What is KeyCorp’s Estimate for Nucor FY2024 Earnings?

Nucor Co. (NYSE:NUE) – Analysts at KeyCorp issued their FY2024 earnings per share estimates for Nucor in a report released on Tuesday, January 21st. KeyCorp analyst P. Gibbs anticipates that the basic materials company will post earnings of $8.50 per share for the year. The consensus estimate for Nucor’s current full-year earnings is $8.18 per share.

Several other research analysts have also weighed in on NUE. Citigroup lowered their price objective on Nucor from $240.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. The Goldman Sachs Group assumed coverage on Nucor in a research report on Monday, December 2nd. They set a “buy” rating and a $190.00 price objective for the company. Morgan Stanley lowered their target price on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. dropped their price target on shares of Nucor from $168.00 to $152.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. Finally, Jefferies Financial Group decreased their price objective on shares of Nucor from $150.00 to $125.00 and set a “hold” rating on the stock in a report on Monday, January 6th. Four research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $163.63.

Nucor Stock Performance

NYSE:NUE opened at $122.10 on Friday. The company’s 50-day moving average is $131.64 and its two-hundred day moving average is $143.82. The firm has a market capitalization of $28.67 billion, a price-to-earnings ratio of 11.80 and a beta of 1.60. 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 $112.25 and a 1-year high of $203.00.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.09. Nucor had a net margin of 8.05% and a return on equity of 12.06%. The firm had revenue of $7.44 billion during the quarter, compared to analyst estimates of $7.28 billion. During the same quarter in the prior year, the firm posted $4.57 earnings per share. Nucor’s quarterly revenue was down 15.2% on a year-over-year basis.

Institutional Investors Weigh In On Nucor

A number of hedge funds and other institutional investors have recently modified their holdings of NUE. OFC Financial Planning LLC purchased a new position in Nucor in the fourth quarter valued at $878,000. Heck Capital Advisors LLC acquired a new position in shares of Nucor during the 4th quarter worth about $121,000. New Wave Wealth Advisors LLC purchased a new position in shares of Nucor in the 4th quarter valued at about $33,000. TCI Wealth Advisors Inc. raised its position in shares of Nucor by 4.4% during the 4th quarter. TCI Wealth Advisors Inc. now owns 2,157 shares of the basic materials company’s stock worth $252,000 after acquiring an additional 91 shares in the last quarter. Finally, Crews Bank & Trust purchased a new stake in Nucor during the fourth quarter worth approximately $29,000. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Nucor news, EVP Allen C. Behr sold 4,968 shares of the 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 of the company’s stock, valued at $13,636,254.72. This trade represents a 5.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Stephen D. Laxton sold 4,712 shares of Nucor stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $169.53, for a total value of $798,825.36. Following the completion of the transaction, the chief financial officer now owns 82,132 shares of the company’s stock, valued at $13,923,837.96. The trade was a 5.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,680 shares of company stock worth $4,773,724 in the last ninety days. 0.46% of the stock is owned by corporate insiders.

Nucor Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 11th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.55 per share. This is an increase from Nucor’s previous quarterly dividend of $0.54. This represents a $2.20 annualized dividend and a yield of 1.80%. The ex-dividend date is Tuesday, December 31st. Nucor’s dividend 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.