Steel Dynamics (NASDAQ:STLD) Updates Q3 2021 Earnings Guidance

Steel Dynamics (NASDAQ:STLD) updated its third quarter 2021 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $4.880-$4.920 for the period, compared to the Thomson Reuters consensus estimate of $4.190. The company issued revenue guidance of -.

Shares of NASDAQ STLD traded up $1.24 during mid-day trading on Thursday, reaching $62.27. The company had a trading volume of 7,546 shares, compared to its average volume of 2,229,453. The stock has a fifty day moving average of $64.52 and a two-hundred day moving average of $60.94. Steel Dynamics has a 12-month low of $30.26 and a 12-month high of $74.37. The company has a market capitalization of $12.71 billion, a price-to-earnings ratio of 9.10 and a beta of 1.44. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.50 and a current ratio of 2.84.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Sunday, July 18th. The basic materials company reported $3.40 EPS for the quarter, missing the consensus estimate of $3.43 by ($0.03). The firm had revenue of $4.47 billion during the quarter, compared to the consensus estimate of $4.23 billion. Steel Dynamics had a return on equity of 33.47% and a net margin of 10.98%. The firm’s revenue for the quarter was up 113.2% compared to the same quarter last year. During the same period last year, the business earned $0.47 earnings per share. Sell-side analysts forecast that Steel Dynamics will post 14.2 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Thursday, September 30th will be issued a dividend of $0.26 per share. The ex-dividend date is Wednesday, September 29th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.67%. Steel Dynamics’s payout ratio is presently 36.62%.

Steel Dynamics declared that its Board of Directors has initiated a share buyback plan on Tuesday, July 6th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the basic materials company to repurchase up to 7.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

A number of research analysts have issued reports on STLD shares. JPMorgan Chase & Co. reissued an overweight rating and set a $107.00 price objective on shares of Steel Dynamics in a report on Wednesday, June 16th. Deutsche Bank Aktiengesellschaft raised Steel Dynamics to a buy rating and lifted their price target for the company from $72.00 to $98.00 in a report on Wednesday, September 15th. They noted that the move was a valuation call. Seaport Res Ptn reaffirmed a buy rating on shares of Steel Dynamics in a report on Monday, August 23rd. Zacks Investment Research raised Steel Dynamics from a hold rating to a strong-buy rating and set a $67.00 price target for the company in a report on Tuesday, September 21st. Finally, BMO Capital Markets reaffirmed a hold rating and issued a $68.00 price target on shares of Steel Dynamics in a report on Wednesday, July 7th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Buy and an average target price of $72.18.

In other news, CEO Mark D. Millett sold 67,686 shares of the company’s stock in a transaction that occurred on Thursday, September 9th. The stock was sold at an average price of $66.34, for a total transaction of $4,490,289.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mark D. Millett sold 176,751 shares of the business’s stock in a transaction that occurred on Friday, September 3rd. The stock was sold at an average price of $67.08, for a total value of $11,856,457.08. The disclosure for this sale can be found here. Insiders sold a total of 444,543 shares of company stock worth $30,543,309 in the last 90 days. Company insiders own 5.20% of the company’s stock.

About Steel Dynamics

Steel Dynamics, Inc engages in the manufacture of steel products and metal recycling. It operates through the following segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment consists of sheet products including hot roll, cold roll, and coated steel; long products including structural steel beams, pilings, and standard and premium grade rail; and steel finishing services such as turning, polishing, straightening, chamfering, threading, and precision saw-cutting.

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Earnings History and Estimates for Steel Dynamics (NASDAQ:STLD)

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