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

Nucor Co. (NYSE:NUE - Free Report) - Equities research analysts at Seaport Res Ptn dropped their Q2 2024 EPS estimates for Nucor in a research report issued on Tuesday, April 23rd. Seaport Res Ptn analyst M. Englert now expects that the basic materials company will post earnings per share of $3.23 for the quarter, down from their previous forecast 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 - Get Free Report) last posted its quarterly earnings results on Monday, April 22nd. The basic materials company reported $3.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.62 by ($0.16). The company had revenue of $8.14 billion for the quarter, compared to analyst estimates of $8.26 billion. Nucor had a net margin of 12.40% and a return on equity of 19.62%. Nucor's revenue was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.45 earnings per share.

NUE has been the subject of several other research reports. UBS Group began coverage on Nucor in a research note on Tuesday, January 16th. They set a "buy" rating and a $210.00 price target for the company. StockNews.com cut shares of Nucor from a "buy" rating to a "hold" rating in a research report on Tuesday. JPMorgan Chase & Co. lowered 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. Citigroup upgraded Nucor from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $180.00 to $240.00 in a research report on Wednesday, March 13th. Finally, BMO Capital Markets reduced their target price on Nucor from $210.00 to $200.00 and set a "market perform" rating on the stock in a research note on Wednesday. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $193.14.

Nucor Price Performance

NUE stock traded down $0.52 during midday trading on Friday, hitting $175.36. 1,253,887 shares of the stock were exchanged, compared to its average volume of 1,440,998. The stock's 50-day moving average price is $190.62 and its 200-day moving average price is $174.32. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.35 and a current ratio of 4.02. The stock has a market cap of $42.08 billion, a price-to-earnings ratio of 10.32 and a beta of 1.61. Nucor has a fifty-two week low of $129.79 and a fifty-two week high of $203.00.

Institutional Investors Weigh In On Nucor

Several institutional investors and hedge funds have recently added to or reduced their stakes in NUE. Norges Bank acquired a new stake in Nucor during the 4th quarter worth approximately $377,631,000. International Assets Investment Management LLC purchased a new stake in Nucor during the fourth quarter worth approximately $108,747,000. Global Assets Advisory LLC purchased a new position in shares of Nucor in the 1st quarter valued at $90,216,000. Pacer Advisors Inc. raised its stake in shares of Nucor by 13.0% in the 4th quarter. Pacer Advisors Inc. now owns 2,070,960 shares of the basic materials company's stock valued at $360,430,000 after acquiring an additional 237,752 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Nucor by 7.6% during the 3rd quarter. Invesco Ltd. now owns 2,262,832 shares of the basic materials company's stock valued at $353,794,000 after acquiring an additional 159,230 shares in the last quarter. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Nucor

In other Nucor news, EVP Douglas J. Jellison sold 19,506 shares of the firm's stock in a transaction dated Thursday, March 21st. The stock was 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Douglas J. Jellison sold 19,506 shares of the company's stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $193.41, for a total transaction of $3,772,655.46. Following the completion of the transaction, the executive vice president now owns 120,738 shares of the company's stock, valued at $23,351,936.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Allen C. Behr sold 10,000 shares of the stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $190.19, for a total transaction of $1,901,900.00. Following the transaction, the executive vice president now directly owns 80,902 shares in the company, valued at approximately $15,386,751.38. The disclosure for this sale can be found here. Insiders have sold 38,151 shares of company stock worth $7,308,683 over the last quarter. 0.46% of the stock is currently owned by insiders.

Nucor Announces Dividend

The firm 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 dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Wednesday, March 27th. Nucor's dividend 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.