Nucor (NYSE:NUE) Issues Q1 2023 Earnings Guidance

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

Nucor Price Performance

Shares of NYSE:NUE opened at $144.12 on Friday. The business has a 50 day moving average price of $162.85 and a 200 day moving average price of $143.13. Nucor has a twelve month low of $100.13 and a twelve month high of $187.90. The company has a market cap of $36.31 billion, a price-to-earnings ratio of 5.02 and a beta of 1.59. The company has a quick ratio of 2.13, a current ratio of 3.39 and a debt-to-equity ratio of 0.34.

Nucor (NYSE:NUE – Get Rating) last announced its earnings results on Thursday, January 26th. The basic materials company reported $4.89 earnings per share for the quarter, beating the consensus estimate of $4.18 by $0.71. Nucor had a return on equity of 42.03% and a net margin of 18.33%. The firm had revenue of $8.72 billion during the quarter, compared to the consensus estimate of $8.54 billion. During the same quarter in the prior year, the company earned $7.97 EPS. The firm’s revenue for the quarter was down 15.8% compared to the same quarter last year. Research analysts predict that Nucor will post 14.35 earnings per share for the current year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 11th. Shareholders of record on Friday, March 31st will be given a $0.51 dividend. The ex-dividend date of this dividend is Thursday, March 30th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.42%. Nucor’s dividend payout ratio is currently 7.10%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NUE. StockNews.com began coverage on Nucor in a research report on Thursday. They issued a hold rating for the company. UBS Group raised their price objective on Nucor from $120.00 to $145.00 and gave the stock a neutral rating in a research report on Tuesday, December 6th. Morgan Stanley raised their price objective on Nucor from $113.00 to $122.00 and gave the stock an equal weight rating in a research report on Monday, January 30th. Credit Suisse Group raised their price objective on Nucor from $140.00 to $156.00 and gave the stock an outperform rating in a research report on Friday. Finally, BMO Capital Markets increased their target price on Nucor from $155.00 to $165.00 and gave the stock a market perform rating in a report on Friday, January 27th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $153.44.

Insider Transactions at Nucor

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Fairfield Bush & CO. bought a new position in Nucor in the 1st quarter valued at $48,000. Synovus Financial Corp increased its position in shares of Nucor by 150.6% during the first quarter. Synovus Financial Corp now owns 7,198 shares of the basic materials company’s stock valued at $1,067,000 after buying an additional 4,326 shares during the period. Sei Investments Co. increased its position in shares of Nucor by 106.2% during the first quarter. Sei Investments Co. now owns 35,889 shares of the basic materials company’s stock valued at $5,328,000 after buying an additional 18,488 shares during the period. Sequoia Financial Advisors LLC purchased a new position in shares of Nucor during the first quarter valued at about $284,000. Finally, Brighton Jones LLC bought a new stake in Nucor during the first quarter worth about $222,000. 78.33% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Company Profile

(Get Rating)

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.