Seaport Res Ptn Predicts Nucor's FY2024 Earnings (NYSE:NUE)

Nucor Co. (NYSE:NUE - Free Report) - Equities researchers at Seaport Res Ptn decreased their FY2024 EPS estimates for shares of Nucor in a research report issued to clients and investors 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 prior estimate 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.

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

Several other research analysts also recently issued reports on the company. JPMorgan Chase & Co. cut their price target on Nucor from $170.00 to $168.00 and set an "overweight" rating for the company 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. The Goldman Sachs Group assumed coverage on shares of Nucor in a research report on Monday, December 2nd. They issued a "buy" rating and a $190.00 price target on the stock. UBS Group reaffirmed a "neutral" rating and issued a $156.00 target price (down previously from $171.00) on shares of Nucor in a research note on Thursday, December 12th. Finally, BMO Capital Markets dropped their price target on Nucor from $175.00 to $160.00 and set a "market perform" rating for the company in a research report on Wednesday, September 18th. Four equities 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's stock. Based on data from MarketBeat, Nucor has an average rating of "Moderate Buy" and a consensus target price of $183.75.

Nucor Price Performance

NUE stock traded down $3.20 during midday trading on Tuesday, hitting $120.96. 3,289,382 shares of the stock were exchanged, compared to its average volume of 1,589,615. The stock's 50-day moving average price is $148.02 and its 200-day moving average price is $150.65. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.61 and a current ratio of 2.59. The stock 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 fifty-two week low of $119.44 and a fifty-two week high of $203.00.

Institutional Investors Weigh In On Nucor

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. McClarren Financial Advisors Inc. increased its position in Nucor by 129.0% during the 2nd quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company's stock worth $25,000 after purchasing an additional 89 shares in the last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of Nucor in the third quarter worth $26,000. Coastline Trust Co purchased a new position in shares of Nucor in the 3rd quarter valued at $29,000. Brown Lisle Cummings Inc. acquired a new position in shares of Nucor during the 3rd quarter valued at $30,000. Finally, HHM Wealth Advisors LLC boosted its position in Nucor by 769.2% during the 2nd quarter. HHM Wealth Advisors LLC now owns 226 shares of the basic materials company's stock worth $36,000 after purchasing an additional 200 shares during the period. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Nucor

In other Nucor news, CFO Stephen D. Laxton sold 4,712 shares of the 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 transaction, the chief financial officer now owns 82,132 shares of the company's stock, valued at $13,923,837.96. This trade represents a 5.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kenneth Rex Query sold 9,000 shares of the business's stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $146.80, for a total transaction of $1,321,200.00. Following the sale, the executive vice president now directly owns 98,770 shares of the company's stock, valued at $14,499,436. This represents a 8.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,680 shares of company stock worth $4,773,724. 0.46% of the stock is currently owned by insiders.

Nucor Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 11th. Stockholders 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 represents a $2.20 dividend on an annualized basis and a dividend yield of 1.82%. This is an increase from Nucor's previous quarterly dividend of $0.54. Nucor's payout ratio is currently 20.87%.

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.