Seaport Res Ptn Estimates Nucor’s FY2024 Earnings (NYSE:NUE)

Nucor Co. (NYSE:NUE) – Analysts at Seaport Res Ptn lowered their FY2024 earnings per share (EPS) estimates for shares of Nucor in a note issued to investors on Tuesday, October 22nd. Seaport Res Ptn analyst M. Englert now expects that the basic materials company will post earnings of $8.53 per share for the year, down from their prior estimate of $8.64. The consensus estimate for Nucor’s current full-year earnings is $9.08 per share. Seaport Res Ptn also issued estimates for Nucor’s Q4 2024 earnings at $0.90 EPS, Q2 2025 earnings at $3.30 EPS, Q3 2025 earnings at $2.86 EPS and Q4 2025 earnings at $2.36 EPS.

NUE has been the subject of a number of other research reports. Argus upgraded Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Bank of America reduced their target price on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. BMO Capital Markets decreased their price target on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. Morgan Stanley cut their price objective on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, JPMorgan Chase & Co. reduced their price objective on Nucor from $170.00 to $168.00 and set an “overweight” rating for the company in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Nucor currently has an average rating of “Moderate Buy” and an average price target of $190.57.

Nucor Price Performance

NYSE NUE opened at $141.66 on Thursday. The stock has a market capitalization of $33.96 billion, a price-to-earnings ratio of 8.33 and a beta of 1.55. Nucor has a 1-year low of $133.42 and a 1-year high of $203.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.85. The business’s fifty day moving average price is $147.81 and its 200-day moving average price is $159.39.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, October 21st. The basic materials company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.09. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The firm had revenue of $7.44 billion during the quarter, compared to analysts’ expectations of $7.28 billion. During the same period in the previous year, the company earned $4.57 earnings per share. The firm’s quarterly revenue was down 15.2% on a year-over-year basis.

Hedge Funds Weigh In On Nucor

Institutional investors have recently bought and sold shares of the stock. Chilton Capital Management LLC grew its position in shares of Nucor by 94.2% during the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 65 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in Nucor during the first quarter valued at approximately $28,000. Salomon & Ludwin LLC bought a new position in Nucor during the first quarter valued at approximately $31,000. McClarren Financial Advisors Inc. grew its holdings in Nucor by 129.0% during the 2nd quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after buying an additional 89 shares in the last quarter. Finally, Brown Lisle Cummings Inc. bought a new stake in Nucor in the 3rd quarter worth approximately $30,000. 76.48% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the completion of the sale, the executive vice president now owns 99,049 shares in the company, valued at approximately $15,847,840. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.46% of the company’s stock.

Nucor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a yield of 1.52%. Nucor’s payout ratio is presently 12.71%.

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.