Posted by admin on May 7th, 2022
Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) declared a quarterly dividend on Friday, May 6th, RTT News reports. Stockholders of record on Thursday, June 30th will be paid a dividend of 0.34 per share by the basic materials company on Friday, July 15th. This represents a $1.36 annualized dividend and a dividend yield of 1.71%.
Steel Dynamics has raised its dividend payment by an average of 11.5% annually over the last three years and has increased its dividend annually for the last 10 consecutive years. Steel Dynamics has a payout ratio of 13.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Steel Dynamics to earn $9.29 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 14.6%.
Shares of STLD opened at $79.66 on Friday. The firm has a market capitalization of $15.03 billion, a PE ratio of 4.11 and a beta of 1.29. The company’s 50-day moving average is $83.03 and its 200-day moving average is $69.37. Steel Dynamics has a fifty-two week low of $50.54 and a fifty-two week high of $100.37. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.42 and a quick ratio of 1.74.
Steel Dynamics (NASDAQ:STLD – Get Rating) last released its quarterly earnings results on Wednesday, April 20th. The basic materials company reported $6.02 EPS for the quarter, beating the consensus estimate of $5.59 by $0.43. Steel Dynamics had a net margin of 19.02% and a return on equity of 69.88%. The business had revenue of $5.57 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the prior year, the company posted $2.10 earnings per share. Steel Dynamics’s revenue was up 57.1% compared to the same quarter last year. Analysts predict that Steel Dynamics will post 19.07 earnings per share for the current fiscal year.
A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group increased their price objective on shares of Steel Dynamics from $100.00 to $114.00 and gave the stock a “buy” rating in a research note on Friday, April 22nd. StockNews.com initiated coverage on shares of Steel Dynamics in a research note on Thursday, March 31st. They set a “buy” rating on the stock. Zacks Investment Research upgraded shares of Steel Dynamics from a “hold” rating to a “strong-buy” rating and set a $98.00 price target on the stock in a research note on Monday, April 4th. JPMorgan Chase & Co. raised their price target on shares of Steel Dynamics from $95.00 to $117.00 and gave the company an “overweight” rating in a research note on Thursday, March 24th. Finally, Wolfe Research downgraded shares of Steel Dynamics from a “peer perform” rating to an “underperform” rating and set a $60.00 price target on the stock. in a research note on Tuesday, January 11th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Steel Dynamics presently has an average rating of “Buy” and an average price target of $91.00.
In other Steel Dynamics news, SVP Christopher A. Graham sold 4,425 shares of the firm’s stock in a transaction that occurred on Thursday, March 3rd. The shares were sold at an average price of $76.51, for a total transaction of $338,556.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.40% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the company. Zullo Investment Group Inc. acquired a new stake in shares of Steel Dynamics during the 4th quarter worth approximately $95,000. Kingsview Wealth Management LLC acquired a new stake in shares of Steel Dynamics during the 4th quarter worth approximately $212,000. Forum Financial Management LP acquired a new stake in shares of Steel Dynamics during the 4th quarter worth approximately $258,000. Metropolitan Life Insurance Co NY grew its position in shares of Steel Dynamics by 4.1% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 35,373 shares of the basic materials company’s stock worth $2,196,000 after buying an additional 1,395 shares during the period. Finally, Vident Investment Advisory LLC grew its position in shares of Steel Dynamics by 5.2% during the 4th quarter. Vident Investment Advisory LLC now owns 37,021 shares of the basic materials company’s stock worth $2,297,000 after buying an additional 1,840 shares during the period. 83.19% of the stock is owned by institutional investors.
Steel Dynamics declared that its board has approved a stock buyback plan on Monday, February 28th that allows the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization allows the basic materials company to repurchase up to 8.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
About Steel Dynamics (Get Rating)
Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. 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; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.
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