Nucor Co. Forecasted to Post Q3 2024 Earnings of $1.37 Per Share (NYSE:NUE)

Nucor Co. (NYSE:NUE) – Analysts at Zacks Research issued their Q3 2024 EPS estimates for shares of Nucor in a report released on Wednesday, September 18th. Zacks Research analyst M. Agrawal expects that the basic materials company will post earnings of $1.37 per share for the quarter. The consensus estimate for Nucor’s current full-year earnings is $9.95 per share. Zacks Research also issued estimates for Nucor’s Q4 2024 earnings at $1.44 EPS, FY2024 earnings at $8.95 EPS, Q1 2025 earnings at $2.69 EPS, Q2 2025 earnings at $2.68 EPS, Q1 2026 earnings at $3.25 EPS, Q2 2026 earnings at $3.38 EPS and FY2026 earnings at $11.46 EPS.

Nucor (NYSE:NUE) last released its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, topping 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 period in the prior year, the firm posted $5.81 earnings per share. The firm’s revenue for the quarter was down 15.2% compared to the same quarter last year.

A number of other analysts have also commented on NUE. BMO Capital Markets reduced their price objective on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research note on Wednesday, September 18th. 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 research note on Monday, September 9th. Morgan Stanley reduced 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, September 18th. Argus raised Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Finally, Bank of America decreased their price target on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Nucor has an average rating of “Moderate Buy” and an average target price of $192.00.

Nucor Price Performance

NYSE:NUE opened at $146.31 on Monday. The firm has a market cap of $35.08 billion, a P/E ratio of 8.61 and a beta of 1.55. Nucor has a 52-week low of $133.42 and a 52-week high of $203.00. The business’s 50-day moving average price is $149.66 and its 200 day moving average price is $165.89. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s dividend payout ratio is 12.71%.

Insider Buying and Selling

In related news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction on 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 of the company’s stock, valued at $15,847,840. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Institutional Trading of Nucor

Hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. boosted its holdings in shares of Nucor by 29.7% in the second quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock valued at $456,030,000 after buying an additional 660,866 shares during the period. Global Assets Advisory LLC bought a new position in Nucor during the 1st quarter worth about $90,216,000. Swedbank AB acquired a new stake in shares of Nucor in the 1st quarter valued at about $37,395,000. Captrust Financial Advisors lifted its holdings in shares of Nucor by 23.5% in the first quarter. Captrust Financial Advisors now owns 804,150 shares of the basic materials company’s stock valued at $159,141,000 after purchasing an additional 153,077 shares in the last quarter. Finally, Trinity Street Asset Management LLP acquired a new position in shares of Nucor during the second quarter worth about $19,213,000. Institutional investors and hedge funds own 76.48% of the company’s stock.

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.