Nucor (NYSE:NUE) Issues Q1 2024 Earnings Guidance

Nucor (NYSE:NUE) updated its first quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 3.550-3.650 for the period, compared to the consensus EPS estimate of 3.760. The company issued revenue guidance of -. Nucor also updated its Q1 guidance to $3.55-3.65 EPS.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Citigroup raised shares of Nucor from a neutral rating to a buy rating and upped their price target for the stock from $180.00 to $240.00 in a research note on Wednesday. StockNews.com downgraded shares of Nucor from a buy rating to a hold rating in a report on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of Nucor from $151.00 to $158.00 and gave the stock a neutral rating in a report on Tuesday, December 12th. Finally, UBS Group assumed coverage on shares of Nucor in a report on Tuesday, January 16th. They set a buy rating and a $210.00 price target on the stock. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $186.67.

Nucor Stock Performance

Shares of NYSE NUE traded down $2.01 during trading hours on Thursday, hitting $182.09. 1,478,575 shares of the stock were exchanged, compared to its average volume of 1,505,476. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.57 and a quick ratio of 2.35. The company’s 50 day moving average is $180.57 and its 200 day moving average is $167.38. The firm has a market capitalization of $43.84 billion, a P/E ratio of 10.12 and a beta of 1.61. Nucor has a one year low of $129.79 and a one year high of $195.00.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, January 29th. The basic materials company reported $3.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.33. The business had revenue of $7.70 billion during the quarter, compared to the consensus estimate of $7.64 billion. Nucor had a net margin of 13.03% and a return on equity of 21.42%. Nucor’s quarterly revenue was down 11.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.89 EPS. On average, research analysts expect that Nucor will post 13.47 EPS for the current year.

Nucor Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Thursday, March 28th will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend is Wednesday, March 27th. Nucor’s dividend payout ratio (DPR) is presently 12.01%.

Insider Buying and Selling at Nucor

In other news, COO David A. Sumoski sold 28,768 shares of the stock in a transaction on Monday, December 18th. The shares were sold at an average price of $175.01, for a total value of $5,034,687.68. Following the completion of the transaction, the chief operating officer now owns 200,638 shares in the company, valued at approximately $35,113,656.38. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, COO David A. Sumoski sold 28,768 shares of the stock in a transaction on Monday, December 18th. The shares were sold at an average price of $175.01, for a total value of $5,034,687.68. Following the completion of the transaction, the chief operating officer now owns 200,638 shares in the company, valued at approximately $35,113,656.38. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Michael D. Keller sold 6,771 shares of the stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $177.46, for a total transaction of $1,201,581.66. Following the completion of the transaction, the insider now owns 24,403 shares of the company’s stock, valued at approximately $4,330,556.38. The disclosure for this sale can be found here. Insiders sold a total of 77,330 shares of company stock valued at $13,672,548 in the last ninety days. Company insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Nucor

Hedge funds have recently made changes to their positions in the company. Providence Capital Advisors LLC grew its holdings in Nucor by 15,470.4% during the 1st quarter. Providence Capital Advisors LLC now owns 4,204 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 4,177 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in Nucor during the 1st quarter worth about $32,000. Garner Asset Management Corp bought a new stake in Nucor during the 4th quarter worth about $37,000. Clarity Asset Management Inc. bought a new stake in Nucor during the 4th quarter worth about $41,000. Finally, Fairfield Bush & CO. bought a new stake in Nucor during the 1st quarter worth about $48,000. Institutional investors and hedge funds own 77.76% 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.