Steel Dynamics (STLD) Rises Higher Than Market: Key Facts
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AAPL TSLA AMZN META AMD NVDA PEP COST ADBE GOOG AMGN HON INTC INTU NFLX ADP SBUX MRNA AAPL TSLA AMZN META AMD NVDA PEP COST ADBE GOOG AMGN HON INTC INTU NFLX ADP SBUX MRNA AAPL TSLA AMZN META AMD NVDA PEP COST ADBE GOOG AMGN HON INTC INTU NFLX ADP SBUX MRNA Stocks Steel Dynamics (STLD) Rises Higher Than Market: Key Facts October 11, 2024 — 06:15 pm EDT Written by Zacks Equity Research for Zacks-> Steel Dynamics (STLD) closed the latest trading day at $129.86, indicating a +1.09% change from the previous session's end. This move outpaced the S&P 500's daily gain of 0.61%. Meanwhile, the Dow gained 0.97%, and the Nasdaq, a tech-heavy index, added 0.33%.The steel producer and metals recycler's stock has climbed by 16.21% in the past month, exceeding the Basic Materials sector's gain of 6.17% and the S&P 500's gain of 5.36%. Market participants will be closely following the financial results of Steel Dynamics in its upcoming release. The company plans to announce its earnings on October 16, 2024. The company is expected to report EPS of $1.98, down 42.94% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $4.25 billion, reflecting a 7.35% fall from the equivalent quarter last year.Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $10.15 per share and revenue of $17.65 billion, indicating changes of -32.11% and -6.1%, respectively, compared to the previous year.It is also important to note the recent changes to analyst estimates for Steel Dynamics. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, 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. Over the past month, there's been a 6.14% fall in the Zacks Consensus EPS estimate. Steel Dynamics is holding a Zacks Rank of #3 (Hold) right now. From a valuation perspective, Steel Dynamics is currently exchanging hands at a Forward P/E ratio of 12.66. This valuation marks a premium compared to its industry's average Forward P/E of 12.59.The Steel - Producers industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 197, placing it within the bottom 22% of over 250 industries.The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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