Steel Dynamics (NASDAQ:STLD) Releases Q2 2024 Earnings Guidance

Steel Dynamics (NASDAQ:STLD) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 2.640-2.680 for the period, compared to the consensus estimate of 2.970. The company issued revenue guidance of -.

Steel Dynamics Stock Performance

Shares of NASDAQ STLD traded down $2.68 during midday trading on Tuesday, hitting $123.87. 438,860 shares of the stock traded hands, compared to its average volume of 1,178,335. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.55 and a current ratio of 2.87. The firm has a market capitalization of $19.46 billion, a P/E ratio of 8.59 and a beta of 1.40. Steel Dynamics has a one year low of $95.53 and a one year high of $151.34. The firm has a 50-day moving average of $132.99 and a two-hundred day moving average of $128.18.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Tuesday, April 23rd. The basic materials company reported $3.67 EPS for the quarter, topping the consensus estimate of $3.54 by $0.13. Steel Dynamics had a return on equity of 27.62% and a net margin of 12.89%. The firm had revenue of $4.69 billion during the quarter, compared to analyst estimates of $4.74 billion. During the same period in the prior year, the business posted $4.01 EPS. Steel Dynamics’s revenue was down 4.1% on a year-over-year basis. On average, equities analysts forecast that Steel Dynamics will post 12.2 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Sunday, June 30th will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Friday, June 28th. Steel Dynamics’s dividend payout ratio (DPR) is presently 12.64%.

Analyst Upgrades and Downgrades

STLD has been the subject of several research reports. BMO Capital Markets dropped their price objective on shares of Steel Dynamics from $140.00 to $135.00 and set a market perform rating for the company in a report on Tuesday. JPMorgan Chase & Co. increased their price target on shares of Steel Dynamics from $100.00 to $118.00 and gave the company an underweight rating in a report on Tuesday, April 16th. Citigroup increased their price target on shares of Steel Dynamics from $130.00 to $160.00 and gave the company a buy rating in a report on Wednesday, March 13th. Finally, Jefferies Financial Group started coverage on shares of Steel Dynamics in a report on Monday, May 20th. They issued a hold rating and a $150.00 price target for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $127.43.

Insider Activity at Steel Dynamics

In other Steel Dynamics news, SVP Christopher A. Graham sold 21,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $136.81, for a total value of $2,873,010.00. Following the completion of the sale, the senior vice president now directly owns 60,415 shares in the company, valued at $8,265,376.15. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 6.10% of the stock is currently owned by corporate insiders.

About Steel Dynamics

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.