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Steel Dynamics (STLD) Outperforms Broader Market: What You Need to Know
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In the latest market close, Steel Dynamics (STLD - Free Report) reached $124.78, with a +0.96% movement compared to the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.16%. Meanwhile, the Dow experienced a rise of 0.04%, and the technology-dominated Nasdaq saw an increase of 0.49%.
Shares of the steel producer and metals recycler witnessed a loss of 7.96% over the previous month, trailing the performance of the Basic Materials sector with its loss of 4.96% and the S&P 500's gain of 3.22%.
Market participants will be closely following the financial results of Steel Dynamics in its upcoming release. The company plans to announce its earnings on July 17, 2024. In that report, analysts expect Steel Dynamics to post earnings of $2.66 per share. This would mark a year-over-year decline of 44.7%. Alongside, our most recent consensus estimate is anticipating revenue of $4.46 billion, indicating a 12.33% downward movement from the same quarter last year.
STLD's full-year Zacks Consensus Estimates are calling for earnings of $11.40 per share and revenue of $17.83 billion. These results would represent year-over-year changes of -23.75% and -5.14%, respectively.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Steel Dynamics. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 8.39% lower. Steel Dynamics currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Steel Dynamics is presently being traded at a Forward P/E ratio of 10.85. For comparison, its industry has an average Forward P/E of 11.54, which means Steel Dynamics is trading at a discount to the group.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 164, putting it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Steel Dynamics (STLD) Outperforms Broader Market: What You Need to Know
In the latest market close, Steel Dynamics (STLD - Free Report) reached $124.78, with a +0.96% movement compared to the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.16%. Meanwhile, the Dow experienced a rise of 0.04%, and the technology-dominated Nasdaq saw an increase of 0.49%.
Shares of the steel producer and metals recycler witnessed a loss of 7.96% over the previous month, trailing the performance of the Basic Materials sector with its loss of 4.96% and the S&P 500's gain of 3.22%.
Market participants will be closely following the financial results of Steel Dynamics in its upcoming release. The company plans to announce its earnings on July 17, 2024. In that report, analysts expect Steel Dynamics to post earnings of $2.66 per share. This would mark a year-over-year decline of 44.7%. Alongside, our most recent consensus estimate is anticipating revenue of $4.46 billion, indicating a 12.33% downward movement from the same quarter last year.
STLD's full-year Zacks Consensus Estimates are calling for earnings of $11.40 per share and revenue of $17.83 billion. These results would represent year-over-year changes of -23.75% and -5.14%, respectively.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Steel Dynamics. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 8.39% lower. Steel Dynamics currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Steel Dynamics is presently being traded at a Forward P/E ratio of 10.85. For comparison, its industry has an average Forward P/E of 11.54, which means Steel Dynamics is trading at a discount to the group.
The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 164, putting it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.