Nucor (NYSE:NUE) Releases Q1 2024 Earnings Guidance

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NUE. JPMorgan Chase & Co. boosted their price target on Nucor from $151.00 to $158.00 and gave the company a neutral rating in a research note on Tuesday, December 12th. Citigroup upgraded Nucor from a neutral rating to a buy rating and increased their price target for the company from $180.00 to $240.00 in a research note on Wednesday. UBS Group initiated coverage on Nucor in a research note on Tuesday, January 16th. They issued a buy rating and a $210.00 price target for the company. Finally, StockNews.com cut Nucor from a buy rating to a hold rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $186.67.

Nucor Stock Down 1.1 %

Shares of NUE stock traded down $2.01 on Thursday, reaching $182.09. 1,478,575 shares of the company were exchanged, compared to its average volume of 1,505,476. Nucor has a one year low of $129.79 and a one year high of $195.00. The company has a market cap of $43.84 billion, a price-to-earnings ratio of 10.12 and a beta of 1.61. 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 has a 50-day moving average of $180.57 and a 200-day moving average of $167.38.

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

Nucor Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Thursday, March 28th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $2.16 annualized dividend and a dividend yield of 1.19%. Nucor’s dividend payout ratio is currently 12.01%.

Insiders Place Their Bets

In other news, EVP Kenneth Rex Query sold 5,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $186.37, for a total transaction of $1,025,035.00. Following the completion of the sale, the executive vice president now owns 85,326 shares in the company, valued at approximately $15,902,206.62. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Gregory J. Murphy sold 9,800 shares of the business’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $177.05, for a total transaction of $1,735,090.00. Following the completion of the transaction, the executive vice president now directly owns 58,418 shares in the company, valued at approximately $10,342,906.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kenneth Rex Query sold 5,500 shares of Nucor stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $186.37, for a total transaction of $1,025,035.00. Following the sale, the executive vice president now directly owns 85,326 shares of the company’s stock, valued at $15,902,206.62. The disclosure for this sale can be found here. Insiders have sold a total of 77,330 shares of company stock valued at $13,672,548 in the last 90 days. 0.46% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Garner Asset Management Corp bought a new stake in shares of Nucor in the fourth quarter worth about $37,000. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in shares of Nucor in the first quarter worth about $32,000. Clarity Asset Management Inc. bought a new stake in shares of Nucor in the fourth quarter worth about $41,000. Fairfield Bush & CO. bought a new stake in shares of Nucor in the first quarter worth about $48,000. Finally, Resurgent Financial Advisors LLC bought a new stake in shares of Nucor in the fourth quarter worth about $65,000. 77.76% of the stock is owned by institutional investors.

About Nucor

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.