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Steel Dynamics, Inc. (STLD - Free Report) recently announced that its board has approved an additional $1.5 billion share repurchase program. The authorization is additive to the prior $1.5 billion program, of which $278 million remained authorized and available for buyback as of Sep 30, 2023. It takes effect immediately.
In addition to paying $1.4 billion in cash dividends through Sep 30, 2023, the company has repurchased $5.2 billion of its common stock since 2017. This represents 36% of its outstanding shares.
The company is committed to generating profitable growth and adding value for its shareholders. STLD believes that the company's strong operational model, capital structure and liquidity profile provide it with the required capacity to grow strategically and generate value for shareholders.
Purchase of STLD’s common stock is made under the share repurchase program based on the market price of the company's common stock, the nature of other investment and growth prospects, expected free cash flow and general economic conditions. The company is not required to buy a specified number of shares under the share repurchase program, and it may be modified, paused, prolonged, or canceled at any moment without prior notice.
Shares of STLD have gained 16.6% over the past year compared with a 22% rise of its industry.
Image Source: Zacks Investment Research
Steel Dynamics, on its third-quarter call, stated that it is seeing solid order entry activities across its steel operations as demand remains steady. STLD anticipates North American steel consumption to rise in the coming years, with increased demand for lower-carbon emission, U.S.-made steel products and a decline in import levels supporting steel prices.
Continued onshoring of manufacturing businesses, expectations of significant fixed asset investment from public funding related to the U.S. Infrastructure, Inflation Reduction Act and Department of Energy programs are expected to position the domestic steel industry competitively. The company believes this will help all of its operational platforms, particularly the steel and steel fabrication business.
Steel Dynamics currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Equinox Gold Corp. (EQX - Free Report) , Koppers Holdings Inc. (KOP - Free Report) and The Andersons Inc. (ANDE - Free Report) .
Equinox has a projected earnings growth rate of 90% for the current year. It currently carries a Zacks Rank #2 (Buy). Equinox delivered a trailing four-quarter earnings surprise of roughly 18.1%, on average. The stock is up around 60% in a year. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Koppers has a projected earnings growth rate of 7.5% for the current year. It currently carries a Zacks Rank #2. Koppers delivered a trailing four-quarter earnings surprise of roughly 21.7%, on average. The stock is up around 34.2% in a year.
Andersons currently carries a Zacks Rank #1. The stock has gained roughly 37.8% in the past year. ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average.
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Steel Dynamics (STLD) Declares $1.5B Share Buyback Authorization
Steel Dynamics, Inc. (STLD - Free Report) recently announced that its board has approved an additional $1.5 billion share repurchase program. The authorization is additive to the prior $1.5 billion program, of which $278 million remained authorized and available for buyback as of Sep 30, 2023. It takes effect immediately.
In addition to paying $1.4 billion in cash dividends through Sep 30, 2023, the company has repurchased $5.2 billion of its common stock since 2017. This represents 36% of its outstanding shares.
The company is committed to generating profitable growth and adding value for its shareholders. STLD believes that the company's strong operational model, capital structure and liquidity profile provide it with the required capacity to grow strategically and generate value for shareholders.
Purchase of STLD’s common stock is made under the share repurchase program based on the market price of the company's common stock, the nature of other investment and growth prospects, expected free cash flow and general economic conditions. The company is not required to buy a specified number of shares under the share repurchase program, and it may be modified, paused, prolonged, or canceled at any moment without prior notice.
Shares of STLD have gained 16.6% over the past year compared with a 22% rise of its industry.
Image Source: Zacks Investment Research
Steel Dynamics, on its third-quarter call, stated that it is seeing solid order entry activities across its steel operations as demand remains steady. STLD anticipates North American steel consumption to rise in the coming years, with increased demand for lower-carbon emission, U.S.-made steel products and a decline in import levels supporting steel prices.
Continued onshoring of manufacturing businesses, expectations of significant fixed asset investment from public funding related to the U.S. Infrastructure, Inflation Reduction Act and Department of Energy programs are expected to position the domestic steel industry competitively. The company believes this will help all of its operational platforms, particularly the steel and steel fabrication business.
Steel Dynamics, Inc. Price and Consensus
Steel Dynamics, Inc. price-consensus-chart | Steel Dynamics, Inc. Quote
Zacks Rank & Key Picks
Steel Dynamics currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Equinox Gold Corp. (EQX - Free Report) , Koppers Holdings Inc. (KOP - Free Report) and The Andersons Inc. (ANDE - Free Report) .
Equinox has a projected earnings growth rate of 90% for the current year. It currently carries a Zacks Rank #2 (Buy). Equinox delivered a trailing four-quarter earnings surprise of roughly 18.1%, on average. The stock is up around 60% in a year. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Koppers has a projected earnings growth rate of 7.5% for the current year. It currently carries a Zacks Rank #2. Koppers delivered a trailing four-quarter earnings surprise of roughly 21.7%, on average. The stock is up around 34.2% in a year.
Andersons currently carries a Zacks Rank #1. The stock has gained roughly 37.8% in the past year. ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average.