Nucor (NYSE:NUE) Releases Q1 2023 Earnings Guidance

Nucor (NYSE:NUE – Get Rating) updated its first quarter 2023 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $3.70-$3.80 for the period, compared to the consensus estimate of $3.84. The company issued revenue guidance of -. Nucor also updated its Q1 guidance to $3.70-3.80 EPS.

Wall Street Analysts Forecast Growth

Several research firms have commented on NUE. Bank of America began coverage on shares of Nucor in a research report on Wednesday, January 4th. They set a buy rating and a $172.00 price objective for the company. StockNews.com began coverage on shares of Nucor in a research report on Thursday. They set a hold rating for the company. The Goldman Sachs Group increased their price objective on shares of Nucor from $144.00 to $161.00 and gave the company a neutral rating in a research report on Friday, March 10th. BMO Capital Markets increased their price objective on shares of Nucor from $155.00 to $165.00 and gave the company a market perform rating in a research report on Friday, January 27th. Finally, UBS Group raised their target price on shares of Nucor from $120.00 to $145.00 and gave the stock a neutral rating in a report on Tuesday, December 6th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $153.44.

Nucor Price Performance

Nucor stock opened at $144.12 on Friday. The firm has a 50-day moving average price of $162.85 and a 200-day moving average price of $143.13. The firm has a market capitalization of $36.31 billion, a PE ratio of 5.02 and a beta of 1.59. The company has a current ratio of 3.39, a quick ratio of 2.13 and a debt-to-equity ratio of 0.34. Nucor has a 12-month low of $100.13 and a 12-month high of $187.90.

Nucor (NYSE:NUE – Get Rating) last posted its quarterly earnings results on Thursday, January 26th. The basic materials company reported $4.89 EPS for the quarter, topping the consensus estimate of $4.18 by $0.71. The company had revenue of $8.72 billion for the quarter, compared to the consensus estimate of $8.54 billion. Nucor had a net margin of 18.33% and a return on equity of 42.03%. The firm’s revenue was down 15.8% compared to the same quarter last year. During the same quarter last year, the firm posted $7.97 EPS. As a group, equities research analysts forecast that Nucor will post 14.35 EPS for the current year.

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 11th. Investors of record on Friday, March 31st will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 1.42%. The ex-dividend date is Thursday, March 30th. Nucor’s dividend payout ratio is presently 7.10%.

Insider Buying and Selling

In related news, EVP Kenneth Rex Query sold 1,962 shares of the firm’s stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $177.99, for a total value of $349,216.38. Following the transaction, the executive vice president now owns 74,138 shares of the company’s stock, valued at approximately $13,195,822.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Kenneth Rex Query sold 1,962 shares of the firm’s stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $177.99, for a total value of $349,216.38. Following the transaction, the executive vice president now owns 74,138 shares of the company’s stock, valued at approximately $13,195,822.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Leon J. Topalian sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, December 20th. The stock was sold at an average price of $134.71, for a total transaction of $404,130.00. Following the completion of the transaction, the chief executive officer now directly owns 126,809 shares in the company, valued at approximately $17,082,440.39. The disclosure for this sale can be found here. Insiders have sold 12,575 shares of company stock valued at $2,034,130 in the last 90 days. Company insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NUE. Moneta Group Investment Advisors LLC increased its position in Nucor by 127,059.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 155,232,061 shares of the basic materials company’s stock valued at $20,461,138,000 after purchasing an additional 155,109,984 shares during the period. Morgan Stanley increased its position in Nucor by 30.0% during the 4th quarter. Morgan Stanley now owns 4,247,626 shares of the basic materials company’s stock valued at $559,880,000 after purchasing an additional 979,824 shares during the period. Norges Bank purchased a new position in Nucor during the 4th quarter valued at about $111,725,000. First Trust Advisors LP increased its position in Nucor by 97.8% during the 1st quarter. First Trust Advisors LP now owns 820,706 shares of the basic materials company’s stock valued at $121,998,000 after purchasing an additional 405,815 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Nucor by 26.5% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,302,040 shares of the basic materials company’s stock worth $135,946,000 after buying an additional 272,987 shares during the last quarter. Hedge funds and other institutional investors own 78.33% of the company’s stock.

About Nucor

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Nucor Corp. engages in the manufacturing of steel and steel products. It operates through the following segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment consists of carbon and alloy steel in sheet, bars, structural and plate, steel trading businesses, rebar distribution businesses, and Nucor’s equity method investments.