Nucor Co. (NYSE:NUE - Get Rating) - Research analysts at KeyCorp cut their FY2022 earnings per share estimates for Nucor in a research report issued to clients and investors on Monday, November 21st. KeyCorp analyst P. Gibbs now expects that the basic materials company will earn $28.00 per share for the year, down from their prior forecast of $28.70. The consensus estimate for Nucor's current full-year earnings is $29.84 per share. KeyCorp also issued estimates for Nucor's Q4 2022 earnings at $4.08 EPS and FY2023 earnings at $10.85 EPS.
Nucor (NYSE:NUE - Get Rating) last issued its earnings results on Thursday, October 20th. The basic materials company reported $6.50 earnings per share for the quarter, topping analysts' consensus estimates of $6.45 by $0.05. Nucor had a return on equity of 51.03% and a net margin of 19.93%. The company had revenue of $10.50 billion for the quarter, compared to analyst estimates of $10.43 billion. During the same period in the prior year, the firm earned $7.28 earnings per share. Nucor's revenue for the quarter was up 1.8% on a year-over-year basis.
A number of other brokerages have also weighed in on NUE. Credit Suisse Group lowered their target price on Nucor from $165.00 to $140.00 and set an "outperform" rating on the stock in a research report on Friday, September 16th. StockNews.com started coverage on Nucor in a research report on Wednesday, October 12th. They issued a "hold" rating for the company. The Goldman Sachs Group lowered their price target on Nucor from $127.00 to $114.00 and set a "neutral" rating for the company in a research report on Thursday, October 6th. BMO Capital Markets increased their price target on Nucor from $113.00 to $142.00 and gave the company a "market perform" rating in a research report on Wednesday, November 9th. Finally, Morgan Stanley lowered their price target on Nucor from $115.00 to $113.00 and set an "equal weight" rating for the company in a research report on Monday, October 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $132.33.
Nucor Price Performance
Shares of NYSE:NUE opened at $149.73 on Thursday. The company has a quick ratio of 1.79, a current ratio of 3.10 and a debt-to-equity ratio of 0.35. Nucor has a twelve month low of $88.50 and a twelve month high of $187.90. The stock's 50 day moving average is $125.56 and its 200-day moving average is $125.64. The firm has a market capitalization of $38.41 billion, a price-to-earnings ratio of 4.71 and a beta of 1.48.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. Tradition Wealth Management LLC grew its stake in shares of Nucor by 133.3% during the 2nd quarter. Tradition Wealth Management LLC now owns 245 shares of the basic materials company's stock worth $26,000 after acquiring an additional 140 shares during the period. CFS Investment Advisory Services LLC grew its stake in shares of Nucor by 14,509.4% during the 1st quarter. CFS Investment Advisory Services LLC now owns 4,061,713 shares of the basic materials company's stock worth $27,000 after acquiring an additional 4,033,911 shares during the period. Guardian Wealth Advisors LLC bought a new position in shares of Nucor during the 3rd quarter worth $31,000. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in shares of Nucor during the 1st quarter worth $32,000. Finally, Riggs Asset Managment Co. Inc. bought a new position in shares of Nucor during the 1st quarter worth $33,000. Institutional investors own 79.07% of the company's stock.
Insider Buying and Selling at Nucor
In other Nucor news, EVP Gregory J. Murphy sold 3,000 shares of the company's stock in a transaction on Wednesday, October 26th. The stock was sold at an average price of $137.29, for a total value of $411,870.00. Following the completion of the transaction, the executive vice president now owns 49,549 shares in the company, valued at approximately $6,802,582.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Nucor news, EVP John J. Hollatz sold 2,450 shares of the company's stock in a transaction on Monday, October 24th. The stock was sold at an average price of $134.40, for a total value of $329,280.00. Following the completion of the transaction, the executive vice president now owns 52,282 shares in the company, valued at approximately $7,026,700.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gregory J. Murphy sold 3,000 shares of the stock in a transaction on Wednesday, October 26th. The stock was sold at an average price of $137.29, for a total value of $411,870.00. Following the transaction, the executive vice president now owns 49,549 shares of the company's stock, valued at approximately $6,802,582.21. The disclosure for this sale can be found here. Corporate insiders own 0.46% of the company's stock.
Nucor Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 10th. Shareholders of record on Friday, September 30th were paid a $0.50 dividend. The ex-dividend date was Thursday, September 29th. This represents a $2.00 dividend on an annualized basis and a yield of 1.34%. Nucor's dividend payout ratio (DPR) is presently 6.29%.
Nucor Company Profile
Nucor Corporation manufactures and sells steel and steel products. The company's 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 products; and bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.
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