Nucor Co. to Post Q3 2024 Earnings of $3.04 Per Share, Zacks Research Forecasts (NYSE:NUE)

Nucor Co. (NYSE:NUE) – Stock analysts at Zacks Research raised their Q3 2024 earnings estimates for shares of Nucor in a research report issued to clients and investors on Monday, May 6th. Zacks Research analyst M. Agrawal now forecasts that the basic materials company will post earnings of $3.04 per share for the quarter, up from their prior estimate of $2.94. The consensus estimate for Nucor’s current full-year earnings is $12.55 per share. Zacks Research also issued estimates for Nucor’s Q4 2024 earnings at $2.59 EPS, Q1 2025 earnings at $3.07 EPS and Q4 2025 earnings at $3.12 EPS.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, April 22nd. The basic materials company reported $3.46 earnings per share for the quarter, missing the consensus estimate of $3.62 by ($0.16). Nucor had a return on equity of 19.62% and a net margin of 12.40%. The business had revenue of $8.14 billion during the quarter, compared to the consensus estimate of $8.26 billion. During the same quarter in the previous year, the company earned $4.45 earnings per share. The company’s revenue for the quarter was down 6.6% compared to the same quarter last year.

Other analysts have also issued reports about the stock. JPMorgan Chase & Co. lowered their target price on shares of Nucor from $195.00 to $190.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. BMO Capital Markets reduced their target price on shares of 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 Nucor from a “neutral” rating to a “buy” rating and boosted their price target for the company from $180.00 to $240.00 in a report on Wednesday, March 13th. UBS Group started coverage on Nucor in a report on Tuesday, January 16th. They set a “buy” rating and a $210.00 price objective on the stock. Finally, StockNews.com lowered Nucor from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $193.14.

Nucor Stock Up 0.5 %

NYSE NUE opened at $171.79 on Wednesday. The firm has a market capitalization of $41.23 billion, a price-to-earnings ratio of 10.11 and a beta of 1.65. The company has a fifty day moving average of $188.31 and a two-hundred day moving average of $175.83. Nucor has a 52 week low of $129.79 and a 52 week high of $203.00. The company has a quick ratio of 2.48, a current ratio of 4.02 and a debt-to-equity ratio of 0.31.

Institutional Trading of Nucor

Several institutional investors have recently bought and sold shares of NUE. Rise Advisors LLC acquired a new position in shares of Nucor during the 1st quarter worth about $27,000. Chilton Capital Management LLC increased its stake in Nucor by 94.2% during the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock worth $27,000 after buying an additional 65 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of Nucor during the first quarter valued at approximately $28,000. Criterion Capital Advisors LLC purchased a new position in Nucor in the 4th quarter valued at $25,000. Finally, Tompkins Financial Corp boosted its holdings in shares of Nucor by 208.0% during the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 104 shares during the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Nucor news, EVP Allen C. Behr sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The shares were 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 owns 80,902 shares in the company, valued at approximately $15,386,751.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Douglas J. Jellison sold 19,506 shares of the business’s stock in a transaction 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 directly owns 120,738 shares in the company, valued at $23,351,936.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Allen C. Behr sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $190.19, for a total value of $1,901,900.00. Following the completion of the sale, the executive vice president now owns 80,902 shares in the company, valued at approximately $15,386,751.38. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,651 shares of company stock valued at $6,283,648. 0.46% of the stock is currently owned by corporate insiders.

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 given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.26%. The ex-dividend date is Wednesday, March 27th. Nucor’s dividend payout ratio is currently 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.