KeyCorp Analysts Lower Earnings Estimates for Steel Dynamics, Inc. (NASDAQ:STLD)
Steel Dynamics, Inc. (NASDAQ:STLD) – Equities researchers at KeyCorp cut their FY2020 EPS estimates for shares of Steel Dynamics in a report released on Monday, March 23rd. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings per share of $2.30 for the year, down from their previous estimate of $2.60. KeyCorp also issued estimates for Steel Dynamics’ FY2021 earnings at $2.40 EPS.
STLD has been the topic of a number of other reports. ValuEngine downgraded shares of Steel Dynamics from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. BMO Capital Markets lowered their target price on shares of Steel Dynamics from $35.00 to $18.00 and set a “market perform” rating on the stock in a report on Thursday, March 19th. Credit Suisse Group lowered their target price on shares of Steel Dynamics from $28.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday, March 19th. Zacks Investment Research upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a report on Friday, January 3rd. Finally, TheStreet downgraded shares of Steel Dynamics from a “b-” rating to a “c+” rating in a report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $33.50.
Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, January 22nd. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.06. Steel Dynamics had a net margin of 6.40% and a return on equity of 17.55%. The company had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same period last year, the company earned $1.31 earnings per share.
Institutional investors have recently made changes to their positions in the company. Assetmark Inc. bought a new stake in shares of Steel Dynamics in the fourth quarter valued at about $26,000. Verus Capital Partners LLC bought a new stake in shares of Steel Dynamics in the fourth quarter valued at about $36,000. Signaturefd LLC boosted its position in shares of Steel Dynamics by 74.4% in the fourth quarter. Signaturefd LLC now owns 1,083 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 462 shares during the period. Bedel Financial Consulting Inc. raised its stake in Steel Dynamics by 94.0% in the fourth quarter. Bedel Financial Consulting Inc. now owns 1,560 shares of the basic materials company’s stock valued at $53,000 after purchasing an additional 756 shares in the last quarter. Finally, Aigen Investment Management LP acquired a new position in Steel Dynamics in the fourth quarter valued at about $118,000. 82.93% of the stock is owned by institutional investors.
In other Steel Dynamics news, EVP Russell B. Rinn bought 5,000 shares of Steel Dynamics stock in a transaction dated Friday, February 28th. The stock was bought at an average price of $26.30 per share, with a total value of $131,500.00. Following the completion of the transaction, the executive vice president now owns 231,318 shares in the company, valued at approximately $6,083,663.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Glenn Pushis bought 18,600 shares of Steel Dynamics stock in a transaction dated Friday, February 28th. The stock was acquired at an average cost of $26.12 per share, with a total value of $485,832.00. Following the transaction, the senior vice president now owns 111,612 shares of the company’s stock, valued at approximately $2,915,305.44. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 42,400 shares of company stock valued at $1,023,393. Company insiders own 4.90% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 5.08%. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, March 30th. Steel Dynamics’s payout ratio is 30.97%.
Steel Dynamics declared that its board has approved a share buyback plan on Wednesday, February 26th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the basic materials company to buy up to 8.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Steel Dynamics Company Profile
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. 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; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.
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