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Steel Dynamics (STLD) Rises But Trails Market: What Investors Should Know
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In the latest market close, Steel Dynamics (STLD - Free Report) reached $147.27, with a +0.38% movement compared to the previous day. This move lagged the S&P 500's daily gain of 1.11%. Meanwhile, the Dow gained 0.8%, and the Nasdaq, a tech-heavy index, added 1.24%.
The steel producer and metals recycler's stock has climbed by 10.8% in the past month, exceeding the Basic Materials sector's gain of 5.96% and the S&P 500's gain of 0.48%.
The upcoming earnings release of Steel Dynamics will be of great interest to investors. The company's earnings report is expected on April 23, 2024. The company is expected to report EPS of $3.51, down 12.47% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $4.57 billion, indicating a 6.53% decline compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $11.37 per share and revenue of $17.81 billion, indicating changes of -23.95% and -5.25%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for Steel Dynamics. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 2.81% fall in the Zacks Consensus EPS estimate. As of now, Steel Dynamics holds a Zacks Rank of #3 (Hold).
In terms of valuation, Steel Dynamics is currently trading at a Forward P/E ratio of 12.91. This signifies a premium in comparison to the average Forward P/E of 11 for its industry.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 145, which puts it in the bottom 43% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow STLD in the coming trading sessions, be sure to utilize Zacks.com.
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Steel Dynamics (STLD) Rises But Trails Market: What Investors Should Know
In the latest market close, Steel Dynamics (STLD - Free Report) reached $147.27, with a +0.38% movement compared to the previous day. This move lagged the S&P 500's daily gain of 1.11%. Meanwhile, the Dow gained 0.8%, and the Nasdaq, a tech-heavy index, added 1.24%.
The steel producer and metals recycler's stock has climbed by 10.8% in the past month, exceeding the Basic Materials sector's gain of 5.96% and the S&P 500's gain of 0.48%.
The upcoming earnings release of Steel Dynamics will be of great interest to investors. The company's earnings report is expected on April 23, 2024. The company is expected to report EPS of $3.51, down 12.47% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $4.57 billion, indicating a 6.53% decline compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $11.37 per share and revenue of $17.81 billion, indicating changes of -23.95% and -5.25%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for Steel Dynamics. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 2.81% fall in the Zacks Consensus EPS estimate. As of now, Steel Dynamics holds a Zacks Rank of #3 (Hold).
In terms of valuation, Steel Dynamics is currently trading at a Forward P/E ratio of 12.91. This signifies a premium in comparison to the average Forward P/E of 11 for its industry.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 145, which puts it in the bottom 43% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow STLD in the coming trading sessions, be sure to utilize Zacks.com.