Steel Dynamics, Inc. (STLD) to Distribute Quarterly Dividend of $0.53 on October 9th

Steel Dynamics, Inc. (NASDAQ:STLD) announced a quarterly dividend on Friday, August 14th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.53 per share by the basic materials company on Friday, October 9th. This represents a $2.12 annualized dividend and a yield of 0.9%. The ex-dividend date is Wednesday, September 30th.

Steel Dynamics has increased its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend every year for the last 13 years. Steel Dynamics has a dividend payout ratio of 17.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Steel Dynamics to earn $20.94 per share next year, which means the company should continue to be able to cover its $2.12 annual dividend with an expected future payout ratio of 10.1%.

Steel Dynamics Stock Performance

STLD opened at $233.66 on Monday. The company has a quick ratio of 1.45, a current ratio of 3.18 and a debt-to-equity ratio of 0.45. Steel Dynamics has a 12-month low of $136.62 and a 12-month high of $288.74. The business has a 50 day moving average of $243.94 and a 200-day moving average of $230.06. The stock has a market cap of $33.49 billion, a price-to-earnings ratio of 21.18, a PEG ratio of 0.41 and a beta of 1.50.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, topping analysts’ consensus estimates of $3.63 by $0.06. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The business had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.56 billion. During the same period in the previous year, the firm earned $2.01 EPS. The firm’s revenue was up 33.4% compared to the same quarter last year. On average, equities research analysts expect that Steel Dynamics will post 18.42 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Morgan Stanley dropped their price objective on shares of Steel Dynamics from $270.00 to $260.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 22nd. Weiss Ratings lowered shares of Steel Dynamics from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, September 11th. Bank of America lowered their price target on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating on the stock in a report on Thursday, July 9th. KeyCorp restated an “overweight” rating on shares of Steel Dynamics in a research report on Wednesday, July 22nd. Finally, Barclays boosted their price objective on Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a report on Wednesday, July 22nd. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Steel Dynamics currently has a consensus rating of “Moderate Buy” and an average price target of $258.55.

About Steel Dynamics

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnaces that use recycled steel and other metallic inputs to manufacture a broad range of steel products. Its customers include companies in the construction, automotive, manufacturing, transportation, energy and appliance industries.

Steel Dynamics’ steel operations produce flat-rolled steel, structural steel, rail, engineered bar products and other specialty steel products.