Steel Dynamics, Inc. to Issue Quarterly Dividend of $0.46 (NASDAQ:STLD)

Steel Dynamics, Inc. (NASDAQ:STLD) announced a quarterly dividend on Friday, November 8th,RTT News reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 0.46 per share by the basic materials company on Friday, January 10th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.24%.

Steel Dynamics has increased its dividend payment by an average of 19.4% per year over the last three years and has raised its dividend every year for the last 12 years. Steel Dynamics has a dividend payout ratio of 18.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Steel Dynamics to earn $10.35 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 17.8%.

Steel Dynamics Stock Performance

Steel Dynamics stock opened at $148.55 on Friday. The firm has a market capitalization of $22.92 billion, a PE ratio of 13.44 and a beta of 1.31. Steel Dynamics has a one year low of $104.60 and a one year high of $155.56. The stock’s 50 day moving average price is $126.13 and its 200 day moving average price is $126.80. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.26 and a current ratio of 2.39.

Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.07. Steel Dynamics had a net margin of 9.80% and a return on equity of 19.82%. The business had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.18 billion. During the same period in the prior year, the firm earned $3.47 earnings per share. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. As a group, sell-side analysts expect that Steel Dynamics will post 10.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on STLD. Bank of America raised Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $140.00 to $155.00 in a research report on Tuesday, October 1st. JPMorgan Chase & Co. lifted their price objective on Steel Dynamics from $129.00 to $134.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. BMO Capital Markets upped their target price on Steel Dynamics from $130.00 to $135.00 and gave the company a “market perform” rating in a research report on Friday, October 18th. Morgan Stanley decreased their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Finally, UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and upped their price target for the company from $129.00 to $145.00 in a report on Tuesday, September 3rd. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Steel Dynamics currently has an average rating of “Hold” and a consensus price target of $144.29.

Insider Transactions at Steel Dynamics

In related news, SVP Glenn Pushis sold 17,941 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $133.09, for a total transaction of $2,387,767.69. Following the sale, the senior vice president now directly owns 146,693 shares of the company’s stock, valued at approximately $19,523,371.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Steel Dynamics news, VP Chad Bickford sold 2,000 shares of Steel Dynamics stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $134.86, for a total value of $269,720.00. Following the completion of the transaction, the vice president now directly owns 17,100 shares in the company, valued at $2,306,106. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Glenn Pushis sold 17,941 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $133.09, for a total value of $2,387,767.69. Following the transaction, the senior vice president now directly owns 146,693 shares of the company’s stock, valued at $19,523,371.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.00% of the company’s stock.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.