Nucor (NYSE:NUE) Issues Q1 2023 Earnings Guidance

Nucor (NYSE:NUE – Get Rating) updated its first quarter 2023 earnings guidance on Thursday. The company provided EPS guidance of $3.70-$3.80 for the period, compared to the consensus EPS estimate of $3.84. The company issued revenue guidance of -. Nucor also updated its Q1 guidance to $3.70-3.80 EPS.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Bank of America assumed coverage on Nucor in a research note on Wednesday, January 4th. They issued a buy rating and a $172.00 price target for the company. Credit Suisse Group boosted their price target on Nucor from $140.00 to $156.00 and gave the company an outperform rating in a research note on Friday. Morgan Stanley boosted their price target on Nucor from $113.00 to $122.00 and gave the company an equal weight rating in a research note on Monday, January 30th. BMO Capital Markets boosted their price target on Nucor from $155.00 to $165.00 and gave the company a market perform rating in a research note on Friday, January 27th. Finally, UBS Group boosted their target price on Nucor from $120.00 to $145.00 and gave the stock a neutral rating in a research note on Tuesday, December 6th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Nucor presently has an average rating of Hold and an average target price of $153.44.

Nucor Stock Down 0.9 %

Shares of NYSE NUE opened at $144.12 on Friday. The company has a current ratio of 3.39, a quick ratio of 2.13 and a debt-to-equity ratio of 0.34. The company has a market cap of $36.31 billion, a price-to-earnings ratio of 5.02 and a beta of 1.59. Nucor has a 12 month low of $100.13 and a 12 month high of $187.90. The stock has a 50-day moving average price of $162.85 and a two-hundred day moving average price of $143.07.

Nucor (NYSE:NUE – Get Rating) last released its quarterly earnings data on Thursday, January 26th. The basic materials company reported $4.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.18 by $0.71. Nucor had a return on equity of 42.03% and a net margin of 18.33%. The company had revenue of $8.72 billion during the quarter, compared to the consensus estimate of $8.54 billion. During the same quarter in the prior year, the firm posted $7.97 earnings per share. The firm’s revenue was down 15.8% compared to the same quarter last year. As a group, analysts forecast that Nucor will post 14.35 earnings per share for the current fiscal year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 11th. Stockholders of record on Friday, March 31st will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 1.42%. The ex-dividend date of this dividend is Thursday, March 30th. Nucor’s dividend payout ratio is currently 7.10%.

Insider Activity at Nucor

In related news, CEO Leon J. Topalian sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 20th. The stock was sold at an average price of $134.71, for a total value of $404,130.00. Following the sale, the chief executive officer now directly owns 126,809 shares in the company, valued at $17,082,440.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Leon J. Topalian sold 3,000 shares of the stock in a transaction on Tuesday, December 20th. The stock was sold at an average price of $134.71, for a total value of $404,130.00. Following the completion of the sale, the chief executive officer now directly owns 126,809 shares of the company’s stock, valued at approximately $17,082,440.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Allen C. Behr sold 2,613 shares of the stock in a transaction on Wednesday, February 1st. The stock was sold at an average price of $168.00, for a total value of $438,984.00. Following the transaction, the executive vice president now owns 57,121 shares of the company’s stock, valued at approximately $9,596,328. The disclosure for this sale can be found here. Insiders have sold 12,575 shares of company stock worth $2,034,130 over the last ninety days. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Nucor

A number of large investors have recently modified their holdings of NUE. Fairfield Bush & CO. purchased a new position in shares of Nucor during the first quarter valued at approximately $48,000. Synovus Financial Corp boosted its position in shares of Nucor by 150.6% during the first quarter. Synovus Financial Corp now owns 7,198 shares of the basic materials company’s stock valued at $1,067,000 after purchasing an additional 4,326 shares in the last quarter. Sei Investments Co. boosted its position in shares of Nucor by 106.2% during the first quarter. Sei Investments Co. now owns 35,889 shares of the basic materials company’s stock valued at $5,328,000 after purchasing an additional 18,488 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of Nucor during the first quarter valued at approximately $284,000. Finally, Brighton Jones LLC bought a new stake in shares of Nucor during the first quarter valued at approximately $222,000. 78.33% of the stock is owned by hedge funds and other institutional investors.

About Nucor

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Nucor Corp. engages in the manufacturing of steel and steel products. It operates through the following segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment consists of carbon and alloy steel in sheet, bars, structural and plate, steel trading businesses, rebar distribution businesses, and Nucor’s equity method investments.