Steel Dynamics (NASDAQ:STLD) Releases Q3 2024 Earnings Guidance

Steel Dynamics (NASDAQ:STLD) issued an update on its third quarter 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 1.940-1.980 for the period, compared to the consensus estimate of 2.070. The company issued revenue guidance of -.

Steel Dynamics Stock Down 0.2 %

STLD stock opened at $119.83 on Friday. Steel Dynamics has a fifty-two week low of $98.25 and a fifty-two week high of $151.34. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19. The stock has a market capitalization of $18.83 billion, a price-to-earnings ratio of 8.23 and a beta of 1.32. The business’s fifty day moving average price is $120.11 and its two-hundred day moving average price is $129.01.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. The business had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. Steel Dynamics’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same period last year, the firm earned $4.81 earnings per share. On average, equities analysts anticipate that Steel Dynamics will post 10.57 earnings per share for the current year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a $0.46 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.84 annualized dividend and a yield of 1.54%. Steel Dynamics’s dividend payout ratio is presently 12.64%.

Wall Street Analyst Weigh In

STLD has been the topic of several recent analyst reports. Morgan Stanley decreased their target price on shares of Steel Dynamics from $138.00 to $131.00 and set an equal weight rating on the stock in a report on Wednesday. UBS Group raised shares of Steel Dynamics from a neutral rating to a buy rating and lifted their price objective for the company from $129.00 to $145.00 in a research note on Tuesday, September 3rd. BMO Capital Markets reduced their target price on Steel Dynamics from $135.00 to $127.00 and set a market perform rating on the stock in a report on Tuesday, September 17th. Bank of America lowered their price target on Steel Dynamics from $150.00 to $145.00 and set a neutral rating for the company in a report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. raised Steel Dynamics from an underweight rating to a neutral rating and raised their price objective for the company from $120.00 to $131.00 in a research note on Monday, September 9th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Steel Dynamics currently has an average rating of Hold and a consensus target price of $141.29.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. 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 steel 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.