FY2024 Earnings Forecast for Nucor Issued By Seaport Res Ptn

Nucor Co. (NYSE:NUE) – Research analysts at Seaport Res Ptn lowered their FY2024 EPS estimates for 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 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.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, beating 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 net margin of 8.05% and a return on equity of 12.06%. Nucor’s revenue for the quarter was down 15.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.57 earnings per share.

Other research analysts have also issued reports about the stock. The Goldman Sachs Group assumed coverage on shares of Nucor in a research report on Monday, December 2nd. They set a “buy” rating and a $190.00 target price on the stock. UBS Group restated a “neutral” rating and set a $156.00 price objective (down previously from $171.00) on shares of Nucor in a report on Thursday, December 12th. Argus upgraded Nucor to a “strong-buy” rating in a research report on Monday, August 26th. JPMorgan Chase & Co. cut their price objective 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. Finally, BMO Capital Markets decreased their price target on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a report on Wednesday, September 18th. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Nucor presently has a consensus rating of “Moderate Buy” and an average price target of $183.75.

Nucor Price Performance

Shares of NYSE NUE opened at $120.96 on Tuesday. The company has a market cap of $28.40 billion, a PE ratio of 11.69 and a beta of 1.55. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.59 and a quick ratio of 1.61. Nucor has a 1-year low of $119.44 and a 1-year high of $203.00. The stock has a fifty day moving average price of $148.02 and a 200 day moving average price of $150.65.

Hedge Funds Weigh In On Nucor

Several institutional investors have recently bought and sold shares of the stock. McClarren Financial Advisors Inc. increased its holdings in Nucor by 129.0% in the 2nd quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after buying an additional 89 shares during the period. Ashton Thomas Securities LLC acquired a new position in Nucor in the third quarter valued at about $26,000. Coastline Trust Co bought a new stake in Nucor in the third quarter valued at approximately $29,000. Brown Lisle Cummings Inc. bought a new stake in Nucor during the 3rd quarter worth approximately $30,000. Finally, Salomon & Ludwin LLC increased its holdings in Nucor by 45.6% during the 3rd quarter. Salomon & Ludwin LLC now owns 230 shares of the basic materials company’s stock worth $35,000 after purchasing an additional 72 shares in the last quarter. 76.48% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Kenneth Rex Query sold 9,000 shares of Nucor stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $146.80, for a total value of $1,321,200.00. Following the transaction, the executive vice president now directly owns 98,770 shares in the company, valued at $14,499,436. The trade was a 8.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Allen C. Behr sold 4,968 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $159.72, for a total value of $793,488.96. Following the sale, the executive vice president now owns 85,376 shares in the company, valued at approximately $13,636,254.72. The trade was a 5.50 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,680 shares of company stock valued at $4,773,724. 0.46% of the stock is currently owned by company insiders.

Nucor Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 11th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.55 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from Nucor’s previous quarterly dividend of $0.54. This represents a $2.20 annualized dividend and a dividend yield of 1.82%. Nucor’s dividend payout ratio is 20.87%.

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.