FY2024 Earnings Estimate for Nucor Issued By Seaport Res Ptn

Nucor Co. (NYSE:NUE) – Research analysts at Seaport Res Ptn reduced their FY2024 earnings per share estimates for shares of Nucor in a report released on Sunday, December 15th. Seaport Res Ptn analyst M. Englert now expects that the basic materials company will earn $8.48 per share for the year, down from their previous forecast of $8.53. The consensus estimate for Nucor’s current full-year earnings is $8.48 per share. Seaport Res Ptn also issued estimates for Nucor’s Q4 2024 earnings at $0.85 EPS.

A number of other analysts have also recently commented on the stock. BMO Capital Markets dropped their price target on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research note on Wednesday, September 18th. The Goldman Sachs Group started coverage on Nucor in a research report on Monday, December 2nd. They set a “buy” rating and a $190.00 price target for the company. JPMorgan Chase & Co. reduced their target price on Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Argus upgraded shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Finally, Morgan Stanley lowered their price objective on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $183.75.

Nucor Stock Performance

Shares of NUE stock opened at $124.16 on Tuesday. The firm’s 50-day simple moving average is $148.56 and its two-hundred day simple moving average is $150.99. Nucor has a 52 week low of $123.01 and a 52 week high of $203.00. The firm has a market cap of $29.15 billion, a price-to-earnings ratio of 12.00 and a beta of 1.55. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.61 and a current ratio of 2.59.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.09. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The business had revenue of $7.44 billion during the quarter, compared to the consensus estimate of $7.28 billion. During the same quarter in the previous year, the business earned $4.57 EPS. The company’s quarterly revenue was down 15.2% on a year-over-year basis.

Nucor Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 11th. Investors of record on Tuesday, December 31st will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.77%. This is an increase from Nucor’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Tuesday, December 31st. Nucor’s payout ratio is presently 20.87%.

Insider Activity at Nucor

In other news, CFO Stephen D. Laxton sold 4,712 shares of Nucor stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $169.53, for a total value of $798,825.36. Following the sale, the chief financial officer now directly owns 82,132 shares in the company, valued at approximately $13,923,837.96. This trade represents a 5.43 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Leon J. Topalian sold 11,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $169.11, for a total value of $1,860,210.00. Following the transaction, the chief executive officer now directly owns 172,136 shares in the company, valued at $29,109,918.96. This trade represents a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,680 shares of company stock worth $4,773,724 in the last three months. 0.46% of the stock is owned by insiders.

Institutional Investors Weigh In On Nucor

Several institutional investors and hedge funds have recently modified their holdings of the stock. McClarren Financial Advisors Inc. increased its stake in shares of Nucor by 129.0% during the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 89 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of Nucor in the third quarter worth approximately $26,000. Coastline Trust Co bought a new position in shares of Nucor during the 3rd quarter valued at $29,000. Brown Lisle Cummings Inc. purchased a new position in Nucor in the third quarter worth about $30,000. Finally, HHM Wealth Advisors LLC raised its position in Nucor by 769.2% in the second quarter. HHM Wealth Advisors LLC now owns 226 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 200 shares during the period. 76.48% of the stock is owned by hedge funds and other institutional investors.

Nucor Company Profile

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.