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Steel Dynamics (STLD) Dips More Than Broader Markets: What You Should Know
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Steel Dynamics (STLD - Free Report) closed at $107.33 in the latest trading session, marking a -0.82% move from the prior day. This change lagged the S&P 500's daily loss of 0.76%. Meanwhile, the Dow lost 0.76%, and the Nasdaq, a tech-heavy index, lost 10.92%.
Heading into today, shares of the steel producer and metals recycler had gained 3.24% over the past month, lagging the Basic Materials sector's gain of 7.22% and outpacing the S&P 500's gain of 2.18% in that time.
Wall Street will be looking for positivity from Steel Dynamics as it approaches its next earnings report date. This is expected to be January 25, 2023. On that day, Steel Dynamics is projected to report earnings of $3.60 per share, which would represent a year-over-year decline of 37.72%. Meanwhile, our latest consensus estimate is calling for revenue of $4.73 billion, down 10.89% from the prior-year quarter.
Investors should also note any recent changes to analyst estimates for Steel Dynamics. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 13.98% higher. Steel Dynamics is holding a Zacks Rank of #1 (Strong Buy) right now.
Digging into valuation, Steel Dynamics currently has a Forward P/E ratio of 10.01. For comparison, its industry has an average Forward P/E of 10.01, which means Steel Dynamics is trading at a no noticeable deviation to the group.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 12, which puts it in the top 5% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Steel Dynamics (STLD) Dips More Than Broader Markets: What You Should Know
Steel Dynamics (STLD - Free Report) closed at $107.33 in the latest trading session, marking a -0.82% move from the prior day. This change lagged the S&P 500's daily loss of 0.76%. Meanwhile, the Dow lost 0.76%, and the Nasdaq, a tech-heavy index, lost 10.92%.
Heading into today, shares of the steel producer and metals recycler had gained 3.24% over the past month, lagging the Basic Materials sector's gain of 7.22% and outpacing the S&P 500's gain of 2.18% in that time.
Wall Street will be looking for positivity from Steel Dynamics as it approaches its next earnings report date. This is expected to be January 25, 2023. On that day, Steel Dynamics is projected to report earnings of $3.60 per share, which would represent a year-over-year decline of 37.72%. Meanwhile, our latest consensus estimate is calling for revenue of $4.73 billion, down 10.89% from the prior-year quarter.
Investors should also note any recent changes to analyst estimates for Steel Dynamics. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 13.98% higher. Steel Dynamics is holding a Zacks Rank of #1 (Strong Buy) right now.
Digging into valuation, Steel Dynamics currently has a Forward P/E ratio of 10.01. For comparison, its industry has an average Forward P/E of 10.01, which means Steel Dynamics is trading at a no noticeable deviation to the group.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 12, which puts it in the top 5% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.