Equities Analysts Issue Forecasts for Nucor Co.’s Q2 2024 Earnings (NYSE:NUE)

Nucor Co. (NYSE:NUE) – Stock analysts at Seaport Res Ptn cut their Q2 2024 earnings estimates for shares of Nucor in a research note issued to investors on Tuesday, April 23rd. Seaport Res Ptn analyst M. Englert now expects that the basic materials company will earn $3.23 per share for the quarter, down from their prior forecast of $3.84. The consensus estimate for Nucor’s current full-year earnings is $12.93 per share. Seaport Res Ptn also issued estimates for Nucor’s FY2024 earnings at $12.70 EPS, Q1 2025 earnings at $3.50 EPS, Q2 2025 earnings at $3.86 EPS, Q3 2025 earnings at $3.37 EPS and FY2025 earnings at $13.44 EPS.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Monday, April 22nd. The basic materials company reported $3.46 EPS for the quarter, missing analysts’ consensus estimates of $3.62 by ($0.16). Nucor had a return on equity of 19.62% and a net margin of 12.40%. The company had revenue of $8.14 billion during the quarter, compared to the consensus estimate of $8.26 billion. During the same period in the previous year, the company earned $4.45 EPS. Nucor’s quarterly revenue was down 6.6% on a year-over-year basis.

A number of other equities research analysts have also recently issued reports on NUE. UBS Group assumed coverage on shares of Nucor in a research note on Tuesday, January 16th. They issued a “buy” rating and a $210.00 price objective for the company. BMO Capital Markets cut their price objective on shares of Nucor from $210.00 to $200.00 and set a “market perform” rating for the company in a research note on Wednesday. Citigroup raised shares of Nucor from a “neutral” rating to a “buy” rating and upped their price objective for the company from $180.00 to $240.00 in a research note on Wednesday, March 13th. StockNews.com cut shares of Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. dropped their price target on shares of Nucor from $195.00 to $190.00 and set a “neutral” rating for the company in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $193.14.

Nucor Price Performance

Shares of Nucor stock opened at $175.36 on Friday. Nucor has a 52-week low of $129.79 and a 52-week high of $203.00. The stock has a market capitalization of $42.08 billion, a price-to-earnings ratio of 10.32 and a beta of 1.61. The company has a fifty day moving average of $190.62 and a 200-day moving average of $174.32. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.35 and a current ratio of 4.02.

Nucor Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Thursday, March 28th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $2.16 annualized dividend and a yield of 1.23%. Nucor’s payout ratio is currently 12.71%.

Insider Buying and Selling at Nucor

In other news, EVP Allen C. Behr sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $190.19, for a total value of $1,901,900.00. Following the completion of the sale, the executive vice president now directly owns 80,902 shares of the company’s stock, valued at approximately $15,386,751.38. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Allen C. Behr sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $190.19, for a total value of $1,901,900.00. Following the completion of the sale, the executive vice president now directly owns 80,902 shares of the company’s stock, valued at approximately $15,386,751.38. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Douglas J. Jellison sold 19,506 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $193.41, for a total transaction of $3,772,655.46. Following the completion of the sale, the executive vice president now directly owns 120,738 shares of the company’s stock, valued at $23,351,936.58. The disclosure for this sale can be found here. Insiders sold 38,151 shares of company stock valued at $7,308,683 in the last quarter. Company insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Nucor

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank bought a new position in shares of Nucor in the 4th quarter worth about $377,631,000. International Assets Investment Management LLC bought a new position in shares of Nucor in the 4th quarter worth about $108,747,000. Global Assets Advisory LLC bought a new position in shares of Nucor in the 1st quarter worth about $90,216,000. Pacer Advisors Inc. increased its stake in shares of Nucor by 13.0% in the 4th quarter. Pacer Advisors Inc. now owns 2,070,960 shares of the basic materials company’s stock worth $360,430,000 after acquiring an additional 237,752 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Nucor by 7.6% in the 3rd quarter. Invesco Ltd. now owns 2,262,832 shares of the basic materials company’s stock worth $353,794,000 after acquiring an additional 159,230 shares in the last quarter. 76.48% of the stock is owned by hedge funds and other 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.