What is KeyCorp’s Estimate for Nucor FY2024 Earnings?

Nucor Co. (NYSE:NUE) – KeyCorp issued their FY2024 earnings per share estimates for shares of Nucor in a note issued to investors on Tuesday, January 21st. KeyCorp analyst P. Gibbs forecasts that the basic materials company will earn $8.50 per share for the year. The consensus estimate for Nucor’s current full-year earnings is $8.18 per share.

NUE has been the subject of several other research reports. JPMorgan Chase & Co. dropped their target price on Nucor from $168.00 to $152.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. UBS Group reaffirmed a “neutral” rating and issued a $156.00 price objective (down previously from $171.00) on shares of Nucor in a research report on Thursday, December 12th. The Goldman Sachs Group initiated coverage on Nucor in a research report on Monday, December 2nd. They set a “buy” rating and a $190.00 target price for the company. Citigroup cut their price target on shares of Nucor from $240.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Finally, Jefferies Financial Group decreased their price objective on shares of Nucor from $150.00 to $125.00 and set a “hold” rating for the company in a report on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $163.63.

Nucor Price Performance

Nucor stock opened at $122.19 on Friday. The firm has a market capitalization of $28.69 billion, a PE ratio of 11.81 and a beta of 1.60. Nucor has a 12-month low of $112.25 and a 12-month high of $203.00. The firm has a 50-day moving average price of $131.15 and a 200-day moving average price of $143.67. The company has a current ratio of 2.59, a quick ratio of 1.61 and a debt-to-equity ratio of 0.26.

Nucor Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 11th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.80%. This is a positive change from Nucor’s previous quarterly dividend of $0.54. The ex-dividend date is Tuesday, December 31st. Nucor’s dividend payout ratio (DPR) is presently 21.26%.

Insider Buying and Selling

In related news, 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 transaction of $1,860,210.00. Following the completion of the transaction, the chief executive officer now owns 172,136 shares in the company, valued at $29,109,918.96. The trade was a 6.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Stephen D. Laxton sold 4,712 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $169.53, for a total transaction of $798,825.36. Following the completion of the sale, the chief financial officer now owns 82,132 shares of the company’s stock, valued at approximately $13,923,837.96. This trade represents a 5.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,680 shares of company stock valued at $4,773,724 over the last 90 days. Corporate insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Nucor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NUE. Ashton Thomas Securities LLC purchased a new position in shares of Nucor in the 3rd quarter valued at approximately $26,000. Coastline Trust Co purchased a new position in shares of Nucor in the third quarter worth $29,000. Brown Lisle Cummings Inc. acquired a new stake in shares of Nucor during the third quarter worth $30,000. Salomon & Ludwin LLC grew its holdings in shares of Nucor by 45.6% during the third quarter. Salomon & Ludwin LLC now owns 230 shares of the basic materials company’s stock valued at $35,000 after buying an additional 72 shares during the last quarter. Finally, Crews Bank & Trust purchased a new stake in Nucor during the 4th quarter valued at about $29,000. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

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.