FY2023 EPS Estimates for Nucor Co. (NYSE:NUE) Raised by KeyCorp

Nucor Co. (NYSE:NUE – Get Rating) – Investment analysts at KeyCorp boosted their FY2023 earnings per share estimates for Nucor in a research report issued to clients and investors on Monday, March 13th. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings per share of $13.10 for the year, up from their prior forecast of $12.20. The consensus estimate for Nucor’s current full-year earnings is $14.12 per share.

Other equities analysts have also issued research reports about the company. Morgan Stanley raised their price objective on Nucor from $113.00 to $122.00 and gave the stock an “equal weight” rating in a report on Monday, January 30th. Bank of America assumed coverage on Nucor in a report on Wednesday, January 4th. They set a “buy” rating and a $172.00 price objective on the stock. BMO Capital Markets raised their price objective on Nucor from $155.00 to $165.00 and gave the stock a “market perform” rating in a report on Friday, January 27th. StockNews.com assumed coverage on Nucor in a report on Thursday. They set a “hold” rating on the stock. Finally, The Goldman Sachs Group raised their price objective on Nucor from $144.00 to $161.00 and gave the stock a “neutral” rating in a report on Friday, March 10th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $151.67.

Nucor Stock Up 0.4 %

Nucor stock opened at $145.42 on Thursday. Nucor has a 1-year low of $100.13 and a 1-year high of $187.90. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.39 and a quick ratio of 2.13. The stock has a market cap of $36.64 billion, a PE ratio of 5.06 and a beta of 1.59. The stock’s fifty day moving average is $162.84 and its two-hundred day moving average is $143.04.

Nucor (NYSE:NUE – Get Rating) last posted its quarterly earnings results on Thursday, January 26th. The basic materials company reported $4.89 earnings per share for the quarter, beating analysts’ consensus estimates of $4.18 by $0.71. Nucor had a return on equity of 42.03% and a net margin of 18.33%. The company had revenue of $8.72 billion for the quarter, compared to analysts’ expectations of $8.54 billion. During the same period last year, the firm earned $7.97 earnings per share. Nucor’s quarterly revenue was down 15.8% on a year-over-year basis.

Institutional Investors Weigh In On Nucor

A number of hedge funds have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. lifted its position in shares of Nucor by 36.6% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 437 shares of the basic materials company’s stock valued at $47,000 after acquiring an additional 117 shares during the period. SG Americas Securities LLC lifted its position in shares of Nucor by 305.0% during the 3rd quarter. SG Americas Securities LLC now owns 27,464 shares of the basic materials company’s stock valued at $2,938,000 after acquiring an additional 20,683 shares during the period. Cetera Investment Advisers lifted its position in shares of Nucor by 4.3% during the 2nd quarter. Cetera Investment Advisers now owns 32,070 shares of the basic materials company’s stock valued at $3,348,000 after acquiring an additional 1,325 shares during the period. Procyon Advisors LLC acquired a new stake in shares of Nucor during the 3rd quarter valued at approximately $362,000. Finally, MGO One Seven LLC lifted its position in shares of Nucor by 59.9% during the 2nd quarter. MGO One Seven LLC now owns 6,117 shares of the basic materials company’s stock valued at $639,000 after acquiring an additional 2,291 shares during the period. Institutional investors and hedge funds own 78.33% of the company’s stock.

Insider Buying and Selling

In related news, EVP Kenneth Rex Query sold 1,962 shares of the firm’s stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $177.99, for a total transaction of $349,216.38. Following the transaction, the executive vice president now owns 74,138 shares of the company’s stock, valued at $13,195,822.62. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Leon J. Topalian sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $134.71, for a total value of $404,130.00. Following the completion of the sale, the chief executive officer now owns 126,809 shares in the company, valued at $17,082,440.39. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Kenneth Rex Query sold 1,962 shares of the firm’s stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $177.99, for a total transaction of $349,216.38. Following the completion of the sale, the executive vice president now owns 74,138 shares of the company’s stock, valued at approximately $13,195,822.62. The disclosure for this sale can be found here. Insiders have sold a total of 12,575 shares of company stock valued at $2,034,130 over the last quarter. 0.46% of the stock is currently owned by insiders.

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 11th. Investors of record on Friday, March 31st will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date is Thursday, March 30th. Nucor’s dividend payout ratio is currently 7.10%.

About Nucor

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Nucor Corp. engages in the manufacturing of steel and steel products. It operates through the following segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment consists of carbon and alloy steel in sheet, bars, structural and plate, steel trading businesses, rebar distribution businesses, and Nucor’s equity method investments.