Q2 2019 Earnings Estimate for Steel Dynamics, Inc. (STLD) Issued By KeyCorp
Steel Dynamics, Inc. (NASDAQ:STLD) – Equities researchers at KeyCorp dropped their Q2 2019 EPS estimates for shares of Steel Dynamics in a note issued to investors on Tuesday, May 21st. KeyCorp analyst P. Gibbs now expects that the basic materials company will post earnings of $0.82 per share for the quarter, down from their previous forecast of $0.89.
A number of other equities analysts have also commented on STLD. BidaskClub lowered Steel Dynamics from a “sell” rating to a “strong sell” rating in a research note on Tuesday, May 21st. Zacks Investment Research raised Steel Dynamics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 6th. Credit Suisse Group lowered Steel Dynamics from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $38.00 to $29.00 in a research note on Thursday. Goldman Sachs Group set a $44.00 price target on Steel Dynamics and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Finally, Macquarie set a $36.00 price target on Steel Dynamics and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $46.08.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Monday, April 22nd. The basic materials company reported $0.91 EPS for the quarter, meeting analysts’ consensus estimates of $0.91. Steel Dynamics had a return on equity of 33.56% and a net margin of 10.26%. The company had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.80 billion. During the same period in the prior year, the company earned $0.96 earnings per share. The firm’s revenue was up 8.2% on a year-over-year basis.
A number of hedge funds have recently modified their holdings of STLD. Norges Bank purchased a new stake in Steel Dynamics during the fourth quarter valued at approximately $146,724,000. Oregon Public Employees Retirement Fund raised its position in Steel Dynamics by 2,996.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,061,799 shares of the basic materials company’s stock valued at $135,000 after purchasing an additional 3,930,619 shares during the period. D. E. Shaw & Co. Inc. raised its position in Steel Dynamics by 230.7% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,162,428 shares of the basic materials company’s stock valued at $64,960,000 after purchasing an additional 1,508,574 shares during the period. Millennium Management LLC raised its position in Steel Dynamics by 114.3% during the fourth quarter. Millennium Management LLC now owns 2,741,986 shares of the basic materials company’s stock valued at $82,369,000 after purchasing an additional 1,462,216 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Steel Dynamics by 132.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,333,939 shares of the basic materials company’s stock valued at $82,319,000 after purchasing an additional 1,331,805 shares during the period. Institutional investors and hedge funds own 83.69% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Sunday, June 30th will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, June 27th. This represents a $0.96 dividend on an annualized basis and a yield of 3.54%. Steel Dynamics’s dividend payout ratio (DPR) is presently 17.49%.
About Steel Dynamics
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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