Steel Dynamics (NASDAQ:STLD) Releases Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Steel Dynamics (NASDAQ:STLD) posted its quarterly earnings results on Wednesday. The basic materials company reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.07, Briefing.com reports. The business had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.18 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. Steel Dynamics’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the prior year, the business posted $3.47 earnings per share.

Steel Dynamics Stock Performance

NASDAQ:STLD opened at $129.86 on Thursday. The firm has a market capitalization of $20.04 billion, a PE ratio of 10.41 and a beta of 1.31. Steel Dynamics has a 1 year low of $98.25 and a 1 year high of $151.34. The company has a current ratio of 2.35, a quick ratio of 1.19 and a debt-to-equity ratio of 0.25. The firm’s fifty day simple moving average is $120.15 and its 200 day simple moving average is $127.55.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend was Monday, September 30th. Steel Dynamics’s payout ratio is 14.76%.

Analyst Ratings Changes

Several brokerages have weighed in on STLD. JPMorgan Chase & Co. dropped their target price on Steel Dynamics from $131.00 to $129.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $129.00 to $145.00 in a report on Tuesday, September 3rd. Morgan Stanley reduced their target price on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. BMO Capital Markets increased their price target on shares of Steel Dynamics from $127.00 to $130.00 and gave the stock a “market perform” rating in a research note on Thursday, October 10th. Finally, Bank of America upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and raised their price target for the company from $140.00 to $155.00 in a report on Tuesday, October 1st. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Steel Dynamics currently has an average rating of “Hold” and an average target price of $142.86.

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.