FY2024 Earnings Estimate for Nucor Issued By Seaport Res Ptn

Nucor Co. (NYSE:NUE) – Investment analysts at Seaport Res Ptn reduced their FY2024 earnings per share (EPS) estimates for Nucor in a report released on Sunday, December 15th. Seaport Res Ptn analyst M. Englert now anticipates 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 brokerages have also recently commented on NUE. BMO Capital Markets cut 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 report on Wednesday, September 18th. JPMorgan Chase & Co. lowered their target price on shares of Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Morgan Stanley lowered their price objective on Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. The Goldman Sachs Group began coverage on Nucor in a research note on Monday, December 2nd. They set a “buy” rating and a $190.00 price objective on the stock. Finally, Argus raised shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $183.75.

Nucor Trading Down 2.6 %

Shares of NUE opened at $120.96 on Tuesday. The business’s fifty day moving average is $148.02 and its 200-day moving average is $150.65. The firm has a market cap of $28.40 billion, a price-to-earnings ratio of 11.69 and a beta of 1.55. Nucor has a 52-week low of $119.44 and a 52-week high of $203.00. 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 announced its earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share for the quarter, topping 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 company had revenue of $7.44 billion for the quarter, compared to analyst estimates of $7.28 billion. During the same quarter last year, the company earned $4.57 earnings per share. The firm’s quarterly revenue was down 15.2% compared to the same quarter last year.

Nucor Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 11th. Shareholders of record on Tuesday, December 31st will be given a $0.55 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Nucor’s previous quarterly dividend of $0.54. This represents a $2.20 annualized dividend and a yield of 1.82%. Nucor’s dividend payout ratio (DPR) is presently 20.87%.

Insider Transactions at Nucor

In other Nucor news, CFO Stephen D. Laxton sold 4,712 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $169.53, for a total transaction of $798,825.36. Following the sale, the chief financial officer now directly owns 82,132 shares of the company’s stock, valued at $13,923,837.96. The trade was a 5.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Kenneth Rex Query sold 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $146.80, for a total value of $1,321,200.00. Following the completion of the sale, the executive vice president now directly owns 98,770 shares of the company’s stock, valued at $14,499,436. The trade was a 8.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,680 shares of company stock worth $4,773,724 in the last 90 days. 0.46% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Nucor by 2.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 6,832 shares of the basic materials company’s stock valued at $1,080,000 after purchasing an additional 194 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Nucor by 5.9% in the second quarter. Assenagon Asset Management S.A. now owns 20,945 shares of the basic materials company’s stock valued at $3,311,000 after purchasing an additional 1,167 shares during the last quarter. Brookstone Capital Management lifted its stake in shares of Nucor by 3.3% in the 2nd quarter. Brookstone Capital Management now owns 2,401 shares of the basic materials company’s stock valued at $394,000 after purchasing an additional 76 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in Nucor by 11.9% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 181,926 shares of the basic materials company’s stock worth $28,759,000 after purchasing an additional 19,293 shares during the period. Finally, SeaCrest Wealth Management LLC grew its holdings in Nucor by 2.4% in the second quarter. SeaCrest Wealth Management LLC now owns 3,976 shares of the basic materials company’s stock valued at $629,000 after purchasing an additional 95 shares during the period. 76.48% of the stock is currently owned by 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.