FY2024 Earnings Forecast for Nucor Issued By Seaport Res Ptn

Nucor Co. (NYSE:NUE) – Equities researchers at Seaport Res Ptn issued their FY2024 earnings estimates for shares of Nucor in a note issued to investors on Tuesday, January 21st. Seaport Res Ptn analyst M. Englert expects that the basic materials company will post earnings per share of $8.33 for the year. The consensus estimate for Nucor’s current full-year earnings is $8.13 per share. Seaport Res Ptn also issued estimates for Nucor’s Q4 2024 earnings at $0.70 EPS and FY2025 earnings at $7.42 EPS.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. dropped their target price on shares of Nucor from $168.00 to $152.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Jefferies Financial Group reduced their target price on shares of Nucor from $150.00 to $125.00 and set a “hold” rating for the company in a research note on Monday, January 6th. Citigroup reduced their price objective on Nucor from $240.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. The Goldman Sachs Group assumed coverage on Nucor in a research report on Monday, December 2nd. They set a “buy” rating and a $190.00 price target for the company. Finally, Morgan Stanley cut their price objective on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Four research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $163.63.

Nucor Stock Performance

NUE stock opened at $121.95 on Thursday. Nucor has a 1-year low of $112.25 and a 1-year high of $203.00. The business’s 50-day moving average price is $132.24 and its two-hundred day moving average price is $143.97. The firm has a market cap of $28.63 billion, a PE ratio of 11.78 and a beta of 1.60. The company has a current ratio of 2.59, a quick ratio of 1.61 and a debt-to-equity ratio of 0.26.

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

Nucor Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 11th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.55 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from Nucor’s previous quarterly dividend of $0.54. This represents a $2.20 annualized dividend and a dividend yield of 1.80%. Nucor’s payout ratio is currently 21.26%.

Insider Buying and Selling

In other Nucor news, CFO Stephen D. Laxton sold 4,712 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $169.53, for a total transaction of $798,825.36. Following the completion of the sale, the chief financial officer now directly owns 82,132 shares in the company, valued at $13,923,837.96. This trade represents a 5.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Allen C. Behr sold 4,968 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $159.72, for a total value of $793,488.96. Following the completion of the transaction, the executive vice president now directly owns 85,376 shares in the company, valued at $13,636,254.72. The trade was a 5.50 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,680 shares of company stock worth $4,773,724. Company insiders own 0.46% of the company’s stock.

Institutional Trading of Nucor

Several institutional investors have recently added to or reduced their stakes in the company. Widmann Financial Services Inc. boosted its position in shares of Nucor by 4.0% in the third quarter. Widmann Financial Services Inc. now owns 1,800 shares of the basic materials company’s stock valued at $271,000 after acquiring an additional 70 shares during the period. Salomon & Ludwin LLC boosted its holdings in Nucor by 45.6% in the 3rd quarter. Salomon & Ludwin LLC now owns 230 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 72 shares during the period. First Trust Direct Indexing L.P. grew its position in shares of Nucor by 1.4% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 5,467 shares of the basic materials company’s stock worth $822,000 after purchasing an additional 74 shares in the last quarter. Mirador Capital Partners LP grew its position in shares of Nucor by 1.5% during the 3rd quarter. Mirador Capital Partners LP now owns 5,250 shares of the basic materials company’s stock worth $789,000 after purchasing an additional 77 shares in the last quarter. Finally, Citizens Financial Group Inc. RI increased its holdings in shares of Nucor by 1.7% during the third quarter. Citizens Financial Group Inc. RI now owns 4,629 shares of the basic materials company’s stock worth $696,000 after purchasing an additional 79 shares during the period. 76.48% of the stock is currently owned by institutional investors.

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.