Seaport Res Ptn Weighs in on Nucor Co.’s Q3 2024 Earnings (NYSE:NUE)

Nucor Co. (NYSE:NUE) – Analysts at Seaport Res Ptn decreased their Q3 2024 earnings per share (EPS) estimates for shares of Nucor in a research report issued on Tuesday, September 17th. Seaport Res Ptn analyst M. Englert now anticipates that the basic materials company will post earnings per share of $1.45 for the quarter, down from their prior estimate of $1.60. The consensus estimate for Nucor’s current full-year earnings is $9.95 per share. Seaport Res Ptn also issued estimates for Nucor’s FY2024 earnings at $8.64 EPS and Q4 2025 earnings at $2.43 EPS.

Several other brokerages have also issued reports on NUE. BMO Capital Markets decreased their target price on Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a research report on Monday, June 17th. Bank of America dropped their price objective on shares of Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Morgan Stanley upgraded shares of Nucor from an “equal weight” rating to an “overweight” rating and cut their price objective for the stock from $187.00 to $176.00 in a report on Thursday, August 15th. Argus raised Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Finally, JPMorgan Chase & Co. raised Nucor from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $170.00 to $174.00 in a research report on Monday, September 9th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $195.00.

Nucor Price Performance

NUE stock opened at $142.18 on Wednesday. The firm has a 50-day moving average of $150.36 and a 200 day moving average of $166.72. 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 company has a market cap of $34.09 billion, a P/E ratio of 8.36 and a beta of 1.55. Nucor has a 1 year low of $133.42 and a 1 year high of $203.00.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.37. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The business had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the previous year, the business posted $5.81 earnings per share. The firm’s revenue for the quarter was down 15.2% compared to the same quarter last year.

Institutional Investors Weigh In On Nucor

Hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its position in Nucor by 2.2% during the second quarter. Dimensional Fund Advisors LP now owns 3,909,388 shares of the basic materials company’s stock valued at $617,915,000 after acquiring an additional 84,558 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Nucor by 29.7% during the 2nd quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock valued at $456,030,000 after purchasing an additional 660,866 shares during the last quarter. Norges Bank purchased a new stake in shares of Nucor during the 4th quarter valued at about $377,631,000. Legal & General Group Plc boosted its holdings in shares of Nucor by 3.2% in the second quarter. Legal & General Group Plc now owns 2,160,803 shares of the basic materials company’s stock worth $341,580,000 after buying an additional 67,974 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Nucor by 6.7% in the fourth quarter. First Trust Advisors LP now owns 1,367,209 shares of the basic materials company’s stock worth $237,949,000 after buying an additional 85,475 shares during the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Nucor

In other news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the sale, the executive vice president now owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.46% of the company’s stock.

Nucor Dividend Announcement

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

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.