Zacks: Analysts Expect Nucor Corporation (NUE) Will Announce Quarterly Sales of $5.38 Billion
Brokerages forecast that Nucor Corporation (NYSE:NUE) will post sales of $5.38 billion for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Nucor Corporation’s earnings, with the lowest sales estimate coming in at $5.11 billion and the highest estimate coming in at $5.69 billion. Nucor Corporation reported sales of $4.29 billion in the same quarter last year, which would suggest a positive year over year growth rate of 25.4%. The business is expected to announce its next quarterly earnings report on Thursday, October 19th.
According to Zacks, analysts expect that Nucor Corporation will report full year sales of $5.38 billion for the current financial year, with estimates ranging from $19.75 billion to $21.22 billion. For the next financial year, analysts anticipate that the business will post sales of $20.81 billion per share, with estimates ranging from $19.89 billion to $22.59 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Nucor Corporation.
Nucor Corporation (NYSE:NUE) last released its earnings results on Thursday, July 20th. The basic materials company reported $1.00 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by $0.06. Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The company had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same period last year, the firm posted $0.73 earnings per share. The company’s revenue was up 21.9% compared to the same quarter last year.
A number of brokerages have commented on NUE. Cowen and Company reaffirmed a “market perform” rating and set a $63.00 price target (up previously from $62.00) on shares of Nucor Corporation in a research report on Tuesday, July 25th. BidaskClub raised Nucor Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Barclays PLC reaffirmed a “buy” rating and set a $73.00 price target on shares of Nucor Corporation in a research report on Friday, May 5th. BMO Capital Markets reaffirmed a “hold” rating on shares of Nucor Corporation in a research report on Friday, April 21st. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of Nucor Corporation in a research report on Tuesday, July 18th. Two analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $68.76.
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Shares of Nucor Corporation (NYSE:NUE) opened at 55.37 on Friday. Nucor Corporation has a 12-month low of $44.81 and a 12-month high of $68.00. The company has a market capitalization of $17.74 billion, a P/E ratio of 15.54 and a beta of 1.51. The firm has a 50-day moving average price of $58.42 and a 200 day moving average price of $59.51.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 11th. Investors of record on Friday, June 30th were issued a $0.3775 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $1.51 dividend on an annualized basis and a yield of 2.73%. Nucor Corporation’s payout ratio is 43.77%.
In related news, insider David A. Sumoski sold 2,537 shares of the company’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total value of $156,431.42. Following the completion of the transaction, the insider now owns 62,434 shares of the company’s stock, valued at approximately $3,849,680.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Leon J. Topalian sold 2,626 shares of the company’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $60.23, for a total value of $158,163.98. Following the completion of the transaction, the insider now directly owns 19,610 shares of the company’s stock, valued at approximately $1,181,110.30. The disclosure for this sale can be found here. Insiders sold a total of 20,104 shares of company stock valued at $1,213,595 in the last ninety days. 0.70% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in NUE. Achmea Investment Management B.V. acquired a new position in Nucor Corporation during the first quarter worth $4,047,000. Main Street Research LLC boosted its position in Nucor Corporation by 1.4% in the first quarter. Main Street Research LLC now owns 184,720 shares of the basic materials company’s stock worth $11,031,000 after buying an additional 2,489 shares during the last quarter. Suntrust Banks Inc. boosted its position in Nucor Corporation by 5.3% in the first quarter. Suntrust Banks Inc. now owns 148,786 shares of the basic materials company’s stock worth $8,884,000 after buying an additional 7,440 shares during the last quarter. Legal & General Group Plc boosted its position in Nucor Corporation by 2.5% in the first quarter. Legal & General Group Plc now owns 1,590,410 shares of the basic materials company’s stock worth $94,975,000 after buying an additional 38,454 shares during the last quarter. Finally, Savant Capital LLC boosted its position in Nucor Corporation by 1.3% in the first quarter. Savant Capital LLC now owns 4,281 shares of the basic materials company’s stock worth $256,000 after buying an additional 55 shares during the last quarter. 76.57% of the stock is owned by institutional investors.
About Nucor Corporation
Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).
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