Nucor Co. (NYSE:NUE) Forecasted to Post Q2 2024 Earnings of $3.15 Per Share

Nucor Co. (NYSE:NUE) – Equities research analysts at Zacks Research lowered their Q2 2024 EPS estimates for Nucor in a report released on Monday, May 6th. Zacks Research analyst M. Agrawal now expects that the basic materials company will post earnings of $3.15 per share for the quarter, down from their prior forecast of $3.48. The consensus estimate for Nucor’s current full-year earnings is $12.55 per share. Zacks Research also issued estimates for Nucor’s FY2024 earnings at $12.23 EPS, Q2 2025 earnings at $3.20 EPS, Q3 2025 earnings at $3.10 EPS, FY2025 earnings at $12.49 EPS, Q1 2026 earnings at $3.13 EPS and FY2026 earnings at $12.52 EPS.

NUE has been the topic of a number of other research reports. JPMorgan Chase & Co. cut their price objective on shares of Nucor from $195.00 to $190.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 24th. StockNews.com downgraded Nucor from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. UBS Group assumed coverage on Nucor in a research report on Tuesday, January 16th. They set a “buy” rating and a $210.00 price target for the company. Citigroup raised shares of Nucor from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $180.00 to $240.00 in a research note on Wednesday, March 13th. Finally, BMO Capital Markets dropped their price target 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. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Nucor presently has an average rating of “Hold” and an average target price of $193.14.

Nucor Trading Down 1.2 %

Nucor stock opened at $169.81 on Thursday. Nucor has a 52 week low of $129.79 and a 52 week high of $203.00. The stock has a 50-day moving average price of $187.87 and a 200 day moving average price of $175.79. The company has a quick ratio of 2.48, a current ratio of 4.02 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $40.75 billion, a price-to-earnings ratio of 9.99 and a beta of 1.65.

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

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Thursday, March 28th will be paid a dividend of $0.54 per share. The ex-dividend date is Wednesday, March 27th. This represents a $2.16 annualized dividend and a yield of 1.27%. Nucor’s dividend payout ratio (DPR) is currently 12.71%.

Insider Buying and Selling at Nucor

In other news, EVP Allen C. Behr sold 10,000 shares of Nucor 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 sale, the executive vice president now directly owns 80,902 shares of the company’s stock, valued at $15,386,751.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Allen C. Behr sold 10,000 shares of the business’s stock in a transaction dated 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 directly owns 80,902 shares in the company, valued at $15,386,751.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael D. Keller sold 3,145 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $193.67, for a total value of $609,092.15. Following the transaction, the insider now owns 24,873 shares in the company, valued at $4,817,153.91. The disclosure for this sale can be found here. Insiders sold 32,651 shares of company stock valued at $6,283,648 over the last quarter. 0.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nucor

Hedge funds have recently bought and sold shares of the stock. Criterion Capital Advisors LLC acquired a new stake in shares of Nucor during the fourth quarter valued at $25,000. Rise Advisors LLC acquired a new position in Nucor during the first quarter worth approximately $27,000. Chilton Capital Management LLC raised its stake in Nucor by 94.2% during the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 65 shares during the period. Central Pacific Bank Trust Division acquired a new position in shares of Nucor in the 1st quarter valued at $28,000. Finally, Tompkins Financial Corp grew its stake 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 valued at $30,000 after buying an additional 104 shares during the period. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Nucor Company Profile

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.