Nucor Co. (NYSE:NUE - Free Report) - Equities researchers at Zacks Research cut their Q2 2024 earnings per share estimates for Nucor in a research note issued to investors on Monday, May 6th. Zacks Research analyst M. Agrawal now anticipates that the basic materials company will post earnings per share of $3.15 for the quarter, down from their previous estimate of $3.48. The consensus estimate for Nucor's current full-year earnings is $12.55 per share. Zacks Research also issued estimates for Nucor's FY2024 earnings at $12.23 EPS, Q2 2025 earnings at $3.20 EPS, Q3 2025 earnings at $3.10 EPS, FY2025 earnings at $12.49 EPS, Q1 2026 earnings at $3.13 EPS and FY2026 earnings at $12.52 EPS.
Several other brokerages have also commented on NUE. JPMorgan Chase & Co. decreased their price objective on Nucor from $195.00 to $190.00 and set a "neutral" rating for the company in a report on Wednesday, April 24th. UBS Group initiated coverage on shares of Nucor in a research note on Tuesday, January 16th. They issued a "buy" rating and a $210.00 target price for the company. BMO Capital Markets cut their target price on Nucor from $210.00 to $200.00 and set a "market perform" rating on the stock in a research report on Wednesday, April 24th. Citigroup upgraded shares of Nucor from a "neutral" rating to a "buy" rating and boosted their target price for the company from $180.00 to $240.00 in a report on Wednesday, March 13th. Finally, StockNews.com lowered Nucor from a "buy" rating to a "hold" rating in a research report on Tuesday, April 23rd. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Nucor presently has a consensus rating of "Hold" and a consensus target price of $193.14.
Read Our Latest Stock Analysis on NUE
Nucor Stock Up 2.7 %
Shares of NYSE:NUE traded up $4.57 during trading on Thursday, reaching $174.37. The stock had a trading volume of 1,229,308 shares, compared to its average volume of 1,435,515. The company has a current ratio of 4.02, a quick ratio of 2.48 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $41.85 billion, a P/E ratio of 9.99 and a beta of 1.65. The firm's 50-day simple moving average is $187.87 and its 200 day simple moving average is $175.79. Nucor has a one year low of $129.79 and a one year high of $203.00.
Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings data 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 business had revenue of $8.14 billion for the quarter, compared to the consensus estimate of $8.26 billion. Nucor had a net margin of 12.40% and a return on equity of 19.62%. Nucor's revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.45 earnings per share.
Nucor Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Thursday, March 28th will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Wednesday, March 27th. Nucor's payout ratio is currently 12.71%.
Insider Buying and Selling at Nucor
In other news, EVP Allen C. Behr sold 10,000 shares of the company's stock in a transaction 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 sale, the executive vice president now owns 80,902 shares of the company's stock, valued at $15,386,751.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Allen C. Behr sold 10,000 shares of Nucor stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $190.19, for a total value of $1,901,900.00. Following the completion of the transaction, the executive vice president now owns 80,902 shares in the company, valued at $15,386,751.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Douglas J. Jellison sold 19,506 shares of the 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 sale, the executive vice president now directly owns 120,738 shares in the company, valued at $23,351,936.58. The disclosure for this sale can be found here. Insiders sold 32,651 shares of company stock valued at $6,283,648 in the last 90 days. Company insiders own 0.46% of the company's stock.
Institutional Investors Weigh In On Nucor
Several institutional investors have recently added to or reduced their stakes in the business. HBK Sorce Advisory LLC lifted its holdings in shares of Nucor by 13.1% in the 1st quarter. HBK Sorce Advisory LLC now owns 3,965 shares of the basic materials company's stock valued at $785,000 after purchasing an additional 459 shares during the last quarter. TBH Global Asset Management LLC acquired a new position in shares of Nucor during the 1st quarter worth $281,000. SageView Advisory Group LLC boosted its position in shares of Nucor by 42.5% in the 1st quarter. SageView Advisory Group LLC now owns 3,158 shares of the basic materials company's stock worth $625,000 after buying an additional 942 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Nucor by 15.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 323,350 shares of the basic materials company's stock valued at $63,991,000 after acquiring an additional 43,093 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its holdings in Nucor by 10.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 303,716 shares of the basic materials company's stock valued at $60,105,000 after acquiring an additional 27,817 shares in the last quarter. Hedge funds and other institutional investors own 76.48% of the company's stock.
About Nucor
(
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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.
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