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

Steel Dynamics (NASDAQ:STLD) announced its quarterly earnings data on Wednesday. The basic materials company reported $2.05 EPS for the quarter, beating the consensus estimate of $1.98 by $0.07, Briefing.com reports. The firm had revenue of $4.34 billion during the quarter, compared to analyst estimates 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 was down 5.4% on a year-over-year basis. During the same period last year, the firm posted $3.47 EPS.

Steel Dynamics Stock Performance

NASDAQ:STLD traded up $6.52 during midday trading on Thursday, hitting $136.38. The company’s stock had a trading volume of 349,932 shares, compared to its average volume of 1,253,955. Steel Dynamics has a fifty-two week low of $98.25 and a fifty-two week high of $151.34. The firm’s 50 day moving average is $120.15 and its 200-day moving average is $127.55. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19. The firm has a market cap of $21.04 billion, a P/E ratio of 10.94 and a beta of 1.31.

Steel Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $0.46 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.84 annualized dividend and a yield of 1.35%. Steel Dynamics’s dividend payout ratio (DPR) is presently 14.76%.

Wall Street Analysts Forecast Growth

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