Nucor (NYSE:NUE) Updates Q3 2023 Earnings Guidance

Nucor (NYSE:NUE) updated its third quarter 2023 earnings guidance on Thursday. The company provided earnings per share guidance of $4.10-$4.20 for the period, compared to the consensus earnings per share estimate of $4.65. The company issued revenue guidance of -. Nucor also updated its Q3 guidance to $4.10-4.20 EPS.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Credit Suisse Group boosted their price target on Nucor from $156.00 to $167.00 in a report on Tuesday, July 11th. JPMorgan Chase & Co. upped their target price on Nucor from $150.00 to $151.00 and gave the stock an underweight rating in a report on Friday, September 8th. Citigroup upped their target price on Nucor from $160.00 to $180.00 and gave the stock a neutral rating in a report on Thursday, July 27th. Wolfe Research upgraded Nucor from an underperform rating to a peer perform rating in a report on Thursday, June 1st. Finally, StockNews.com upgraded Nucor from a hold rating to a buy rating in a report on Sunday, September 10th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and an average price target of $161.00.

Nucor Stock Performance

Shares of NUE stock opened at $165.53 on Friday. The business’s fifty day simple moving average is $168.18 and its 200-day simple moving average is $156.20. The company has a market cap of $41.17 billion, a PE ratio of 7.65 and a beta of 1.61. The company has a current ratio of 3.82, a quick ratio of 2.41 and a debt-to-equity ratio of 0.32. Nucor has a 12-month low of $102.86 and a 12-month high of $182.68.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Monday, July 24th. The basic materials company reported $5.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.59 by $0.22. The business had revenue of $9.52 billion for the quarter, compared to the consensus estimate of $9.62 billion. Nucor had a return on equity of 28.00% and a net margin of 14.81%. The business’s quarterly revenue was down 19.3% on a year-over-year basis. During the same period in the prior year, the firm posted $9.67 earnings per share. Analysts expect that Nucor will post 18.55 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders of record on Friday, September 29th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.23%. Nucor’s payout ratio is presently 9.42%.

Insider Activity at Nucor

In related news, EVP Douglas J. Jellison sold 5,194 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $172.92, for a total value of $898,146.48. Following the transaction, the executive vice president now directly owns 139,326 shares of the company’s stock, valued at approximately $24,092,251.92. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, EVP Allen C. Behr sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $170.54, for a total value of $1,705,400.00. Following the transaction, the executive vice president now directly owns 84,273 shares of the company’s stock, valued at approximately $14,371,917.42. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Douglas J. Jellison sold 5,194 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $172.92, for a total value of $898,146.48. Following the completion of the transaction, the executive vice president now directly owns 139,326 shares in the company, valued at $24,092,251.92. The disclosure for this sale can be found here. Insiders have sold a total of 62,320 shares of company stock valued at $10,584,084 in the last ninety days. Company insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Nucor

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Providence Capital Advisors LLC grew its position in Nucor by 15,470.4% during the 1st quarter. Providence Capital Advisors LLC now owns 4,204 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 4,177 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new stake in Nucor during the 1st quarter worth about $32,000. Fairfield Bush & CO. acquired a new stake in Nucor during the 1st quarter worth about $48,000. Resurgent Financial Advisors LLC acquired a new stake in Nucor during the 4th quarter worth about $65,000. Finally, Fortis Capital Advisors LLC acquired a new stake in Nucor during the 4th quarter worth about $86,000. 77.76% of the stock is owned by institutional investors and hedge funds.

Nucor Company Profile

Nucor Corporation engages in manufacture and sale of 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 engineered special bar quality products.