Nucor Co. (NUE) Expected to Announce Quarterly Sales of $6.50 Billion
Brokerages forecast that Nucor Co. (NYSE:NUE) will post $6.50 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Nucor’s earnings, with the lowest sales estimate coming in at $6.02 billion and the highest estimate coming in at $6.75 billion. Nucor posted sales of $5.17 billion in the same quarter last year, which suggests a positive year over year growth rate of 25.7%. The business is scheduled to issue its next earnings report on Thursday, October 18th.
On average, analysts expect that Nucor will report full-year sales of $24.74 billion for the current year, with estimates ranging from $23.58 billion to $25.48 billion. For the next year, analysts forecast that the business will report sales of $24.02 billion, with estimates ranging from $20.06 billion to $26.46 billion. Zacks’ sales calculations are an average based on a survey of analysts that cover Nucor.
Nucor (NYSE:NUE) last posted its quarterly earnings data on Thursday, July 19th. The basic materials company reported $2.07 earnings per share for the quarter, missing the Thomson Reuters’ 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 business had revenue of $6.46 billion during the quarter, compared to analysts’ expectations of $6.47 billion. During the same period in the prior year, the firm posted $1.00 EPS. The firm’s revenue for the quarter was up 24.9% on a year-over-year basis.
NUE stock traded down $1.37 during midday trading on Friday, hitting $63.29. The company’s stock had a trading volume of 1,935,004 shares, compared to its average volume of 2,521,061. The company has a current ratio of 3.05, a quick ratio of 1.55 and a debt-to-equity ratio of 0.43. Nucor has a 1 year low of $53.71 and a 1 year high of $70.48. The stock has a market cap of $20.15 billion, a P/E ratio of 18.25, a P/E/G ratio of 0.69 and a beta of 1.54.
Nucor declared that its Board of Directors has approved a share repurchase plan on Thursday, September 6th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the basic materials company to reacquire up to 10% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Friday, September 28th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, September 27th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.40%. Nucor’s dividend payout ratio is presently 43.30%.
In other news, insider David A. Sumoski sold 51,238 shares of the company’s stock in a transaction on Monday, July 23rd. The stock was sold at an average price of $66.65, for a total transaction of $3,415,012.70. Following the transaction, the insider now owns 139,839 shares of the company’s stock, valued at approximately $9,320,269.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John J. Ferriola sold 14,607 shares of the company’s stock in a transaction on Tuesday, July 24th. The shares were sold at an average price of $68.25, for a total value of $996,927.75. Following the transaction, the chief executive officer now directly owns 374,542 shares in the company, valued at approximately $25,562,491.50. The disclosure for this sale can be found here. Insiders have sold a total of 119,328 shares of company stock worth $8,074,991 in the last ninety days. Insiders own 0.80% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of NUE. Almanack Investment Partners LLC. purchased a new stake in Nucor during the 2nd quarter worth about $106,000. Parallel Advisors LLC increased its stake in Nucor by 120.0% in the 2nd quarter. Parallel Advisors LLC now owns 2,231 shares of the basic materials company’s stock worth $139,000 after acquiring an additional 1,217 shares during the last quarter. Transamerica Financial Advisors Inc. bought a new position in Nucor in the 2nd quarter worth about $153,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in Nucor in the 2nd quarter worth about $179,000. Finally, Gifford Fong Associates bought a new position in Nucor in the 2nd quarter worth about $188,000. 77.23% of the stock is currently owned by hedge funds and other institutional investors.
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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