Nucor Co. (NUE) Expected to Post Earnings of $2.33 Per Share

Wall Street brokerages expect that Nucor Co. (NYSE:NUE) will report earnings per share of $2.33 for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Nucor’s earnings, with the lowest EPS estimate coming in at $2.21 and the highest estimate coming in at $2.40. Nucor posted earnings per share of $0.79 in the same quarter last year, which suggests a positive year over year growth rate of 194.9%. The firm is scheduled to report its next quarterly earnings report before the market opens on Thursday, October 18th.

According to Zacks, analysts expect that Nucor will report full year earnings of $7.77 per share for the current year, with EPS estimates ranging from $7.48 to $7.94. For the next year, analysts expect that the business will report earnings of $6.59 per share, with EPS estimates ranging from $5.42 to $8.10. Zacks’ earnings per share calculations are a mean average based on a survey of research analysts that follow Nucor.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Thursday, July 19th. The basic materials company reported $2.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.03). The business had revenue of $6.46 billion during the quarter, compared to analysts’ expectations of $6.47 billion. Nucor had a return on equity of 16.22% and a net margin of 7.58%. The firm’s revenue was up 24.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.00 earnings per share.

Several brokerages recently issued reports on NUE. ValuEngine raised Nucor from a “sell” rating to a “hold” rating in a research note on Thursday, September 13th. Zacks Investment Research raised Nucor from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a research note on Thursday, July 12th. KeyCorp raised Nucor from a “sector weight” rating to an “overweight” rating and set a $77.00 price objective for the company in a research note on Tuesday, July 24th. Jefferies Financial Group reissued a “buy” rating and issued a $80.00 price objective on shares of Nucor in a research note on Friday, July 13th. Finally, Deutsche Bank downgraded Nucor to a “buy” rating in a research note on Tuesday, October 2nd. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Nucor has a consensus rating of “Buy” and a consensus price target of $72.25.

Shares of Nucor stock opened at $64.72 on Friday. The stock has a market capitalization of $20.07 billion, a P/E ratio of 18.44, a price-to-earnings-growth ratio of 0.69 and a beta of 1.51. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.05 and a quick ratio of 1.55. Nucor has a 1 year low of $53.71 and a 1 year high of $70.48.

Nucor announced that its board has authorized a share buyback program on Thursday, September 6th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the basic materials company to repurchase up to 10% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Friday, September 28th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Thursday, September 27th. Nucor’s dividend payout ratio (DPR) is presently 43.30%.

In other news, EVP D. Chad Utermark sold 53,483 shares of the firm’s stock in a transaction dated Tuesday, July 24th. The stock was sold at an average price of $68.49, for a total transaction of $3,663,050.67. Following the completion of the sale, the executive vice president now directly owns 155,140 shares of the company’s stock, valued at approximately $10,625,538.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John J. Ferriola sold 14,607 shares of the firm’s stock in a transaction dated Tuesday, July 24th. The stock was sold at an average price of $68.25, for a total value of $996,927.75. Following the sale, the chief executive officer now directly owns 374,542 shares of the company’s stock, valued at $25,562,491.50. The disclosure for this sale can be found here. Insiders have sold a total of 119,328 shares of company stock valued at $8,074,991 over the last ninety days. Company insiders own 0.80% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Stevens Capital Management LP increased its holdings in shares of Nucor by 3,110.6% during the 2nd quarter. Stevens Capital Management LP now owns 130,961 shares of the basic materials company’s stock valued at $8,185,000 after acquiring an additional 126,882 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Nucor by 1.0% during the 2nd quarter. Janney Montgomery Scott LLC now owns 114,293 shares of the basic materials company’s stock valued at $7,143,000 after acquiring an additional 1,185 shares during the last quarter. IMS Capital Management increased its holdings in shares of Nucor by 326.0% during the 2nd quarter. IMS Capital Management now owns 13,582 shares of the basic materials company’s stock valued at $849,000 after acquiring an additional 10,394 shares during the last quarter. Ashler Capital LLC acquired a new position in shares of Nucor during the 2nd quarter valued at about $10,515,000. Finally, D.A. Davidson & CO. increased its holdings in shares of Nucor by 2.0% during the 2nd quarter. D.A. Davidson & CO. now owns 73,118 shares of the basic materials company’s stock valued at $4,570,000 after acquiring an additional 1,441 shares during the last quarter. 77.28% of the stock is owned by institutional investors.

About Nucor

Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. 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; hollow structural section steel tubing, steel electrical conduit, plate steel, and structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, wire rods, and special bar quality; and tubular and plate steel products.

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