Q3 2024 Earnings Forecast for Nucor Co. (NYSE:NUE) Issued By Zacks Research

Nucor Co. (NYSE:NUE) – Zacks Research increased their Q3 2024 earnings per share estimates for Nucor in a report released on Monday, May 6th. Zacks Research analyst M. Agrawal now forecasts that the basic materials company will post earnings of $3.04 per share for the quarter, up from their prior forecast of $2.94. The consensus estimate for Nucor’s current full-year earnings is $12.55 per share. Zacks Research also issued estimates for Nucor’s Q4 2024 earnings at $2.59 EPS, Q1 2025 earnings at $3.07 EPS and Q4 2025 earnings at $3.12 EPS.

NUE has been the subject of several other reports. UBS Group started coverage on Nucor in a research report on Tuesday, January 16th. They issued a “buy” rating and a $210.00 target price for the company. StockNews.com cut shares of Nucor from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. BMO Capital Markets cut their price target on Nucor from $210.00 to $200.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 24th. Citigroup raised Nucor from a “neutral” rating to a “buy” rating and increased their target price for the company from $180.00 to $240.00 in a research note on Wednesday, March 13th. Finally, JPMorgan Chase & Co. cut their price target on shares of Nucor from $195.00 to $190.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Nucor currently has an average rating of “Hold” and an average price target of $193.14.

Nucor Price Performance

Shares of NUE stock opened at $174.37 on Wednesday. Nucor has a 12 month low of $129.79 and a 12 month high of $203.00. The company has a market capitalization of $41.85 billion, a P/E ratio of 10.26 and a beta of 1.65. The stock has a 50 day moving average of $187.51 and a two-hundred day moving average of $175.78. The company has a current ratio of 4.02, a quick ratio of 2.48 and a debt-to-equity ratio of 0.31.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, April 22nd. The basic materials company reported $3.46 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $8.26 billion. During the same quarter in the previous year, the firm posted $4.45 EPS. The business’s revenue for the quarter was down 6.6% compared to the same quarter last year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Keybank National Association OH boosted its position in Nucor by 3.4% during the third quarter. Keybank National Association OH now owns 19,246 shares of the basic materials company’s stock valued at $3,009,000 after purchasing an additional 639 shares during the last quarter. Compagnie Lombard Odier SCmA acquired a new stake in shares of Nucor in the 4th quarter valued at approximately $3,481,000. AIA Group Ltd grew its stake in shares of Nucor by 53.2% in the fourth quarter. AIA Group Ltd now owns 13,226 shares of the basic materials company’s stock valued at $2,302,000 after buying an additional 4,592 shares in the last quarter. Sapient Capital LLC acquired a new position in Nucor during the fourth quarter worth $1,230,000. Finally, abrdn plc raised its position in Nucor by 41.7% during the fourth quarter. abrdn plc now owns 154,745 shares of the basic materials company’s stock worth $26,932,000 after acquiring an additional 45,521 shares in the last quarter. Institutional investors own 76.48% of the company’s stock.

Insider Activity

In related news, EVP Douglas J. Jellison sold 19,506 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $193.41, for a total value of $3,772,655.46. Following the sale, the executive vice president now directly owns 120,738 shares of the company’s stock, valued at approximately $23,351,936.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Michael D. Keller sold 3,145 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $193.67, for a total transaction of $609,092.15. Following the completion of the transaction, the insider now directly owns 24,873 shares of the company’s stock, valued at approximately $4,817,153.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Douglas J. Jellison sold 19,506 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $23,351,936.58. The disclosure for this sale can be found here. Insiders sold 32,651 shares of company stock worth $6,283,648 over the last quarter. 0.46% of the stock is currently owned by company insiders.

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Thursday, March 28th will be paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Wednesday, March 27th. Nucor’s payout ratio is currently 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.