Steel Dynamics, Inc. Expected to Post Q4 2022 Earnings of $3.88 Per Share (NASDAQ:STLD)

Steel Dynamics, Inc. (NASDAQ:STLDGet Rating) – Equities researchers at KeyCorp issued their Q4 2022 earnings per share estimates for shares of Steel Dynamics in a report released on Monday, November 21st. KeyCorp analyst P. Gibbs forecasts that the basic materials company will earn $3.88 per share for the quarter. The consensus estimate for Steel Dynamics’ current full-year earnings is $21.89 per share. KeyCorp also issued estimates for Steel Dynamics’ FY2023 earnings at $8.40 EPS.

Several other research analysts also recently weighed in on the company. downgraded Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Thursday. The Goldman Sachs Group raised their target price on shares of Steel Dynamics from $88.00 to $99.00 and gave the company a “buy” rating in a research note on Friday, October 21st. BMO Capital Markets increased their price objective on shares of Steel Dynamics from $89.00 to $100.00 and gave the company a “market perform” rating in a report on Monday, November 14th. Citigroup raised their price objective on Steel Dynamics to $110.00 in a research report on Tuesday, September 13th. Finally, Morgan Stanley increased their price target on Steel Dynamics from $78.00 to $85.00 and gave the company an “equal weight” rating in a research note on Friday, October 21st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $94.14.

Steel Dynamics Stock Performance

NASDAQ STLD opened at $103.95 on Thursday. The company has a quick ratio of 2.08, a current ratio of 3.67 and a debt-to-equity ratio of 0.39. Steel Dynamics has a twelve month low of $50.54 and a twelve month high of $106.78. The business has a 50-day moving average price of $86.46 and a 200-day moving average price of $79.72. The firm has a market cap of $18.25 billion, a price-to-earnings ratio of 4.59 and a beta of 1.46.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 13th. Stockholders of record on Saturday, December 31st will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 1.31%. The ex-dividend date is Friday, December 30th. Steel Dynamics’s payout ratio is 6.00%.

Steel Dynamics announced that its board has authorized a stock repurchase program on Thursday, November 10th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the basic materials company to purchase up to 8.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Steel Dynamics

In related news, Director Keith E. Busse sold 22,103 shares of the firm’s stock in a transaction on Monday, October 24th. The stock was sold at an average price of $96.33, for a total value of $2,129,181.99. Following the completion of the sale, the director now directly owns 701,948 shares in the company, valued at $67,618,650.84. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 5.40% of the company’s stock.

Institutional Investors Weigh In On Steel Dynamics

Institutional investors have recently made changes to their positions in the company. Metis Global Partners LLC bought a new position in Steel Dynamics during the 1st quarter valued at about $304,000. Envestnet Asset Management Inc. raised its holdings in shares of Steel Dynamics by 44.3% in the first quarter. Envestnet Asset Management Inc. now owns 137,470 shares of the basic materials company’s stock worth $11,469,000 after buying an additional 42,174 shares during the period. Prospera Financial Services Inc bought a new stake in shares of Steel Dynamics during the 1st quarter worth approximately $88,000. Advisor Group Holdings Inc. boosted its holdings in Steel Dynamics by 14.0% during the 1st quarter. Advisor Group Holdings Inc. now owns 37,235 shares of the basic materials company’s stock valued at $2,954,000 after acquiring an additional 4,571 shares during the period. Finally, New York State Common Retirement Fund grew its position in Steel Dynamics by 4.0% in the 1st quarter. New York State Common Retirement Fund now owns 270,499 shares of the basic materials company’s stock valued at $22,568,000 after acquiring an additional 10,366 shares during the last quarter. Institutional investors own 80.36% of the company’s stock.

About Steel Dynamics

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Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.

See Also

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

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