KeyCorp Brokers Reduce Earnings Estimates for Nucor Co. (NYSE:NUE)

Nucor Co. (NYSE:NUEGet Rating) – Research analysts at KeyCorp reduced their FY2022 earnings per share (EPS) estimates for Nucor in a report issued on Monday, November 21st. KeyCorp analyst P. Gibbs now anticipates that the basic materials company will post earnings per share of $28.00 for the year, down from their previous estimate of $28.70. The consensus estimate for Nucor’s current full-year earnings is $29.84 per share. KeyCorp also issued estimates for Nucor’s Q4 2022 earnings at $4.08 EPS and FY2023 earnings at $10.85 EPS.

Nucor (NYSE:NUEGet Rating) last posted its quarterly earnings results on Thursday, October 20th. The basic materials company reported $6.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.45 by $0.05. Nucor had a return on equity of 51.03% and a net margin of 19.93%. The firm had revenue of $10.50 billion during the quarter, compared to analyst estimates of $10.43 billion. During the same quarter in the previous year, the firm earned $7.28 EPS. Nucor’s quarterly revenue was up 1.8% compared to the same quarter last year.

Other research analysts also recently issued reports about the company. BMO Capital Markets upped their price target on Nucor from $113.00 to $142.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 9th. Credit Suisse Group cut their price objective on Nucor from $165.00 to $140.00 and set an “outperform” rating on the stock in a research report on Friday, September 16th. Morgan Stanley cut their price objective on Nucor from $115.00 to $113.00 and set an “equal weight” rating on the stock in a research report on Monday, October 24th. StockNews.com began coverage on Nucor in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Citigroup increased their price target on Nucor to $145.00 in a research report on Tuesday, September 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $132.33.

Nucor Trading Down 1.6 %

Nucor stock opened at $149.73 on Thursday. The business has a 50-day simple moving average of $126.79 and a two-hundred day simple moving average of $125.97. The company has a market cap of $38.41 billion, a P/E ratio of 4.71 and a beta of 1.48. The company has a quick ratio of 1.79, a current ratio of 3.10 and a debt-to-equity ratio of 0.35. Nucor has a 52-week low of $88.50 and a 52-week high of $187.90.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Friday, September 30th were issued a $0.50 dividend. The ex-dividend date of this dividend was Thursday, September 29th. This represents a $2.00 annualized dividend and a dividend yield of 1.34%. Nucor’s dividend payout ratio is presently 6.29%.

Insider Buying and Selling

In other news, EVP Gregory J. Murphy sold 3,000 shares of the company’s stock in a transaction dated Wednesday, October 26th. The stock was sold at an average price of $137.29, for a total transaction of $411,870.00. Following the completion of the transaction, the executive vice president now directly owns 49,549 shares of the company’s stock, valued at approximately $6,802,582.21. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP John J. Hollatz sold 2,450 shares of the stock in a transaction that occurred on Monday, October 24th. The stock was sold at an average price of $134.40, for a total transaction of $329,280.00. Following the completion of the transaction, the executive vice president now directly owns 52,282 shares of the company’s stock, valued at approximately $7,026,700.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Gregory J. Murphy sold 3,000 shares of the stock in a transaction that occurred on Wednesday, October 26th. The stock was sold at an average price of $137.29, for a total value of $411,870.00. Following the transaction, the executive vice president now directly owns 49,549 shares of the company’s stock, valued at $6,802,582.21. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nucor

A number of large investors have recently bought and sold shares of NUE. Toroso Investments LLC boosted its holdings in shares of Nucor by 10.9% during the third quarter. Toroso Investments LLC now owns 19,832 shares of the basic materials company’s stock worth $2,122,000 after purchasing an additional 1,946 shares during the last quarter. Invst LLC raised its position in Nucor by 5.5% in the third quarter. Invst LLC now owns 5,104 shares of the basic materials company’s stock valued at $603,000 after purchasing an additional 264 shares during the period. IHT Wealth Management LLC raised its position in Nucor by 13.6% in the third quarter. IHT Wealth Management LLC now owns 6,047 shares of the basic materials company’s stock valued at $647,000 after purchasing an additional 726 shares during the period. Teachers Retirement System of The State of Kentucky purchased a new position in Nucor in the third quarter valued at about $20,836,000. Finally, Power Corp of Canada purchased a new position in Nucor in the third quarter valued at about $851,000. Institutional investors and hedge funds own 79.07% of the company’s stock.

About Nucor

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Nucor Corporation manufactures and sells steel and steel products. The company's 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 products; and bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.

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Earnings History and Estimates for Nucor (NYSE:NUE)

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