Nucor Co. (NYSE:NUE) Forecasted to Earn Q1 2024 Earnings of $3.61 Per Share

Nucor Co. (NYSE:NUE) – Analysts at Zacks Research issued their Q1 2024 earnings per share (EPS) estimates for Nucor in a research note issued on Wednesday, April 17th. Zacks Research analyst A. Barman forecasts that the basic materials company will post earnings of $3.61 per share for the quarter. The consensus estimate for Nucor’s current full-year earnings is $13.03 per share. Zacks Research also issued estimates for Nucor’s Q2 2024 earnings at $3.48 EPS, Q3 2024 earnings at $2.94 EPS, Q4 2024 earnings at $2.58 EPS, FY2024 earnings at $12.61 EPS, Q1 2025 earnings at $2.87 EPS, Q2 2025 earnings at $3.45 EPS, Q3 2025 earnings at $3.48 EPS and FY2025 earnings at $12.69 EPS.

Several other research firms have also weighed in on NUE. UBS Group started coverage on Nucor in a report on Tuesday, January 16th. They set a “buy” rating and a $210.00 target price on the stock. Citigroup upgraded Nucor from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $180.00 to $240.00 in a report on Wednesday, March 13th. JPMorgan Chase & Co. upped their price objective on Nucor from $180.00 to $195.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, StockNews.com upgraded Nucor from a “hold” rating to a “buy” rating in a report on Wednesday, April 10th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $192.83.

Nucor Stock Performance

NUE stock opened at $190.77 on Friday. The business’s 50-day moving average price is $191.09 and its two-hundred day moving average price is $173.32. The company has a current ratio of 3.57, a quick ratio of 2.35 and a debt-to-equity ratio of 0.30. The firm has a market cap of $45.78 billion, a PE ratio of 10.60 and a beta of 1.61. Nucor has a 1-year low of $129.79 and a 1-year high of $203.00.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, January 29th. The basic materials company reported $3.16 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.33. Nucor had a return on equity of 21.42% and a net margin of 13.03%. The business had revenue of $7.70 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same period in the previous year, the firm earned $4.89 earnings per share. The firm’s quarterly revenue was down 11.7% compared to the same quarter last year.

Nucor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Thursday, March 28th will be given a $0.54 dividend. The ex-dividend date is Wednesday, March 27th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.13%. Nucor’s payout ratio is 12.01%.

Insider Activity

In other news, EVP Douglas J. Jellison sold 19,506 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president now directly owns 120,738 shares of the company’s stock, valued at $23,351,936.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Douglas J. Jellison sold 19,506 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president now directly owns 120,738 shares of the company’s stock, valued at $23,351,936.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael D. Keller sold 3,145 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were 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 directly owns 24,873 shares of the company’s stock, valued at $4,817,153.91. The disclosure for this sale can be found here. Insiders sold a total of 38,151 shares of company stock valued at $7,308,683 over the last three months. Insiders own 0.46% of the company’s stock.

Institutional Trading of Nucor

Several hedge funds have recently added to or reduced their stakes in the company. Cullinan Associates Inc. lifted its holdings in Nucor by 430.6% during the 1st quarter. Cullinan Associates Inc. now owns 6,367 shares of the basic materials company’s stock worth $1,260,000 after purchasing an additional 5,167 shares during the last quarter. Diversified Trust Co lifted its holdings in Nucor by 87.6% during the 1st quarter. Diversified Trust Co now owns 10,449 shares of the basic materials company’s stock worth $2,068,000 after purchasing an additional 4,880 shares during the last quarter. Chapin Davis Inc. lifted its holdings in Nucor by 21.5% during the 1st quarter. Chapin Davis Inc. now owns 2,412 shares of the basic materials company’s stock worth $477,000 after purchasing an additional 426 shares during the last quarter. Successful Portfolios LLC raised its holdings in Nucor by 93.8% in the 1st quarter. Successful Portfolios LLC now owns 2,830 shares of the basic materials company’s stock valued at $560,000 after acquiring an additional 1,370 shares in the last quarter. Finally, SteelPeak Wealth LLC raised its holdings in Nucor by 172.1% in the 1st quarter. SteelPeak Wealth LLC now owns 21,935 shares of the basic materials company’s stock valued at $4,353,000 after acquiring an additional 13,875 shares in the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

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.