Jefferies Financial Group Comments on Nucor Co.’s FY2022 Earnings (NYSE:NUE)

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Nucor Co. (NYSE:NUE) – Equities researchers at Jefferies Financial Group raised their FY2022 earnings per share (EPS) estimates for Nucor in a note issued to investors on Wednesday, October 16th. Jefferies Financial Group analyst M. Englert now anticipates that the basic materials company will earn $4.11 per share for the year, up from their previous estimate of $4.07.

Nucor (NYSE:NUE) last posted its earnings results on Thursday, July 18th. The basic materials company reported $1.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.01. Nucor had a return on equity of 21.65% and a net margin of 8.84%. The company had revenue of $5.90 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter last year, the company earned $2.07 earnings per share. The company’s revenue for the quarter was down 8.7% on a year-over-year basis.

NUE has been the topic of a number of other research reports. Credit Suisse Group set a $61.00 target price on Nucor and gave the company a “buy” rating in a report on Friday, July 19th. KeyCorp dropped their target price on Nucor from $61.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, August 27th. Bank of America dropped their target price on Nucor from $50.00 to $46.00 and set an “underperform” rating on the stock in a report on Wednesday, September 4th. Finally, ValuEngine upgraded Nucor from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. Nucor presently has a consensus rating of “Hold” and a consensus price target of $58.14.

NUE stock opened at $51.68 on Friday. Nucor has a twelve month low of $46.10 and a twelve month high of $64.48. The company has a quick ratio of 1.76, a current ratio of 3.56 and a debt-to-equity ratio of 0.40. The stock’s 50 day moving average is $51.02 and its 200-day moving average is $53.28. The firm has a market capitalization of $15.69 billion, a PE ratio of 6.78, a P/E/G ratio of 0.99 and a beta of 1.63.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Thursday, September 26th. Nucor’s payout ratio is 21.00%.

In related news, Chairman John J. Ferriola sold 19,193 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $56.37, for a total transaction of $1,081,909.41. Following the completion of the sale, the chairman now directly owns 475,921 shares of the company’s stock, valued at $26,827,666.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Leon J. Topalian sold 5,798 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $56.47, for a total value of $327,413.06. Following the sale, the executive vice president now directly owns 93,559 shares of the company’s stock, valued at $5,283,276.73. The disclosure for this sale can be found here. Insiders have sold 61,203 shares of company stock valued at $3,465,601 over the last ninety days. 0.96% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of NUE. Vanguard Group Inc. increased its position in shares of Nucor by 19.6% during the second quarter. Vanguard Group Inc. now owns 33,816,254 shares of the basic materials company’s stock valued at $1,863,276,000 after acquiring an additional 5,547,683 shares during the last quarter. Nuveen Asset Management LLC increased its position in shares of Nucor by 363.1% during the second quarter. Nuveen Asset Management LLC now owns 2,139,227 shares of the basic materials company’s stock valued at $117,872,000 after acquiring an additional 1,677,330 shares during the last quarter. First Trust Advisors LP increased its position in shares of Nucor by 173.1% during the first quarter. First Trust Advisors LP now owns 1,084,759 shares of the basic materials company’s stock valued at $63,296,000 after acquiring an additional 687,564 shares during the last quarter. Sabal Trust CO purchased a new stake in shares of Nucor during the third quarter valued at approximately $23,325,000. Finally, Invesco Ltd. increased its position in Nucor by 31.9% in the second quarter. Invesco Ltd. now owns 1,623,635 shares of the basic materials company’s stock worth $89,462,000 after buying an additional 392,215 shares during the last quarter. 77.36% of the stock is owned by institutional investors.

About Nucor

Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. 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 products; 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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