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

Nucor Co. (NYSE:NUE) – Analysts at Zacks Research issued their Q1 2024 earnings per share estimates for shares of Nucor in a research note issued to investors on Wednesday, April 17th. Zacks Research analyst A. Barman forecasts that the basic materials company will post earnings per share of $3.61 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.

Several other equities analysts also recently weighed in on NUE. StockNews.com upgraded Nucor from a “hold” rating to a “buy” rating in a research report on Wednesday, April 10th. Citigroup upgraded shares of Nucor from a “neutral” rating to a “buy” rating and boosted their target price for the company from $180.00 to $240.00 in a report on Wednesday, March 13th. UBS Group began coverage on shares of Nucor in a research report on Tuesday, January 16th. They set a “buy” rating and a $210.00 price target for the company. Finally, JPMorgan Chase & Co. lifted their price target on shares of Nucor from $180.00 to $195.00 and gave the company a “neutral” rating in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Nucor has a consensus rating of “Moderate Buy” and a consensus price target of $192.83.

Nucor Trading Up 0.3 %

Shares of NUE opened at $191.36 on Friday. The company has a market capitalization of $45.92 billion, a PE ratio of 10.64 and a beta of 1.61. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.35 and a current ratio of 3.57. Nucor has a fifty-two week low of $129.79 and a fifty-two week high of $203.00. The stock has a fifty day moving average of $191.19 and a two-hundred day moving average of $173.57.

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

Nucor Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Thursday, March 28th will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend is Wednesday, March 27th. Nucor’s dividend payout ratio (DPR) is 12.01%.

Insiders Place Their Bets

In related news, EVP Allen C. Behr sold 10,000 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now owns 80,902 shares in the company, valued at $15,386,751.38. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Nucor news, insider Michael D. Keller sold 3,145 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $193.67, for a total transaction of $609,092.15. Following the completion of the transaction, the insider now directly owns 24,873 shares of the company’s stock, valued at approximately $4,817,153.91. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Allen C. Behr sold 10,000 shares of the company’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 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. Insiders have 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.

Institutional Trading of Nucor

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Moneta Group Investment Advisors LLC raised its position in shares of Nucor by 127,059.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 155,232,061 shares of the basic materials company’s stock valued at $20,461,138,000 after acquiring an additional 155,109,984 shares in the last quarter. Norges Bank acquired a new stake in Nucor during the fourth quarter worth about $377,631,000. Morgan Stanley lifted its holdings in Nucor by 30.0% in the fourth quarter. Morgan Stanley now owns 4,247,626 shares of the basic materials company’s stock worth $559,880,000 after acquiring an additional 979,824 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Nucor in the fourth quarter valued at approximately $108,747,000. Finally, Imprint Wealth LLC boosted its stake in Nucor by 21,987.3% in the second quarter. Imprint Wealth LLC now owns 528,992 shares of the basic materials company’s stock valued at $52,899,000 after acquiring an additional 526,597 shares during the period. 76.48% of the stock is 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.