Zacks Research Weighs in on Nucor Co.’s Q3 2024 Earnings (NYSE:NUE)

Nucor Co. (NYSE:NUE) – Research analysts at Zacks Research boosted their Q3 2024 EPS estimates for Nucor in a research note issued to investors on Monday, May 6th. Zacks Research analyst M. Agrawal now expects that the basic materials company will post earnings of $3.04 per share for the quarter, up from their prior estimate of $2.94. The consensus estimate for Nucor’s current full-year earnings is $12.55 per share. Zacks Research also issued estimates for Nucor’s Q4 2024 earnings at $2.59 EPS, Q1 2025 earnings at $3.07 EPS and Q4 2025 earnings at $3.12 EPS.

Nucor (NYSE:NUE) last announced its earnings results on Monday, April 22nd. The basic materials company reported $3.46 EPS for the quarter, missing the consensus estimate of $3.62 by ($0.16). Nucor had a return on equity of 19.62% and a net margin of 12.40%. The firm had revenue of $8.14 billion during the quarter, compared to the consensus estimate of $8.26 billion. During the same quarter last year, the business earned $4.45 EPS. The business’s revenue was down 6.6% compared to the same quarter last year.

A number of other equities analysts have also issued reports on the stock. BMO Capital Markets dropped their target price on shares of Nucor from $210.00 to $200.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 24th. UBS Group initiated coverage on shares of Nucor in a research note on Tuesday, January 16th. They issued a “buy” rating and a $210.00 target price for the company. Citigroup raised Nucor from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $180.00 to $240.00 in a research report on Wednesday, March 13th. JPMorgan Chase & Co. cut their price target on Nucor from $195.00 to $190.00 and set a “neutral” rating for the company in a report on Wednesday, April 24th. Finally, StockNews.com lowered Nucor from a “buy” rating to a “hold” rating in a report on Tuesday, April 23rd. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $193.14.

Nucor Price Performance

NYSE NUE opened at $169.81 on Wednesday. The stock has a 50-day simple moving average of $187.87 and a 200 day simple moving average of $175.79. Nucor has a twelve month low of $129.79 and a twelve month high of $203.00. The stock has a market capitalization of $40.75 billion, a PE ratio of 9.99 and a beta of 1.65. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.48 and a current ratio of 4.02.

Nucor Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Thursday, March 28th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend is Wednesday, March 27th. Nucor’s dividend payout ratio is 12.71%.

Insider Buying and Selling at Nucor

In other news, EVP Allen C. Behr sold 10,000 shares of the business’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $190.19, for a total value of $1,901,900.00. Following the sale, the executive vice president now owns 80,902 shares in the company, valued at approximately $15,386,751.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Allen C. Behr sold 10,000 shares of Nucor stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $190.19, for a total value of $1,901,900.00. Following the completion of the transaction, the executive vice president now owns 80,902 shares in the company, valued at $15,386,751.38. 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 business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $193.67, for a total value of $609,092.15. Following the completion of the transaction, the insider now directly owns 24,873 shares in the company, valued at $4,817,153.91. The disclosure for this sale can be found here. Insiders have sold 32,651 shares of company stock worth $6,283,648 over the last three months. Company insiders own 0.46% of the company’s stock.

Institutional Trading of Nucor

Several large investors have recently made changes to their positions in NUE. Criterion Capital Advisors LLC acquired a new position in Nucor during the 4th quarter worth about $25,000. Rise Advisors LLC acquired a new position in shares of Nucor during the first quarter worth approximately $27,000. Chilton Capital Management LLC grew its stake 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 during the last quarter. Central Pacific Bank Trust Division acquired a new stake in shares of Nucor in the first quarter valued at approximately $28,000. Finally, Tompkins Financial Corp raised its position in Nucor by 208.0% in the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 104 shares during the last quarter. Institutional investors own 76.48% of the company’s stock.

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.