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

Nucor Co. (NYSE:NUE) – Investment analysts at Zacks Research issued their Q1 2024 earnings estimates for shares of Nucor in a research note issued to investors on Wednesday, April 17th. Zacks Research analyst A. Barman anticipates 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.

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

Nucor Stock Performance

NYSE NUE opened at $190.77 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.35 and a current ratio of 3.57. The company has a market capitalization of $45.78 billion, a P/E ratio of 10.60 and a beta of 1.61. The company has a fifty day moving average of $191.09 and a 200-day moving average of $173.32. Nucor has a 52-week low of $129.79 and a 52-week high of $203.00.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, January 29th. The basic materials company reported $3.16 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $7.64 billion. During the same period last year, the firm earned $4.89 EPS. The business’s quarterly revenue was down 11.7% compared to the same quarter last year.

Nucor Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Thursday, March 28th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $2.16 dividend on an annualized basis and a yield of 1.13%. Nucor’s dividend payout ratio is presently 12.01%.

Insiders Place Their Bets

In other Nucor news, EVP Douglas J. Jellison sold 19,506 shares of the company’s 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 transaction, the executive vice president now directly owns 120,738 shares in the company, valued at approximately $23,351,936.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Douglas J. Jellison sold 19,506 shares of Nucor stock in a transaction dated Thursday, March 21st. The stock was 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 in the company, valued at $23,351,936.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael D. Keller sold 3,145 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $193.67, for a total value of $609,092.15. Following the completion of the sale, the insider now owns 24,873 shares in the company, valued at approximately $4,817,153.91. The disclosure for this sale can be found here. Insiders sold a total of 38,151 shares of company stock valued at $7,308,683 in the last quarter. Corporate insiders own 0.46% of the company’s stock.

Institutional Trading of Nucor

Hedge funds have recently added to or reduced their stakes in the company. SVB Wealth LLC increased its stake in Nucor by 1.5% in the fourth quarter. SVB Wealth LLC now owns 3,656 shares of the basic materials company’s stock valued at $636,000 after purchasing an additional 54 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Nucor by 6.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the basic materials company’s stock valued at $151,000 after purchasing an additional 54 shares during the last quarter. Kestra Private Wealth Services LLC increased its stake in Nucor by 0.8% in the fourth quarter. Kestra Private Wealth Services LLC now owns 7,191 shares of the basic materials company’s stock valued at $1,252,000 after purchasing an additional 55 shares during the last quarter. Householder Group Estate & Retirement Specialist LLC increased its stake in Nucor by 36.6% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 220 shares of the basic materials company’s stock valued at $38,000 after purchasing an additional 59 shares during the last quarter. Finally, Fortitude Family Office LLC grew its position in shares of Nucor by 54.1% during the first quarter. Fortitude Family Office LLC now owns 168 shares of the basic materials company’s stock worth $33,000 after acquiring an additional 59 shares during the last quarter. Institutional investors and hedge funds 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.