Steel Dynamics, Inc. (NASDAQ:STLD) to Issue $0.46 Quarterly Dividend

Steel Dynamics, Inc. (NASDAQ:STLD) announced a quarterly dividend on Friday, November 8th,RTT News reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 0.46 per share by the basic materials company on Friday, January 10th. This represents a $1.84 annualized dividend and a dividend yield of 1.24%.

Steel Dynamics has raised its dividend by an average of 19.4% annually over the last three years and has raised its dividend every year for the last 12 years. Steel Dynamics has a dividend payout ratio of 18.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Steel Dynamics to earn $10.35 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 17.8%.

Steel Dynamics Trading Up 0.5 %

Shares of STLD traded up $0.75 during trading hours on Friday, hitting $148.70. 167,632 shares of the stock traded hands, compared to its average volume of 1,267,915. The firm has a market capitalization of $22.94 billion, a PE ratio of 13.39 and a beta of 1.31. Steel Dynamics has a 1-year low of $104.60 and a 1-year high of $155.56. The company has a current ratio of 2.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.31. The business has a fifty day moving average of $125.55 and a 200-day moving average of $126.72.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.98 by $0.07. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The company had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.18 billion. During the same quarter in the previous year, the company earned $3.47 EPS. Steel Dynamics’s revenue was down 5.4% on a year-over-year basis. Analysts expect that Steel Dynamics will post 10.22 EPS for the current year.

Insider Buying and Selling at Steel Dynamics

In other news, SVP Glenn Pushis sold 17,941 shares of Steel Dynamics stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the sale, the senior vice president now directly owns 146,693 shares in the company, valued at approximately $19,523,371.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Glenn Pushis sold 17,941 shares of the business’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $133.09, for a total value of $2,387,767.69. Following the completion of the transaction, the senior vice president now owns 146,693 shares of the company’s stock, valued at $19,523,371.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Chad Bickford sold 2,000 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $134.86, for a total transaction of $269,720.00. Following the completion of the transaction, the vice president now directly owns 17,100 shares in the company, valued at approximately $2,306,106. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on STLD. UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price target for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Morgan Stanley dropped their target price on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 18th. JPMorgan Chase & Co. increased their price objective on shares of Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and upped their target price for the stock from $140.00 to $155.00 in a report on Tuesday, October 1st. Finally, BMO Capital Markets boosted their price target on Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a research report on Friday, October 18th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Steel Dynamics has a consensus rating of “Hold” and a consensus price target of $144.29.

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.