NUE - Nucor: A Solid Start To 2024

2024-04-05 05:39:15 ET

Summary

• Nucor's shares have stabilized around the $200 mark, reflecting the company's strong performance in the cyclical steel industry.
• The company has delivered on its promises and even as current earnings are down a bit, this compares to a huge earnings peek in 2022.
• NUE's long-term quality and strong execution have driven its outperformance, but there are concerns about cyclical lower earnings power and potential M&A creating stronger competitors.

Shares of Nucor ( NUE ) have stabilized around the $200 mark. Back in October of last year, I believed that Nucor was muddling through, with the business being on track to earn between $16 and $20 per share. Being a very strong operator in a cyclical steel industry, the company has delivered on its promises, certainly in recent times....

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