Q2 2024 Earnings Forecast for Steel Dynamics, Inc. Issued By Zacks Research (NASDAQ:STLD)

Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) - Investment analysts at Zacks Research lowered their Q2 2024 earnings per share estimates for shares of Steel Dynamics in a note issued to investors on Wednesday, August 2nd. Zacks Research analyst A. Barman now forecasts that the basic materials company will earn $1.86 per share for the quarter, down from their previous forecast of $1.93. The consensus estimate for Steel Dynamics' current full-year earnings is $16.20 per share. Zacks Research also issued estimates for Steel Dynamics' FY2025 earnings at $6.71 EPS.

Other equities research analysts have also recently issued reports about the company. StockNews.com initiated coverage on Steel Dynamics in a research note on Thursday, May 18th. They set a "hold" rating for the company. Morgan Stanley lifted their target price on shares of Steel Dynamics from $97.00 to $99.00 and gave the stock an "equal weight" rating in a research note on Monday, July 24th. BMO Capital Markets cut their price target on shares of Steel Dynamics from $120.00 to $115.00 in a research note on Monday, June 19th. BNP Paribas downgraded Steel Dynamics from an "outperform" rating to a "neutral" rating and set a $102.00 target price on the stock. in a research report on Wednesday, July 5th. Finally, Credit Suisse Group increased their price target on shares of Steel Dynamics from $106.00 to $115.00 and gave the stock an "outperform" rating in a report on Friday, April 21st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $108.44.

Check Out Our Latest Research Report on STLD

Shares of STLD stock traded up $1.10 during mid-day trading on Friday, hitting $106.54. The stock had a trading volume of 210,602 shares, compared to its average volume of 1,697,051. Steel Dynamics has a 12-month low of $69.12 and a 12-month high of $136.46. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.20 and a quick ratio of 2.47. The firm has a market capitalization of $18.01 billion, a P/E ratio of 6.15 and a beta of 1.50. The firm's 50-day moving average is $103.32 and its two-hundred day moving average is $108.70.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its earnings results on Thursday, July 20th. The basic materials company reported $4.81 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 during the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter in the prior year, the company earned $6.73 earnings per share. Steel Dynamics's revenue was down 18.2% on a year-over-year basis.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were issued a $0.425 dividend. The ex-dividend date was Thursday, June 29th. This represents a $1.70 dividend on an annualized basis and a yield of 1.60%. Steel Dynamics's payout ratio is 9.91%.

In related news, Director Gabriel Shaheen sold 1,717 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $105.80, for a total value of $181,658.60. Following the completion of the sale, the director now owns 83,074 shares of the company's stock, valued at $8,789,229.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 6.00% of the company's stock.

Several institutional investors have recently made changes to their positions in STLD. First Trust Advisors LP boosted its position in shares of Steel Dynamics by 111.4% during the 1st quarter. First Trust Advisors LP now owns 2,498,796 shares of the basic materials company's stock worth $282,514,000 after purchasing an additional 1,316,499 shares during the period. Envestnet Asset Management Inc. lifted its stake in Steel Dynamics by 895.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,347,196 shares of the basic materials company's stock worth $19,028,000 after acquiring an additional 1,211,848 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Steel Dynamics by 31.2% during the 4th quarter. Geode Capital Management LLC now owns 4,182,335 shares of the basic materials company's stock valued at $407,985,000 after acquiring an additional 994,643 shares during the period. Norges Bank purchased a new stake in Steel Dynamics during the fourth quarter worth about $90,665,000. Finally, State Street Corp grew its holdings in shares of Steel Dynamics by 9.5% in the first quarter. State Street Corp now owns 9,207,455 shares of the basic materials company's stock valued at $771,198,000 after purchasing an additional 800,656 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Before you consider Steel Dynamics, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Steel Dynamics wasn't on the list.

While Steel Dynamics currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Do you expect the global demand for energy to shrink?! If not, it's time to take a look at how energy stocks can play a part in your portfolio.

Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools:

View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio.

Get daily stock ideas from top-performing Wall Street analysts. Get short term trading ideas from the MarketBeat Idea Engine. View which stocks are hot on social media with MarketBeat's trending stocks report.

Identify stocks that meet your criteria using seven unique stock screeners. See what's happening in the market right now with MarketBeat's real-time news feed. Export data to Excel for your own analysis.