and gave the company an “equal weight” rating in a research note on Friday, October 21st. Finally, Citigroup boosted their target price on Steel Dynamics to $110.00 in a research note on Tuesday, September 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $94.14.

Steel Dynamics Trading Down 2.3 %

NASDAQ:STLD opened at $103.95 on Thursday. Steel Dynamics has a fifty-two week low of $50.54 and a fifty-two week high of $106.78. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.67 and a quick ratio of 2.08. The stock has a market capitalization of $18.25 billion, a PE ratio of 4.59 and a beta of 1.46. The business’s 50-day simple moving average is $87.02 and its 200-day simple moving average is $79.89.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in Steel Dynamics by 3.2% in the 1st quarter. BlackRock Inc. now owns 25,820,456 shares of the basic materials company’s stock valued at $2,154,201,000 after buying an additional 801,335 shares in the last quarter. State Street Corp grew its holdings in Steel Dynamics by 9.5% in the 1st quarter. State Street Corp now owns 9,207,455 shares of the basic materials company’s stock valued at $771,198,000 after buying an additional 800,656 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Steel Dynamics by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,579,529 shares of the basic materials company’s stock valued at $548,937,000 after buying an additional 131,147 shares in the last quarter. Royal London Asset Management Ltd. grew its holdings in Steel Dynamics by 3.0% in the 3rd quarter. Royal London Asset Management Ltd. now owns 2,604,971 shares of the basic materials company’s stock valued at $184,810,000 after buying an additional 74,722 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Steel Dynamics by 31.2% during the 2nd quarter. AQR Capital Management LLC now owns 2,128,088 shares of the basic materials company’s stock valued at $137,751,000 after acquiring an additional 506,418 shares during the period. 80.36% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Keith E. Busse sold 22,103 shares of the business’s stock in a transaction that occurred on Monday, October 24th. The stock was sold at an average price of $96.33, for a total transaction of $2,129,181.99. Following the transaction, the director now directly owns 701,948 shares of the company’s stock, valued at approximately $67,618,650.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.40% of the stock is owned by insiders.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 13th. Investors of record on Saturday, December 31st will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date of this dividend is Friday, December 30th. Steel Dynamics’s payout ratio is presently 6.00%.

Steel Dynamics announced that its board has authorized a share repurchase plan on Thursday, November 10th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the basic materials company to repurchase up to 8.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

About Steel Dynamics

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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.

Further Reading

Earnings History and Estimates for Steel Dynamics (NASDAQ:STLD)

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