Equities Analysts Offer Predictions for Nucor Co.’s Q3 2024 Earnings (NYSE:NUE)

Nucor Co. (NYSE:NUE) – Seaport Res Ptn raised their Q3 2024 earnings per share estimates for Nucor in a report released on Tuesday, April 23rd. Seaport Res Ptn analyst M. Englert now expects that the basic materials company will post earnings of $3.08 per share for the quarter, up from their prior estimate of $3.05. The consensus estimate for Nucor’s current full-year earnings is $12.93 per share. Seaport Res Ptn also issued estimates for Nucor’s Q4 2024 earnings at $2.93 EPS and Q4 2025 earnings at $2.72 EPS.

Nucor (NYSE:NUE) last announced its quarterly earnings data 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). The company had revenue of $8.14 billion for the quarter, compared to analysts’ expectations of $8.26 billion. Nucor had a net margin of 12.40% and a return on equity of 19.62%. The firm’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.45 EPS.

Several other research firms have also recently weighed in on NUE. BMO Capital Markets decreased their price target on Nucor from $210.00 to $200.00 and set a “market perform” rating for the company in a research note on Wednesday. StockNews.com cut Nucor from a “buy” rating to a “hold” rating in a research note on Tuesday. JPMorgan Chase & Co. decreased their price target on Nucor from $195.00 to $190.00 and set a “neutral” rating for the company in a research note on Wednesday. Citigroup upgraded Nucor from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $180.00 to $240.00 in a research note on Wednesday, March 13th. Finally, UBS Group started coverage on Nucor in a research report on Tuesday, January 16th. They set a “buy” rating and a $210.00 price objective for the company. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $193.14.

Nucor Stock Up 1.8 %

NUE stock opened at $175.88 on Thursday. Nucor has a 1-year low of $129.79 and a 1-year high of $203.00. The business has a fifty day moving average price of $190.83 and a 200-day moving average price of $174.19. The company has a debt-to-equity ratio of 0.31, a current ratio of 4.02 and a quick ratio of 2.35. The stock has a market capitalization of $42.21 billion, a P/E ratio of 10.35 and a beta of 1.61.

Nucor Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Thursday, March 28th will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date is Wednesday, March 27th. Nucor’s dividend payout ratio (DPR) is presently 12.71%.

Insider Buying and Selling at Nucor

In other Nucor news, insider Michael D. Keller sold 3,145 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $193.67, for a total transaction of $609,092.15. Following the completion of the sale, the insider now owns 24,873 shares of the company’s stock, valued at $4,817,153.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Nucor news, insider Michael D. Keller sold 3,145 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $193.67, for a total transaction of $609,092.15. Following the completion of the sale, the insider now owns 24,873 shares of the company’s stock, valued at $4,817,153.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kenneth Rex Query sold 5,500 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $186.37, for a total value of $1,025,035.00. Following the sale, the executive vice president now directly owns 85,326 shares of the company’s stock, valued at approximately $15,902,206.62. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,151 shares of company stock valued at $7,308,683. Company insiders own 0.46% of the company’s stock.

Institutional Trading of Nucor

Several hedge funds have recently bought and sold shares of NUE. Summit Global Investments bought a new position in shares of Nucor in the third quarter worth about $235,000. Avior Wealth Management LLC boosted its stake in shares of Nucor by 310.9% in the third quarter. Avior Wealth Management LLC now owns 1,360 shares of the basic materials company’s stock worth $213,000 after acquiring an additional 1,029 shares during the period. Mach 1 Financial Group LLC bought a new position in shares of Nucor in the third quarter worth about $212,000. Newbridge Financial Services Group Inc. boosted its stake in shares of Nucor by 56.3% in the third quarter. Newbridge Financial Services Group Inc. now owns 955 shares of the basic materials company’s stock worth $149,000 after acquiring an additional 344 shares during the period. Finally, CX Institutional boosted its stake in shares of Nucor by 0.7% in the third quarter. CX Institutional now owns 14,120 shares of the basic materials company’s stock worth $2,208,000 after acquiring an additional 100 shares during the period. Institutional investors own 76.48% of the company’s stock.

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.