Steel Dynamics, Inc. (NASDAQ:STLD) – Equities research analysts at KeyCorp lowered their FY2017 earnings estimates for shares of Steel Dynamics in a research report issued to clients and investors on Tuesday. KeyCorp analyst P. Gibbs now anticipates that the basic materials company will post earnings of $2.60 per share for the year, down from their prior forecast of $2.65.
Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, April 19th. The basic materials company reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.79 by $0.03. Steel Dynamics had a net margin of 6.19% and a return on equity of 21.77%. The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period last year, the firm posted $0.26 EPS. The firm’s revenue for the quarter was up 36.0% on a year-over-year basis.
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Several other research firms also recently issued reports on STLD. Zacks Investment Research downgraded Steel Dynamics from a “buy” rating to a “hold” rating in a report on Thursday, May 25th. Credit Suisse Group upgraded Steel Dynamics from a “neutral” rating to an “outperform” rating and set a $36.00 price objective on the stock in a report on Wednesday, May 24th. Deutsche Bank AG boosted their price objective on Steel Dynamics from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, March 21st. Cowen and Company boosted their price objective on Steel Dynamics from $41.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, April 24th. Finally, Barclays PLC restated a “buy” rating and set a $43.00 price objective on shares of Steel Dynamics in a report on Monday, May 15th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $37.91.
Shares of Steel Dynamics (NASDAQ STLD) opened at 33.18 on Friday. The firm’s 50 day moving average is $34.81 and its 200 day moving average is $35.53. Steel Dynamics has a 1-year low of $22.79 and a 1-year high of $40.17. The firm has a market capitalization of $8.02 billion, a PE ratio of 15.67 and a beta of 1.29.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 7th. Stockholders of record on Friday, June 30th will be issued a $0.155 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.87%. Steel Dynamics’s dividend payout ratio is 29.25%.
Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Steel Dynamics by 11,858.1% in the first quarter. BlackRock Inc. now owns 20,091,806 shares of the basic materials company’s stock worth $698,391,000 after buying an additional 19,923,788 shares in the last quarter. Norges Bank acquired a new position in shares of Steel Dynamics during the fourth quarter worth $213,607,000. FMR LLC increased its position in shares of Steel Dynamics by 213.7% in the fourth quarter. FMR LLC now owns 5,798,084 shares of the basic materials company’s stock worth $206,295,000 after buying an additional 3,949,708 shares in the last quarter. Boston Partners increased its position in shares of Steel Dynamics by 25.7% in the first quarter. Boston Partners now owns 14,641,570 shares of the basic materials company’s stock worth $508,941,000 after buying an additional 2,997,302 shares in the last quarter. Finally, Steadfast Capital Management LP acquired a new position in shares of Steel Dynamics during the first quarter worth $81,408,000. Institutional investors own 83.58% of the company’s stock.
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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