Brokers Offer Predictions for Steel Dynamics, Inc.’s FY2017 Earnings (STLD)
Steel Dynamics, Inc. (NASDAQ:STLD) – Stock analysts at KeyCorp dropped their FY2017 earnings per share (EPS) estimates for Steel Dynamics in a note issued to investors on Monday. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings of $2.58 per share for the year, down from their prior forecast of $2.62. KeyCorp has a “Buy” rating and a $44.00 price target on the stock. KeyCorp also issued estimates for Steel Dynamics’ Q4 2017 earnings at $0.46 EPS and FY2018 earnings at $2.67 EPS.
STLD has been the topic of a number of other research reports. Jefferies Group reissued a “buy” rating and set a $43.00 price objective on shares of Steel Dynamics in a report on Friday, October 6th. Citigroup decreased their price objective on shares of Steel Dynamics from $43.00 to $41.00 and set a “buy” rating on the stock in a report on Friday, September 15th. Morgan Stanley set a $36.00 price objective on shares of Steel Dynamics and gave the stock a “hold” rating in a report on Tuesday, October 24th. Longbow Research lowered shares of Steel Dynamics from a “buy” rating to a “neutral” rating in a report on Monday, October 2nd. Finally, Bank of America increased their price objective on shares of Steel Dynamics from $44.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, October 20th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Steel Dynamics currently has an average rating of “Buy” and a consensus target price of $41.70.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, October 18th. The basic materials company reported $0.66 EPS for the quarter, hitting analysts’ consensus estimates of $0.66. Steel Dynamics had a net margin of 5.79% and a return on equity of 21.45%. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same quarter in the prior year, the firm earned $0.64 EPS. The company’s revenue was up 16.3% on a year-over-year basis.
Institutional investors have recently added to or reduced their stakes in the business. Chicago Equity Partners LLC lifted its position in Steel Dynamics by 189.3% during the 2nd quarter. Chicago Equity Partners LLC now owns 178,705 shares of the basic materials company’s stock valued at $6,399,000 after purchasing an additional 116,925 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Steel Dynamics by 8.2% in the 3rd quarter. Canada Pension Plan Investment Board now owns 544,861 shares of the basic materials company’s stock valued at $18,781,000 after acquiring an additional 41,400 shares during the period. Global X MANAGEMENT CO LLC raised its position in shares of Steel Dynamics by 21.3% in the 3rd quarter. Global X MANAGEMENT CO LLC now owns 15,728 shares of the basic materials company’s stock valued at $542,000 after acquiring an additional 2,758 shares during the period. APG Asset Management N.V. acquired a new stake in shares of Steel Dynamics in the 3rd quarter valued at approximately $9,800,000. Finally, Prudential Financial Inc. raised its position in shares of Steel Dynamics by 13.2% in the 3rd quarter. Prudential Financial Inc. now owns 4,619,005 shares of the basic materials company’s stock valued at $159,217,000 after acquiring an additional 539,480 shares during the period. Institutional investors own 83.38% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Sunday, December 31st will be given a dividend of $0.155 per share. The ex-dividend date is Thursday, December 28th. This represents a $0.62 dividend on an annualized basis and a yield of 1.43%. Steel Dynamics’s payout ratio is presently 28.57%.
About Steel Dynamics
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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