|Bid||30.44 x 900|
|Ask||30.48 x 800|
|Day's Range||29.51 - 30.67|
|52 Week Range||25.03 - 46.79|
|Beta (3Y Monthly)||1.85|
|PE Ratio (TTM)||6.55|
|Earnings Date||Oct 15, 2019 - Oct 21, 2019|
|Forward Dividend & Yield||0.96 (3.02%)|
|1y Target Est||33.20|
Analysts at J.P. Morgan cut their price target on the stock following last week's profit warning the company linked to weakening global demand.
Two factors increasing the chance of that were the overall reaction from the Fed's action, a buyback from Target Corporation (NYSE: TGT) and a dividend raise and buyback by the S&P 500 index top component Microsoft Corporation (NASDAQ: MSFT). The impact of the former CEO of Overstock.com Inc (NASDAQ: OSTK) dumping all of his shares was discussed. United States Steel Corporation (NYSE: X) followed the lead of Steel Dynamics, Inc. (NASDAQ: STLD) in lowering third-quarter guidance, and it was deep in the red in premarket trading.
Cleveland-Cliffs (CLF) and its US steel peers are on a roller-coaster ride in 2019. CLF fell 25.5% in August alone. Year-to-date, it's up 6.4%.
This week, three leading US steel companies provided their third-quarter earnings guidances. All these guidances were lower than analysts were expecting.
United States Steel Corporation (NYSE: X) became the latest to warn of worsening fundamentals when it made a third-quarter pre-announcement late Wednesday. After the strength witnessed in the summer, the flat-rolled steel market has softened, U.S. Steel said. U.S. Steel now expects full-year flat-rolled shipments to third-party customers to be 10.7 million tons, as it expects to idle two of its U.S. blast furnaces to match supply with demand forecasts.
Disappointing guidance from some of the major U.S. steel makers has raised worries about a possible weak Q3 earnings season for the U.S. steel industry.
The company guided investors to third-quarter earnings of about 68 cents a share, below Wall Street’s guess of 72 cents. Normally guiding below the consensus estimate would be a negative, but Steel Dynamics stock rose at the open and was recently down 1.1%. KeyBanc analyst Philip Gibbs is the low man on the Street with a 60-cent third-quarter estimate.
Steel Dynamics, Inc. (NASDAQ: STLD ) issued third-quarter earnings guidance Tuesday in the range of 66 to 70 cents per diluted share vs. a Street estimate of 71 cents. The company said it expects third-quarter ...
FORT WAYNE, Ind. , Sept. 17, 2019 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today provided third quarter 2019 earnings guidance in the range of $0.66 to $0.70 per diluted share. Comparatively, ...
Last month, Trump claimed that the US steel industry is “thriving.” With US steel companies set to release their guidance, we may see if Trump is right.
Investors can approximate the average market return by buying an index fund. While individual stocks can be big...
While Steel Dynamics, Inc. (NASDAQ: STLD ) has good long-term prospects, there are limited company-specific catalysts that could lend meaningful upside to shares in the near term, according to BMO Capital ...
Bank of America has cut its forecast for U.S. steel prices and dialed back its earnings expectations for American steel stocks across the board. On Wednesday, Bank of America analyst Timna Tanners cut ...
(Bloomberg) -- Just when it looked like U.S. steelmakers could breathe a sustained sigh of relief, the long-embattled industry is once again tensing up.American steel mills announced earlier this summer they would be raising prices. But according to producers, distributors and analysts who gathered this week at one of the year’s largest industry conferences, steel buyers have been slow to accept the increases, underscoring fading optimism more than a year after the introduction of tariffs meant to bolster the industry.The U.S. market is “challenging” in the short term with demand muted, said the head of a service center that processes steel products for domestic end users in the lower-48 states.“It’s been a little slow to accept the price increases,” Majestic Steel USA’s Todd Leebow said in an interview at the conference in Atlanta. “We won’t see prices get to where they bottomed in the summer, but there’s a ceiling in terms of where these prices will get to.”The industry has been on a wild ride. President Donald Trump announced in March 2018 a protective 25% tariff on steel imports, which helped generate some of the highest steel company profits last year since the 2008 financial crisis. The optimism encouraged companies to expand capacity by investing in new mills or updating aging assets.Then fears of oversupply, wavering economic growth and intensifying global trade friction combined to suck some of the optimism out of the industry, weighing on shares and forcing some companies to retrench. Domestic hot-rolled coil steel prices, a benchmark indicator for in the U.S., are near the lowest since 2016 and the S&P Supercomposite Steel Index is headed for the fifth monthly decline in six.“Mills are painting a pretty nice picture of demand and of improvements in the industry, but I think the reality is they’re shelling out a lot of money for these improvements, and our view is that over the next several years you’re going to have sustained lower prices,” Bank of America analyst Timna Tanners said in an interview. “It doesn’t bode well for their profit picture.”Some participants at the conference blamed the U.S. president’s public negotiating style for some of the issues facing the industry.“We need more stability and certainty in our public policy, and that’s the one thing all companies like, whether you’re a 21st Century steelmaker or you’re in another industry,” Philip Bell, the president of the Steel Manufacturers Association, said in an interview.To be sure, some analysts believe demand isn’t going to shrink in the short term. CRU analyst Josh Spoores said in a presentation that demand for steel sheet has slowed structurally and seasonal demand will weaken as new orders ease over the next few months. But Spoores also said a low may be in sight for sheet consumption in 2020, setting the stage for rising demand and inventory rebuilds in 2020.During a panel discussion at the conference, U.S.-based executives didn’t conceal their lack of enthusiasm. One case in point was Steel Dynamics Inc. Chief Executive Officer Mark Millett. While saying he expected demand would still grow at about 1% to 2%, he added sardonically, “We’re not going to do jumping jacks down the aisle.”\--With assistance from Aoyon Ashraf.To contact the reporter on this story: Joe Deaux in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Luzi Ann Javier at email@example.com, Steven Frank, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. U.S. steelmakers, intended beneficiaries of President Donald Trump’s metal tariffs, are as unsettled as anyone else by all the headspinning policy changes.Trump last week announced fresh levies on Chinese imports and warned he could order American companies to pull out of China after the Asian nation said it would impose retaliatory tariffs on U.S. goods. On Monday, Trump said prospects for a trade deal were better now than at any time since talks began last year.“We need more stability and certainty in our public policy, and that’s the one thing all companies like, whether you’re a 21st Century steelmaker or you’re in another industry,” Philip Bell, the president of the Steel Manufacturers Association, said in an interview at the Steel Market Update industry conference in Atlanta. “You want certainty so you can plan investments and hire people.”The trade war’s latest twists and turns have sent global equities on a roller-coaster ride, and producers including U.S. Steel Corp., Nucor Corp. and Steel Dynamics Inc. haven’t escaped the tumult. The S&P Supercomposite Steel Index has posted four straight weekly declines amid concerns that U.S.-China trade tensions hurt the outlook for global demand.The S&P steelmaker gauge is headed for the fifth monthly decline in six.There are signs that American steel executives -- many of whom cheered when 25% levies were unveiled last year on steel imports -- are growing restive in the wake of Trump’s cascading tariff battles. In June, some pushed back against his abrupt announcement that he intended to slap tariffs on Mexican imports. More recently, JSW Steel (USA) Inc., which had lauded the levies, said the U.S. wrongfully denied waivers for steel-slab raw materials, forcing the company to pay tens of millions of dollars in tariffs.At a panel discussion at the conference on Monday, Kurt Russell, the president of Precoat Metals, was asked for his opinion on navigating the current trade environment.“Let me turn my phone on and check my Twitter account,” he said.(Updates with steelmaker-index performance in fifth paragraph.)To contact the reporter on this story: Joe Deaux in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Luzi Ann Javier at email@example.com, Joe Richter, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.