Steel Dynamics (NASDAQ:STLD) Releases Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Steel Dynamics (NASDAQ:STLD) issued its quarterly earnings data on Monday. The basic materials company reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.10, Briefing.com reports. Steel Dynamics had a net margin of 6.39% and a return on equity of 12.89%. The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.62 billion. During the same quarter in the prior year, the firm posted $1.36 earnings per share. The company’s revenue was up 14.0% compared to the same quarter last year.

Steel Dynamics Stock Down 1.0%

NASDAQ STLD traded down $1.82 during trading hours on Monday, reaching $179.50. 577,409 shares of the company’s stock were exchanged, compared to its average volume of 1,241,650. The company’s 50-day moving average is $169.72 and its two-hundred day moving average is $149.13. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.47 and a current ratio of 3.11. Steel Dynamics has a one year low of $103.17 and a one year high of $185.56. The company has a market capitalization of $26.21 billion, a price-to-earnings ratio of 23.80, a price-to-earnings-growth ratio of 0.76 and a beta of 1.48.

Steel Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Wednesday, December 31st. Steel Dynamics’s dividend payout ratio is presently 26.49%.

Insider Activity

In other Steel Dynamics news, SVP Miguel Alvarez sold 8,251 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $162.79, for a total value of $1,343,180.29. Following the sale, the senior vice president owned 117,068 shares in the company, valued at $19,057,499.72. This represents a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 6.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Steel Dynamics

Several institutional investors and hedge funds have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Steel Dynamics by 4.1% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 1,764 shares of the basic materials company’s stock worth $246,000 after buying an additional 70 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Steel Dynamics by 180.5% in the second quarter. NewEdge Advisors LLC now owns 2,297 shares of the basic materials company’s stock worth $294,000 after purchasing an additional 1,478 shares during the period. Prelude Capital Management LLC increased its stake in Steel Dynamics by 32.1% in the third quarter. Prelude Capital Management LLC now owns 2,925 shares of the basic materials company’s stock valued at $408,000 after purchasing an additional 711 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Steel Dynamics by 82.7% in the 1st quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock worth $435,000 after purchasing an additional 1,578 shares in the last quarter. Finally, Boothbay Fund Management LLC bought a new stake in Steel Dynamics during the 2nd quarter valued at $462,000. 82.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on shares of Steel Dynamics from $165.00 to $190.00 and gave the company a “neutral” rating in a research note on Friday, December 5th. Morgan Stanley reissued an “equal weight” rating and issued a $194.00 target price (up previously from $173.00) on shares of Steel Dynamics in a research report on Friday, January 9th. Jefferies Financial Group increased their price target on shares of Steel Dynamics from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 10th. KeyCorp reissued an “overweight” rating and issued a $190.00 price objective on shares of Steel Dynamics in a report on Wednesday, January 7th. Finally, Citigroup upped their price objective on Steel Dynamics from $150.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $182.00.

Steel Dynamics Company Profile

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.