Nucor Co. (NUE) Expected to Announce Quarterly Sales of $6.51 Billion
Equities research analysts expect Nucor Co. (NYSE:NUE) to announce $6.51 billion in sales for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Nucor’s earnings. The highest sales estimate is $6.73 billion and the lowest is $6.02 billion. Nucor reported sales of $5.17 billion in the same quarter last year, which indicates a positive year over year growth rate of 25.9%. The business is expected to report its next quarterly earnings report before the market opens on Thursday, October 18th.
On average, analysts expect that Nucor will report full-year sales of $24.76 billion for the current financial year, with estimates ranging from $23.58 billion to $25.40 billion. For the next year, analysts anticipate that the company will report sales of $24.08 billion, with estimates ranging from $20.06 billion to $26.47 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Nucor.
Nucor (NYSE:NUE) last released its quarterly earnings data on Thursday, July 19th. The basic materials company reported $2.07 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.03). Nucor had a net margin of 7.58% and a return on equity of 16.22%. The company had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.47 billion. During the same quarter in the prior year, the company posted $1.00 EPS. The company’s revenue for the quarter was up 24.9% compared to the same quarter last year.
In other news, insider David A. Sumoski sold 51,238 shares of the company’s stock in a transaction dated Monday, July 23rd. The stock was sold at an average price of $66.65, for a total transaction of $3,415,012.70. Following the completion of the transaction, the insider now directly owns 139,839 shares of the company’s stock, valued at $9,320,269.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John J. Ferriola sold 14,607 shares of the company’s stock in a transaction dated Tuesday, July 24th. The stock was sold at an average price of $68.25, for a total value of $996,927.75. Following the transaction, the chief executive officer now directly owns 374,542 shares of the company’s stock, valued at $25,562,491.50. The disclosure for this sale can be found here. Insiders have sold 119,328 shares of company stock valued at $8,074,991 over the last ninety days. 0.80% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of NUE. Financial Gravity Wealth Inc. acquired a new position in Nucor during the first quarter valued at approximately $198,000. GSA Capital Partners LLP acquired a new position in Nucor during the first quarter valued at approximately $903,000. Nomura Asset Management Co. Ltd. boosted its position in Nucor by 4.8% during the first quarter. Nomura Asset Management Co. Ltd. now owns 58,951 shares of the basic materials company’s stock valued at $3,602,000 after purchasing an additional 2,725 shares during the last quarter. Baird Financial Group Inc. boosted its position in Nucor by 33.7% during the first quarter. Baird Financial Group Inc. now owns 12,781 shares of the basic materials company’s stock valued at $781,000 after purchasing an additional 3,218 shares during the last quarter. Finally, Clinton Group Inc. acquired a new position in Nucor during the first quarter valued at approximately $1,238,000. 77.28% of the stock is owned by hedge funds and other institutional investors.
Shares of Nucor stock traded up $0.35 during trading hours on Monday, hitting $60.81. The company’s stock had a trading volume of 3,102,534 shares, compared to its average volume of 2,504,415. Nucor has a 12 month low of $53.71 and a 12 month high of $70.48. The company has a market capitalization of $20.07 billion, a P/E ratio of 17.32, a price-to-earnings-growth ratio of 0.69 and a beta of 1.51. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.05 and a quick ratio of 1.55.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Friday, September 28th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, September 27th. This represents a $1.52 annualized dividend and a dividend yield of 2.50%. Nucor’s dividend payout ratio is currently 43.30%.
Nucor declared that its board has authorized a stock repurchase program on Thursday, September 6th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the basic materials company to repurchase up to 10% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Nucor Company Profile
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; hollow structural section steel tubing, steel electrical conduit, plate steel, and structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, wire rods, and special bar quality; and tubular and plate steel products.
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