Nucor Co. (NYSE:NUE) Forecasted to Earn Q1 2024 Earnings of $3.61 Per Share

Nucor Co. (NYSE:NUE) – Research analysts at Zacks Research issued their Q1 2024 EPS estimates for Nucor in a report issued on Wednesday, April 17th. Zacks Research analyst A. Barman anticipates that the basic materials company will earn $3.61 per share for the quarter. The consensus estimate for Nucor’s current full-year earnings is $13.03 per share. Zacks Research also issued estimates for Nucor’s Q2 2024 earnings at $3.48 EPS, Q3 2024 earnings at $2.94 EPS, Q4 2024 earnings at $2.58 EPS, FY2024 earnings at $12.61 EPS, Q1 2025 earnings at $2.87 EPS, Q2 2025 earnings at $3.45 EPS, Q3 2025 earnings at $3.48 EPS and FY2025 earnings at $12.69 EPS.

Nucor (NYSE:NUE) last posted its earnings results on Monday, January 29th. The basic materials company reported $3.16 earnings per share for the quarter, topping analysts’ consensus estimates of $2.83 by $0.33. Nucor had a net margin of 13.03% and a return on equity of 21.42%. The firm had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.64 billion. During the same quarter in the previous year, the firm posted $4.89 earnings per share. The company’s revenue was down 11.7% on a year-over-year basis.

NUE has been the subject of a number of other research reports. StockNews.com upgraded shares of Nucor from a “hold” rating to a “buy” rating in a report on Wednesday, April 10th. JPMorgan Chase & Co. raised their price target on shares of Nucor from $180.00 to $195.00 and gave the company a “neutral” rating in a research note on Tuesday. UBS Group started coverage on shares of Nucor in a research note on Tuesday, January 16th. They issued a “buy” rating and a $210.00 price objective on the stock. Finally, Citigroup raised Nucor from a “neutral” rating to a “buy” rating and raised their target price for the stock from $180.00 to $240.00 in a research report on Wednesday, March 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $192.83.

Nucor Trading Up 0.3 %

Shares of NUE stock opened at $191.36 on Friday. The company has a quick ratio of 2.35, a current ratio of 3.57 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $45.92 billion, a P/E ratio of 10.64 and a beta of 1.61. Nucor has a twelve month low of $129.79 and a twelve month high of $203.00. The stock’s fifty day simple moving average is $191.19 and its 200 day simple moving average is $173.57.

Institutional Trading of Nucor

Several institutional investors and hedge funds have recently modified their holdings of the stock. Householder Group Estate & Retirement Specialist LLC bought a new stake in Nucor in the 3rd quarter worth about $25,000. Criterion Capital Advisors LLC purchased a new stake in shares of Nucor during the fourth quarter valued at approximately $25,000. Rise Advisors LLC purchased a new position in Nucor in the first quarter worth $27,000. Providence Capital Advisors LLC grew its stake in Nucor by 15,470.4% in the 1st quarter. Providence Capital Advisors LLC now owns 4,204 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 4,177 shares during the period. Finally, Tompkins Financial Corp increased its position 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 purchasing an additional 104 shares during the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Nucor news, EVP Douglas J. Jellison sold 19,506 shares of Nucor stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $193.41, for a total value of $3,772,655.46. Following the completion of the sale, the executive vice president now directly owns 120,738 shares of the company’s stock, valued at $23,351,936.58. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Michael D. Keller sold 3,145 shares of the company’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 transaction of $609,092.15. Following the transaction, the insider now directly owns 24,873 shares of the company’s stock, valued at $4,817,153.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the executive vice president now owns 120,738 shares of the company’s stock, valued at approximately $23,351,936.58. The disclosure for this sale can be found here. Insiders sold 38,151 shares of company stock worth $7,308,683 in the last quarter. 0.46% of the stock is owned by corporate insiders.

Nucor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Stockholders 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 dividend yield of 1.13%. The ex-dividend date is Wednesday, March 27th. Nucor’s dividend payout ratio (DPR) is 12.01%.

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.