Q2 2024 EPS Estimates for Nucor Co. Cut by Analyst (NYSE:NUE)

Nucor Co. (NYSE:NUE) – Equities researchers at Seaport Res Ptn dropped their Q2 2024 earnings per share estimates for shares of Nucor in a research report issued to clients and investors on Tuesday, April 23rd. Seaport Res Ptn analyst M. Englert now anticipates that the basic materials company will post earnings per share of $3.23 for the quarter, down from their previous estimate 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 posted its quarterly earnings results on Monday, April 22nd. The basic materials company reported $3.46 earnings per share 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 business had revenue of $8.14 billion for the quarter, compared to the consensus estimate of $8.26 billion. During the same period last year, the firm earned $4.45 earnings per share. The company’s quarterly revenue was down 6.6% on a year-over-year basis.

Several other brokerages also recently issued reports on NUE. JPMorgan Chase & Co. lowered their price target on Nucor from $195.00 to $190.00 and set a “neutral” rating for the company in a report on Wednesday. UBS Group started coverage on shares of Nucor in a report on Tuesday, January 16th. They issued a “buy” rating and a $210.00 price target for the company. Citigroup raised shares of Nucor from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $180.00 to $240.00 in a research report on Wednesday, March 13th. BMO Capital Markets lowered their target price on Nucor from $210.00 to $200.00 and set a “market perform” rating for the company in a report on Wednesday. Finally, StockNews.com lowered Nucor from a “buy” rating to a “hold” rating in a report on Tuesday. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Nucor currently has an average rating of “Hold” and a consensus target price of $193.14.

Nucor Price Performance

Shares of NUE opened at $175.88 on Friday. The stock has a market cap of $42.21 billion, a P/E ratio of 10.35 and a beta of 1.61. Nucor has a 1 year low of $129.79 and a 1 year high of $203.00. The stock’s 50-day moving average price is $190.83 and its two-hundred day moving average price is $174.19. The company has a current ratio of 4.02, a quick ratio of 2.35 and a debt-to-equity ratio of 0.31.

Institutional Investors Weigh In On Nucor

Several large investors have recently modified their holdings of NUE. Mesirow Financial Investment Management Inc. acquired a new stake in Nucor during the 1st quarter worth about $1,456,000. Sigma Investment Counselors Inc. boosted its position in shares of Nucor by 0.5% during the 1st quarter. Sigma Investment Counselors Inc. now owns 34,981 shares of the basic materials company’s stock valued at $6,923,000 after purchasing an additional 176 shares in the last quarter. Horrell Capital Management Inc. grew its stake in Nucor by 0.5% during the first quarter. Horrell Capital Management Inc. now owns 29,371 shares of the basic materials company’s stock worth $5,813,000 after purchasing an additional 147 shares during the period. One Day In July LLC bought a new stake in Nucor in the first quarter worth approximately $203,000. Finally, Equitable Trust Co. acquired a new position in Nucor in the first quarter valued at approximately $208,000. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Nucor

In other news, insider Michael D. Keller sold 3,145 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $193.67, for a total value of $609,092.15. Following the completion of the transaction, the insider now owns 24,873 shares of the company’s stock, valued at $4,817,153.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Michael D. Keller sold 3,145 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $193.67, for a total value of $609,092.15. Following the completion of the sale, the insider now owns 24,873 shares of the company’s stock, valued at $4,817,153.91. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kenneth Rex Query sold 5,500 shares of Nucor stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $186.37, for a total value of $1,025,035.00. Following the completion of the transaction, the executive vice president now directly owns 85,326 shares in the company, valued at $15,902,206.62. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,151 shares of company stock worth $7,308,683. 0.46% of the stock is currently owned by insiders.

Nucor Dividend Announcement

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

About Nucor

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.