Nucor (NYSE:NUE) Issues Q3 Earnings Guidance

Nucor (NYSE:NUE) updated its third quarter earnings guidance on Tuesday. The company provided EPS guidance of $1.30-1.40 for the period, compared to the consensus EPS estimate of $1.81. Nucor also updated its Q3 2024 guidance to 1.300-1.400 EPS.

Wall Street Analyst Weigh In

Several research firms have issued reports on NUE. Morgan Stanley decreased their price objective on shares of Nucor from $176.00 to $170.00 and set an overweight rating for the company in a research note on Wednesday. JPMorgan Chase & Co. upgraded shares of Nucor from a neutral rating to an overweight rating and lifted their target price for the company from $170.00 to $174.00 in a report on Monday, September 9th. Bank of America lowered their price target on Nucor from $210.00 to $200.00 and set a buy rating for the company in a report on Wednesday, June 26th. BMO Capital Markets reduced their price objective on Nucor from $175.00 to $160.00 and set a market perform rating on the stock in a research note on Wednesday. Finally, Argus raised Nucor to a strong-buy rating in a research report on Monday, August 26th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Nucor presently has an average rating of Moderate Buy and an average price target of $192.00.

Nucor Stock Performance

Shares of NUE stock opened at $143.00 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.85. The company’s fifty day moving average price is $150.15 and its two-hundred day moving average price is $166.56. The firm has a market capitalization of $34.29 billion, a P/E ratio of 8.41 and a beta of 1.55. Nucor has a 12 month low of $133.42 and a 12 month high of $203.00.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, topping the consensus estimate of $2.31 by $0.37. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The business had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the previous year, the firm posted $5.81 earnings per share. The company’s revenue was down 15.2% compared to the same quarter last year. On average, research analysts anticipate that Nucor will post 9.95 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s payout ratio is currently 12.71%.

Insider Activity at Nucor

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the completion of the transaction, the executive vice president now directly owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.46% of the stock is currently owned by corporate insiders.

About Nucor

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.