Nucor Co. (NYSE:NUE) to Post Q3 2024 Earnings of $2.97 Per Share, Zacks Research Forecasts

Nucor Co. (NYSE:NUE) – Stock analysts at Zacks Research cut their Q3 2024 earnings estimates for Nucor in a research note issued to investors on Tuesday, June 18th. Zacks Research analyst M. Agrawal now forecasts that the basic materials company will post earnings of $2.97 per share for the quarter, down from their prior forecast of $3.00. The consensus estimate for Nucor’s current full-year earnings is $11.41 per share. Zacks Research also issued estimates for Nucor’s FY2024 earnings at $11.36 EPS, Q1 2025 earnings at $3.16 EPS, Q3 2025 earnings at $3.05 EPS, Q4 2025 earnings at $2.90 EPS, FY2025 earnings at $12.00 EPS, Q1 2026 earnings at $3.25 EPS and FY2026 earnings at $11.64 EPS.

Other analysts have also issued reports about the stock. Citigroup raised shares of Nucor from a “neutral” rating to a “buy” rating and upped their price target for the stock from $180.00 to $240.00 in a research report on Wednesday, March 13th. Jefferies Financial Group started coverage on shares of Nucor in a research report on Monday, May 20th. They issued a “hold” rating and a $190.00 price objective on the stock. StockNews.com lowered shares of Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Nucor from $190.00 to $180.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 11th. Finally, BMO Capital Markets dropped their price objective on shares of Nucor from $185.00 to $175.00 and set a “market perform” rating on the stock in a research report on Monday. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Nucor has an average rating of “Hold” and a consensus target price of $188.38.

Nucor Stock Performance

NYSE NUE opened at $155.63 on Wednesday. The company has a current ratio of 4.02, a quick ratio of 2.48 and a debt-to-equity ratio of 0.31. The firm’s fifty day moving average price is $172.60 and its two-hundred day moving average price is $178.37. Nucor has a 1 year low of $140.07 and a 1 year high of $203.00. The firm has a market capitalization of $37.31 billion, a P/E ratio of 9.15 and a beta of 1.60.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, April 22nd. The basic materials company reported $3.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.62 by ($0.16). Nucor had a return on equity of 19.62% and a net margin of 12.40%. The firm had revenue of $8.14 billion for the quarter, compared to the consensus estimate of $8.26 billion. During the same period last year, the company posted $4.45 earnings per share. The business’s revenue was down 6.6% compared to the same quarter last year.

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, June 28th will be paid a $0.54 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.16 annualized dividend and a dividend yield of 1.39%. Nucor’s dividend payout ratio (DPR) is presently 12.71%.

Insider Activity at Nucor

In related news, insider Michael D. Keller sold 3,145 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $193.67, for a total value of $609,092.15. Following the transaction, the insider now directly owns 24,873 shares in the company, valued at $4,817,153.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Nucor news, insider Michael D. Keller sold 3,145 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $193.67, for a total transaction of $609,092.15. Following the sale, the insider now directly owns 24,873 shares in the company, valued at $4,817,153.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Douglas J. Jellison sold 19,506 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $193.41, for a total transaction of $3,772,655.46. Following the sale, the executive vice president now owns 120,738 shares in the company, valued at $23,351,936.58. The disclosure for this sale can be found here. 0.64% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nucor

A number of large investors have recently bought and sold shares of NUE. Norges Bank acquired a new stake in Nucor during the fourth quarter worth about $377,631,000. International Assets Investment Management LLC bought a new position in shares of Nucor in the fourth quarter worth about $108,747,000. Global Assets Advisory LLC bought a new position in shares of Nucor in the first quarter worth about $90,216,000. Pacer Advisors Inc. lifted its holdings in shares of Nucor by 13.0% in the fourth quarter. Pacer Advisors Inc. now owns 2,070,960 shares of the basic materials company’s stock worth $360,430,000 after acquiring an additional 237,752 shares during the last quarter. Finally, Swedbank AB bought a new position in shares of Nucor in the first quarter worth about $37,395,000. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Company Profile

Nucor Corporation engages in manufacture and sale of steel and steel products. 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 structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.