FY2024 Earnings Forecast for Nucor Issued By Seaport Res Ptn

Nucor Co. (NYSE:NUE) – Investment analysts at Seaport Res Ptn reduced their FY2024 EPS estimates for shares of Nucor in a note issued to investors on Tuesday, October 22nd. Seaport Res Ptn analyst M. Englert now anticipates that the basic materials company will earn $8.53 per share for the year, down from their prior estimate of $8.64. The consensus estimate for Nucor’s current full-year earnings is $9.08 per share. Seaport Res Ptn also issued estimates for Nucor’s Q4 2024 earnings at $0.90 EPS, Q2 2025 earnings at $3.30 EPS, Q3 2025 earnings at $2.86 EPS and Q4 2025 earnings at $2.36 EPS.

Other equities research analysts have also recently issued research reports about the stock. BMO Capital Markets reduced their target price on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research report on Wednesday, September 18th. Argus raised shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. Morgan Stanley lowered their target price on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, JPMorgan Chase & Co. cut their price target on Nucor from $170.00 to $168.00 and set an “overweight” rating for the company in a research note on Wednesday. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nucor presently has a consensus rating of “Moderate Buy” and a consensus price target of $190.57.

Nucor Stock Performance

NUE opened at $141.47 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.59 and a quick ratio of 1.85. The business has a fifty day simple moving average of $147.73 and a 200 day simple moving average of $159.27. Nucor has a 1 year low of $133.42 and a 1 year high of $203.00. The company has a market capitalization of $33.58 billion, a PE ratio of 13.67 and a beta of 1.55.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.09. The company had revenue of $7.44 billion during the quarter, compared to analysts’ expectations of $7.28 billion. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The business’s revenue was down 15.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.57 earnings per share.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Pacer Advisors Inc. grew its holdings in shares of Nucor by 29.7% during the 2nd quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock valued at $456,030,000 after purchasing an additional 660,866 shares during the last quarter. International Assets Investment Management LLC boosted its position in Nucor by 14,525.9% in the third quarter. International Assets Investment Management LLC now owns 326,889 shares of the basic materials company’s stock valued at $49,144,000 after buying an additional 324,654 shares in the last quarter. Swedbank AB bought a new stake in shares of Nucor during the first quarter worth $37,395,000. Captrust Financial Advisors increased its holdings in shares of Nucor by 23.5% during the first quarter. Captrust Financial Advisors now owns 804,150 shares of the basic materials company’s stock worth $159,141,000 after buying an additional 153,077 shares in the last quarter. Finally, Trinity Street Asset Management LLP bought a new position in shares of Nucor in the 2nd quarter valued at $19,213,000. Institutional investors and hedge funds own 76.48% of the company’s stock.

Insider Buying and Selling at Nucor

In other news, EVP Daniel R. Needham sold 8,624 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the completion of the transaction, the executive vice president now owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.46% of the company’s stock.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.53%. The ex-dividend date is Friday, September 27th. Nucor’s payout ratio is presently 20.87%.

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.