Steel Dynamics (NASDAQ:STLD) Releases Q3 2023 Earnings Guidance

Steel Dynamics (NASDAQ:STLD) issued an update on its third quarter 2023 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $3.46-$3.50 for the period, compared to the consensus estimate of $3.61. The company issued revenue guidance of -. Steel Dynamics also updated its Q3 guidance to $3.46-3.50 EPS.

Steel Dynamics Stock Up 0.5 %

Shares of STLD traded up $0.48 during trading hours on Monday, reaching $99.19. 586,867 shares of the stock traded hands, compared to its average volume of 1,624,931. The company has a current ratio of 4.20, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. The stock has a fifty day simple moving average of $104.33 and a 200 day simple moving average of $105.05. Steel Dynamics has a 52 week low of $69.12 and a 52 week high of $136.46. The company has a market cap of $16.43 billion, a price-to-earnings ratio of 5.76 and a beta of 1.51.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Thursday, July 20th. The basic materials company reported $4.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.82 by ($0.01). Steel Dynamics had a return on equity of 40.44% and a net margin of 14.66%. The company had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter last year, the business posted $6.73 EPS. The business’s quarterly revenue was down 18.2% on a year-over-year basis. On average, equities analysts forecast that Steel Dynamics will post 15.65 EPS for the current year.

Steel Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Saturday, September 30th will be paid a $0.425 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.70 annualized dividend and a dividend yield of 1.71%. Steel Dynamics’s payout ratio is 9.91%.

Analysts Set New Price Targets

Several research firms have recently weighed in on STLD. BMO Capital Markets reduced their target price on shares of Steel Dynamics from $120.00 to $115.00 in a research note on Monday, June 19th. BNP Paribas cut shares of Steel Dynamics from an outperform rating to a neutral rating and set a $102.00 price objective for the company. in a research note on Wednesday, July 5th. JPMorgan Chase & Co. boosted their price objective on shares of Steel Dynamics from $94.00 to $95.00 and gave the company an underweight rating in a research note on Friday, September 8th. Morgan Stanley boosted their price objective on shares of Steel Dynamics from $97.00 to $99.00 and gave the company an equal weight rating in a research note on Monday, July 24th. Finally, StockNews.com began coverage on shares of Steel Dynamics in a research note on Thursday, August 17th. They set a hold rating for the company. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Steel Dynamics presently has a consensus rating of Hold and an average price target of $108.38.

Insider Buying and Selling at Steel Dynamics

In other Steel Dynamics news, SVP Christopher A. Graham sold 48,000 shares of the stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $105.03, for a total transaction of $5,041,440.00. Following the completion of the sale, the senior vice president now owns 61,353 shares of the company’s stock, valued at approximately $6,443,905.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Steel Dynamics news, SVP Christopher A. Graham sold 48,000 shares of the stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $105.03, for a total transaction of $5,041,440.00. Following the completion of the sale, the senior vice president now owns 61,353 shares of the company’s stock, valued at approximately $6,443,905.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gabriel Shaheen sold 1,717 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $105.80, for a total transaction of $181,658.60. Following the completion of the transaction, the director now owns 83,074 shares of the company’s stock, valued at $8,789,229.20. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Cetera Advisor Networks LLC increased its stake in shares of Steel Dynamics by 43.5% in the 1st quarter. Cetera Advisor Networks LLC now owns 5,510 shares of the basic materials company’s stock worth $460,000 after acquiring an additional 1,670 shares in the last quarter. Natixis Advisors L.P. increased its stake in shares of Steel Dynamics by 23.8% in the 1st quarter. Natixis Advisors L.P. now owns 21,577 shares of the basic materials company’s stock worth $1,800,000 after acquiring an additional 4,154 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Steel Dynamics by 36.5% in the 1st quarter. Bank of Montreal Can now owns 59,369 shares of the basic materials company’s stock worth $4,970,000 after acquiring an additional 15,865 shares in the last quarter. Blair William & Co. IL increased its stake in shares of Steel Dynamics by 20.5% in the 1st quarter. Blair William & Co. IL now owns 5,852 shares of the basic materials company’s stock worth $488,000 after acquiring an additional 996 shares in the last quarter. Finally, Aviva PLC increased its stake in shares of Steel Dynamics by 4.5% in the 1st quarter. Aviva PLC now owns 64,576 shares of the basic materials company’s stock worth $5,388,000 after acquiring an additional 2,772 shares in the last quarter. 81.32% of the stock is currently owned by institutional investors.

Steel Dynamics Company Profile

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 rolled, cold rolled, 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; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.