Nucor Corporation (NUE) Expected to Announce Quarterly Sales of $4.98 Billion
Equities analysts expect Nucor Corporation (NYSE:NUE) to post sales of $4.98 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Nucor Corporation’s earnings. The lowest sales estimate is $4.76 billion and the highest is $5.42 billion. Nucor Corporation posted sales of $3.96 billion during the same quarter last year, which suggests a positive year over year growth rate of 25.8%. The firm is expected to report its next earnings results on Tuesday, January 30th.
According to Zacks, analysts expect that Nucor Corporation will report full-year sales of $4.98 billion for the current year, with estimates ranging from $19.92 billion to $20.58 billion. For the next fiscal year, analysts forecast that the firm will post sales of $21.63 billion per share, with estimates ranging from $20.39 billion to $23.40 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Nucor Corporation.
Nucor Corporation (NYSE:NUE) last released its quarterly earnings results on Thursday, October 19th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.01. The business had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.19 billion. Nucor Corporation had a return on equity of 12.78% and a net margin of 5.80%. The company’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.88 EPS.
Several equities analysts have commented on NUE shares. Morgan Stanley reissued a “buy” rating on shares of Nucor Corporation in a research report on Tuesday, July 18th. BMO Capital Markets set a $70.00 target price on shares of Nucor Corporation and gave the stock a “hold” rating in a research report on Saturday, August 26th. Credit Suisse Group lifted their target price on shares of Nucor Corporation from $63.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, October 20th. Macquarie started coverage on shares of Nucor Corporation in a research report on Wednesday, September 6th. They set a “neutral” rating and a $57.00 target price on the stock. Finally, KeyCorp reissued a “hold” rating on shares of Nucor Corporation in a research report on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. Nucor Corporation has a consensus rating of “Hold” and an average target price of $67.32.
In other Nucor Corporation news, insider Ladd R. Hall sold 17,583 shares of the business’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $57.94, for a total transaction of $1,018,759.02. Following the sale, the insider now owns 206,406 shares of the company’s stock, valued at approximately $11,959,163.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Victoria F. Haynes sold 2,500 shares of the business’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $55.16, for a total transaction of $137,900.00. Following the sale, the director now directly owns 33,573 shares in the company, valued at approximately $1,851,886.68. The disclosure for this sale can be found here. Insiders have sold a total of 44,217 shares of company stock worth $2,608,231 in the last three months. Insiders own 0.70% of the company’s stock.
A number of hedge funds have recently modified their holdings of NUE. Pioneer Investment Management Inc. grew its position in shares of Nucor Corporation by 437.2% during the 2nd quarter. Pioneer Investment Management Inc. now owns 1,813,506 shares of the basic materials company’s stock valued at $104,947,000 after purchasing an additional 1,475,935 shares in the last quarter. CI Investments Inc. purchased a new position in shares of Nucor Corporation during the 3rd quarter valued at $55,250,000. Northern Trust Corp grew its position in shares of Nucor Corporation by 15.0% during the 2nd quarter. Northern Trust Corp now owns 5,759,017 shares of the basic materials company’s stock valued at $333,275,000 after purchasing an additional 750,796 shares in the last quarter. Balyasny Asset Management LLC grew its position in shares of Nucor Corporation by 55.4% during the 2nd quarter. Balyasny Asset Management LLC now owns 1,471,244 shares of the basic materials company’s stock valued at $85,141,000 after purchasing an additional 524,476 shares in the last quarter. Finally, Prudential PLC grew its position in shares of Nucor Corporation by 28.2% during the 2nd quarter. Prudential PLC now owns 2,260,300 shares of the basic materials company’s stock valued at $130,804,000 after purchasing an additional 496,700 shares in the last quarter. 74.59% of the stock is currently owned by institutional investors and hedge funds.
Nucor Corporation (NUE) opened at $54.86 on Wednesday. Nucor Corporation has a 1 year low of $51.67 and a 1 year high of $68.00. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.12 and a current ratio of 2.11. The company has a market cap of $17,749.29, a P/E ratio of 16.42, a price-to-earnings-growth ratio of 1.25 and a beta of 1.59.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 9th. Shareholders of record on Friday, September 29th were issued a dividend of $0.3775 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.51 dividend on an annualized basis and a yield of 2.75%. Nucor Corporation’s payout ratio is 43.90%.
About Nucor Corporation
Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).
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