Brokers Set Expectations for Nucor Co.’s Q2 2024 Earnings (NYSE:NUE)

Nucor Co. (NYSE:NUE) – Equities researchers at Zacks Research decreased their Q2 2024 earnings estimates for shares of Nucor in a research report issued to clients and investors on Tuesday, June 18th. Zacks Research analyst M. Agrawal now anticipates that the basic materials company will earn $2.28 per share for the quarter, down from their previous forecast of $3.08. The consensus estimate for Nucor’s current full-year earnings is $11.27 per share. Zacks Research also issued estimates for Nucor’s Q2 2025 earnings at $2.88 EPS.

NUE has been the topic of a number of other research reports. Jefferies Financial Group began coverage on shares of Nucor in a research note on Monday, May 20th. They set a “hold” rating and a $190.00 price target on the stock. StockNews.com lowered shares of Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. decreased their price objective on Nucor from $190.00 to $180.00 and set a “neutral” rating on the stock in a report on Tuesday, June 11th. Citigroup upgraded Nucor from a “neutral” rating to a “buy” rating and raised their target price for the stock from $180.00 to $240.00 in a research report on Wednesday, March 13th. Finally, BMO Capital Markets lowered their price target on Nucor from $185.00 to $175.00 and set a “market perform” rating on the stock in a research report on Monday. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $188.38.

Nucor Price Performance

Shares of NUE stock opened at $156.80 on Friday. Nucor has a 12 month low of $140.07 and a 12 month high of $203.00. The company has a market capitalization of $37.59 billion, a P/E ratio of 9.22 and a beta of 1.60. The stock has a 50 day moving average of $170.94 and a two-hundred day moving average of $178.06. The company has a current ratio of 4.02, a quick ratio of 2.48 and a debt-to-equity ratio of 0.31.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, April 22nd. The basic materials company reported $3.46 EPS for the quarter, missing analysts’ consensus estimates of $3.62 by ($0.16). Nucor had a net margin of 12.40% and a return on equity of 19.62%. The company had revenue of $8.14 billion for the quarter, compared to analyst estimates of $8.26 billion. During the same period in the prior year, the company posted $4.45 EPS. The firm’s quarterly revenue was down 6.6% on a year-over-year basis.

Nucor Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, June 28th will be paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date is Friday, June 28th. Nucor’s dividend payout ratio is currently 12.71%.

Institutional Trading of Nucor

Hedge funds and other institutional investors have recently made changes to their positions in the business. Criterion Capital Advisors LLC acquired a new stake in Nucor in the 4th quarter valued at about $25,000. Rise Advisors LLC bought a new stake in shares of Nucor during the first quarter valued at approximately $27,000. Chilton Capital Management LLC increased its holdings in shares of Nucor by 94.2% in the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 65 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in Nucor in the 1st quarter worth approximately $28,000. Finally, Tompkins Financial Corp lifted its holdings in Nucor by 208.0% during the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock worth $30,000 after buying an additional 104 shares in the last quarter. 76.48% of the stock is currently owned by institutional investors and hedge funds.

About Nucor

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.