Q3 2024 Earnings Estimate for Nucor Co. Issued By Seaport Res Ptn (NYSE:NUE)

Nucor Co. (NYSE:NUE) – Investment analysts at Seaport Res Ptn raised their Q3 2024 earnings estimates for Nucor in a research report issued to clients and investors on Tuesday, April 23rd. Seaport Res Ptn analyst M. Englert now expects that the basic materials company will earn $3.08 per share for the quarter, up from their prior estimate of $3.05. The consensus estimate for Nucor’s current full-year earnings is $12.93 per share. Seaport Res Ptn also issued estimates for Nucor’s Q4 2024 earnings at $2.93 EPS and Q4 2025 earnings at $2.72 EPS.

NUE has been the subject of a number of other reports. JPMorgan Chase & Co. reduced 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. StockNews.com downgraded shares of Nucor from a “buy” rating to a “hold” rating in a research note on Tuesday. UBS Group initiated coverage on Nucor in a report on Tuesday, January 16th. They set a “buy” rating and a $210.00 price objective for the company. BMO Capital Markets cut their price objective on Nucor from $210.00 to $200.00 and set a “market perform” rating for the company in a report on Wednesday. Finally, Citigroup upgraded Nucor from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $180.00 to $240.00 in a research report on Wednesday, March 13th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $193.14.

Nucor Price Performance

NUE stock opened at $175.36 on Thursday. The firm has a 50-day moving average of $190.62 and a two-hundred day moving average of $174.32. The company has a current ratio of 4.02, a quick ratio of 2.35 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $42.08 billion, a PE ratio of 10.32 and a beta of 1.61. Nucor has a one year low of $129.79 and a one year high of $203.00.

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

Institutional Trading of Nucor

A number of large investors have recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Nucor in the fourth quarter valued at $377,631,000. International Assets Investment Management LLC purchased a new stake in Nucor during the 4th quarter valued at about $108,747,000. Global Assets Advisory LLC purchased a new stake in Nucor during the 1st quarter valued at about $90,216,000. Pacer Advisors Inc. lifted its holdings in 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 buying an additional 237,752 shares during the period. Finally, Invesco Ltd. lifted its holdings in 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 buying an additional 159,230 shares during the period. 76.48% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Allen C. Behr sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $190.19, for a total transaction of $1,901,900.00. Following the completion of the sale, the executive vice president now owns 80,902 shares of the company’s stock, valued at $15,386,751.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Michael D. Keller sold 3,145 shares of Nucor stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $193.67, for a total transaction of $609,092.15. Following the sale, the insider now directly owns 24,873 shares in the company, valued at $4,817,153.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Allen C. Behr sold 10,000 shares of Nucor stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $190.19, for a total value of $1,901,900.00. Following the sale, the executive vice president now owns 80,902 shares in the company, valued at $15,386,751.38. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,151 shares of company stock valued at $7,308,683. Company insiders own 0.46% of the company’s stock.

Nucor Announces Dividend

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

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.