Analysts expect Nucor Co. (NYSE:NUE) to post $6.51 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Nucor’s earnings. The lowest sales estimate is $6.02 billion and the highest is $6.73 billion. Nucor posted sales of $5.17 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 25.9%. The firm is expected to report its next quarterly earnings results before the market opens on Thursday, October 18th.
On average, analysts expect that Nucor will report full-year sales of $24.76 billion for the current financial year, with estimates ranging from $23.58 billion to $25.40 billion. For the next financial year, analysts anticipate that the firm will report sales of $24.08 billion, with estimates ranging from $20.06 billion to $26.47 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Nucor.
Nucor (NYSE:NUE) last announced its earnings results on Thursday, July 19th. The basic materials company reported $2.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.03). Nucor had a return on equity of 16.22% and a net margin of 7.58%. The company had revenue of $6.46 billion during the quarter, compared to analysts’ expectations of $6.47 billion. During the same quarter last year, the firm posted $1.00 earnings per share. The firm’s revenue was up 24.9% on a year-over-year basis.
Several brokerages recently issued reports on NUE. ValuEngine upgraded shares of Nucor from a “sell” rating to a “hold” rating in a research report on Thursday, September 13th. Zacks Investment Research upgraded shares of Nucor from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a research report on Thursday, July 12th. KeyCorp upgraded shares of Nucor from a “sector weight” rating to an “overweight” rating and set a $77.00 price target for the company in a research report on Tuesday, July 24th. Seaport Global Securities assumed coverage on shares of Nucor in a research report on Thursday. They set a “buy” rating and a $75.00 price target for the company. Finally, Jefferies Financial Group restated a “buy” rating and set a $80.00 price target on shares of Nucor in a research report on Friday, July 13th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $72.62.
NYSE:NUE traded up $0.35 during midday trading on Monday, hitting $60.81. The company had a trading volume of 3,102,534 shares, compared to its average volume of 2,504,415. Nucor has a 52-week low of $53.71 and a 52-week high of $70.48. The firm has a market capitalization of $20.07 billion, a PE ratio of 17.32, a price-to-earnings-growth ratio of 0.69 and a beta of 1.51. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.55 and a current ratio of 3.05.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Friday, September 28th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.50%. Nucor’s dividend payout ratio is currently 43.30%.
Nucor announced that its board has authorized a share buyback program on Thursday, September 6th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the basic materials company to purchase up to 10% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In related news, EVP D. Chad Utermark sold 53,483 shares of the stock in a transaction dated Tuesday, July 24th. The shares were sold at an average price of $68.49, for a total value of $3,663,050.67. Following the completion of the transaction, the executive vice president now directly owns 155,140 shares of the company’s stock, valued at $10,625,538.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO John J. Ferriola sold 14,607 shares of the stock in a transaction dated Tuesday, July 24th. The stock was sold at an average price of $68.25, for a total transaction of $996,927.75. Following the completion of the transaction, the chief executive officer now directly owns 374,542 shares of the company’s stock, valued at $25,562,491.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 119,328 shares of company stock valued at $8,074,991. 0.80% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in NUE. Almanack Investment Partners LLC. bought a new stake in shares of Nucor during the second quarter valued at approximately $106,000. Parallel Advisors LLC increased its position in shares of Nucor by 120.0% during the second quarter. Parallel Advisors LLC now owns 2,231 shares of the basic materials company’s stock valued at $139,000 after acquiring an additional 1,217 shares in the last quarter. Transamerica Financial Advisors Inc. bought a new stake in shares of Nucor during the second quarter valued at approximately $153,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in shares of Nucor during the second quarter valued at approximately $179,000. Finally, Cerebellum GP LLC bought a new stake in shares of Nucor during the third quarter valued at approximately $181,000. 77.28% of the stock is owned by institutional investors and hedge funds.
Nucor Company Profile
Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. 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; hollow structural section steel tubing, steel electrical conduit, plate steel, and structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, wire rods, and special bar quality; and tubular and plate steel products.
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