Steel Dynamics, Inc. (NASDAQ:STLD) issued its earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.63, Bloomberg Earnings reports. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.37 billion. Steel Dynamics had a return on equity of 21.75% and a net margin of 6.07%. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.58 earnings per share.
Steel Dynamics (STLD) traded down 3.75% on Friday, reaching $35.15. The company’s stock had a trading volume of 3,337,284 shares. The company’s 50 day moving average price is $35.54 and its 200-day moving average price is $35.28. Steel Dynamics has a 12-month low of $22.79 and a 12-month high of $40.17. The stock has a market cap of $8.48 billion, a PE ratio of 16.15 and a beta of 1.25.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 7th. Shareholders of record on Friday, June 30th were given a $0.155 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.62 annualized dividend and a yield of 1.76%. Steel Dynamics’s dividend payout ratio is currently 28.57%.
A number of equities research analysts have weighed in on STLD shares. Macquarie upgraded Steel Dynamics from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $38.00 to $44.00 in a report on Monday, April 24th. Barclays PLC reiterated a “buy” rating and issued a $43.00 target price on shares of Steel Dynamics in a report on Friday, May 5th. Jefferies Group LLC restated a “buy” rating and set a $45.00 price objective on shares of Steel Dynamics in a report on Monday, June 26th. Berenberg Bank restated a “buy” rating and set a $46.00 price objective on shares of Steel Dynamics in a report on Monday, June 19th. Finally, Morgan Stanley restated a “buy” rating on shares of Steel Dynamics in a report on Tuesday, July 18th. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $39.79.
In other news, Director Keith E. Busse sold 4,965 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total transaction of $190,755.30. Following the transaction, the director now directly owns 1,005,666 shares of the company’s stock, valued at $38,637,687.72. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Christopher A. Graham sold 5,021 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total value of $191,049.05. Following the completion of the transaction, the insider now directly owns 26,778 shares in the company, valued at $1,018,902.90. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Advantage Investment Management LLC increased its position in Steel Dynamics by 39.6% in the first quarter. Advantage Investment Management LLC now owns 3,350 shares of the basic materials company’s stock valued at $116,000 after buying an additional 950 shares during the last quarter. Washington Trust Bank increased its position in Steel Dynamics by 48.8% in the second quarter. Washington Trust Bank now owns 3,393 shares of the basic materials company’s stock valued at $122,000 after buying an additional 1,113 shares during the last quarter. James Investment Research Inc. purchased a new position in Steel Dynamics during the first quarter valued at about $145,000. Advisory Services Network LLC purchased a new position in Steel Dynamics during the first quarter valued at about $150,000. Finally, IFP Advisors Inc increased its position in Steel Dynamics by 163.8% in the first quarter. IFP Advisors Inc now owns 4,366 shares of the basic materials company’s stock valued at $152,000 after buying an additional 2,711 shares during the last quarter. 83.63% of the stock is currently owned by hedge funds and other institutional investors.
Steel Dynamics Company Profile
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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