Nucor (NYSE:NUE) Updates Q3 2024 Earnings Guidance

Nucor (NYSE:NUE) issued an update on its third quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 1.300-1.400 for the period, compared to the consensus estimate of 1.810. The company issued revenue guidance of -. Nucor also updated its Q3 guidance to $1.30-1.40 EPS.

Nucor Price Performance

NYSE:NUE opened at $143.00 on Thursday. Nucor has a 52-week low of $133.42 and a 52-week high of $203.00. The stock has a fifty day moving average of $150.15 and a 200 day moving average of $166.56. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.93. The firm has a market capitalization of $34.29 billion, a price-to-earnings ratio of 8.41 and a beta of 1.55.

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

Nucor Announces Dividend

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

Analyst Ratings Changes

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

Insider Transactions at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the completion of the sale, the executive vice president now directly owns 99,049 shares in the company, valued at approximately $15,847,840. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.46% of the company’s stock.

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.