Steel Dynamics stock rose slightly but was behind market performance; upcoming earnings report awaited.

From Nasdaq: 2024-10-04 18:15:20

In the latest market close, Steel Dynamics (STLD) reached $128.22, with a +0.53% movement compared to the previous day. The stock fell short of the S&P 500, which registered a gain of 0.9% for the day. The Dow saw an upswing of 0.81%, while the tech-heavy Nasdaq appreciated by 1.22%.

Steel Dynamics’ upcoming earnings disclosure on October 16, 2024, is eagerly awaited by investors. The company is expected to report an EPS of $1.98, a 42.94% decrease from the previous year. Revenue is projected to be $4.25 billion, down by 7.35% from the same quarter last year. Zacks Consensus Estimates predict earnings of $10.36 per share and revenue of $17.64 billion for the entire fiscal year.

Recent estimate revisions for Steel Dynamics indicate analysts’ favorable outlook on the company’s performance. Upbeat changes in estimates are linked to potential stock price movements, as shown by the Zacks Rank system. With a current Zacks Rank of #3 (Hold), Steel Dynamics’ stock has seen a 3.55% decrease in consensus EPS projections over the past 30 days.

Valuation-wise, Steel Dynamics is trading at a Forward P/E ratio of 12.32, compared to the industry average Forward P/E of 12.49. The Steel – Producers industry, to which Steel Dynamics belongs, currently has a Zacks Industry Rank of 167 (bottom 34% of industries), indicating the company is trading at a discount within its sector.

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Read more at Nasdaq: Steel Dynamics (STLD) Ascends But Remains Behind Market: Some Facts to Note