FY2024 Earnings Forecast for Nucor Issued By Seaport Res Ptn

Nucor Co. (NYSE:NUE) – Investment 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 post earnings per share of $8.48 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) last released its quarterly earnings data on Monday, October 21st. The basic materials company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.40 by $0.09. The company had revenue of $7.44 billion during the quarter, compared to the consensus estimate of $7.28 billion. Nucor had a return on equity of 12.06% and a net margin of 8.05%. Nucor’s revenue for the quarter was down 15.2% on a year-over-year basis. During the same period last year, the company earned $4.57 EPS.

NUE has been the subject of a number of other research reports. 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 report on Thursday, December 12th. BMO Capital Markets cut their price objective on Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a report on Wednesday, September 18th. JPMorgan Chase & Co. reduced their price objective on Nucor from $170.00 to $168.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. The Goldman Sachs Group assumed coverage on Nucor in a research report on Monday, December 2nd. They issued a “buy” rating and a $190.00 target price on the stock. Finally, Morgan Stanley reduced their price target on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Four 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $183.75.

Nucor Stock Performance

Shares of NUE stock opened at $117.96 on Tuesday. The firm has a market capitalization of $27.70 billion, a PE ratio of 11.40 and a beta of 1.55. The company has a 50 day moving average price of $147.34 and a 200-day moving average price of $150.42. Nucor has a 52 week low of $117.57 and a 52 week high of $203.00. The company has a quick ratio of 1.61, a current ratio of 2.59 and a debt-to-equity ratio of 0.26.

Institutional Investors Weigh In On Nucor

Several institutional investors and hedge funds have recently modified their holdings of NUE. B. Riley Wealth Advisors Inc. grew its stake in Nucor by 3.1% during the third quarter. B. Riley Wealth Advisors Inc. now owns 4,097 shares of the basic materials company’s stock valued at $621,000 after acquiring an additional 123 shares in the last quarter. Synovus Financial Corp boosted its holdings in shares of Nucor by 4.6% during the 3rd quarter. Synovus Financial Corp now owns 19,075 shares of the basic materials company’s stock valued at $2,868,000 after purchasing an additional 833 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of Nucor by 9.6% in the third quarter. Tidal Investments LLC now owns 36,493 shares of the basic materials company’s stock worth $5,486,000 after purchasing an additional 3,197 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Nucor in the third quarter worth about $1,004,000. Finally, World Investment Advisors LLC purchased a new stake in shares of Nucor in the third quarter worth about $2,024,000. Institutional investors own 76.48% of the company’s stock.

Insider Activity at Nucor

In related 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 transaction of $798,825.36. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Leon J. Topalian sold 11,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $169.11, for a total value of $1,860,210.00. Following the completion of the transaction, the chief executive officer now directly owns 172,136 shares in the company, valued at approximately $29,109,918.96. This represents a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,680 shares of company stock worth $4,773,724. 0.46% of the stock is owned by company insiders.

Nucor Increases Dividend

The business 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 dividend of $0.55 per share. This is a boost from Nucor’s previous quarterly dividend of $0.54. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Tuesday, December 31st. Nucor’s payout ratio is presently 21.26%.

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.