Steel Dynamics Inc. (NASDAQ:STLD) – Research analysts at KeyCorp decreased their Q3 2016 earnings estimates for Steel Dynamics in a note issued to investors on Monday. KeyCorp analyst P. Gibbs now forecasts that the brokerage will post earnings of $0.66 per share for the quarter, down from their prior estimate of $0.68. KeyCorp also issued estimates for Steel Dynamics’ Q4 2016 earnings at $0.50 EPS.
A number of other brokerages have also recently issued reports on STLD. Credit Suisse Group AG upped their target price on shares of Steel Dynamics from $27.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday, June 8th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $30.00 target price on shares of Steel Dynamics in a report on Friday, July 22nd. Zacks Investment Research cut shares of Steel Dynamics from a “buy” rating to a “hold” rating in a report on Friday, July 1st. Jefferies Group reaffirmed a “buy” rating and issued a $31.00 target price (up from $28.00) on shares of Steel Dynamics in a report on Friday, June 10th. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $30.00 target price on shares of Steel Dynamics in a report on Thursday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $27.87.
Shares of Steel Dynamics (NASDAQ:STLD) opened at 24.84 on Thursday. The firm has a market capitalization of $6.06 billion, a P/E ratio of 506.94 and a beta of 1.70. Steel Dynamics has a 12-month low of $15.32 and a 12-month high of $28.01. The firm’s 50-day moving average price is $24.86 and its 200-day moving average price is $24.59.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Monday, July 18th. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.03 billion. Steel Dynamics had a return on equity of 10.79% and a net margin of 0.17%. During the same period in the previous year, the business earned $0.22 earnings per share.
Hedge funds have recently modified their holdings of the stock. Canada Pension Plan Investment Board raised its stake in shares of Steel Dynamics by 20.9% in the first quarter. Canada Pension Plan Investment Board now owns 398,261 shares of the company’s stock worth $8,965,000 after buying an additional 68,800 shares in the last quarter. Investec Asset Management LTD increased its position in Steel Dynamics by 30.3% in the first quarter. Investec Asset Management LTD now owns 364,150 shares of the company’s stock valued at $8,197,000 after buying an additional 84,720 shares during the last quarter. Picton Mahoney Asset Management increased its position in Steel Dynamics by 154.1% in the first quarter. Picton Mahoney Asset Management now owns 303,108 shares of the company’s stock valued at $6,822,000 after buying an additional 183,800 shares during the last quarter. M&T Bank Corp acquired a new position in Steel Dynamics during the first quarter valued at about $372,000. Finally, JPMorgan Chase & Co. increased its position in Steel Dynamics by 3.4% in the first quarter. JPMorgan Chase & Co. now owns 3,762,803 shares of the company’s stock valued at $84,700,000 after buying an additional 124,718 shares during the last quarter. Hedge funds and other institutional investors own 82.42% of the company’s stock.
In other Steel Dynamics news, Director Keith E. Busse sold 13,155 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $27.00, for a total value of $355,185.00. Following the sale, the director now owns 1,006,894 shares in the company, valued at $27,186,138. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jurgen Dr Kolb sold 17,900 shares of the firm’s stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $27.20, for a total transaction of $486,880.00. Following the completion of the sale, the director now owns 65,014 shares in the company, valued at approximately $1,768,380.80. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by company insiders.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.56 dividend on an annualized basis and a yield of 2.25%. Steel Dynamics’s dividend payout ratio is currently 1,120.00%.
Steel Dynamics Company Profile
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