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 Trading Down 0.5 %

Shares of NUE stock opened at $142.18 on Wednesday. Nucor has a 1 year low of $133.42 and a 1 year high of $203.00. The firm has a market capitalization of $34.09 billion, a PE ratio of 8.36 and a beta of 1.55. The stock has a fifty day moving average of $150.36 and a two-hundred day moving average of $166.72. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.93.

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

Nucor Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be issued a dividend of $0.54 per share. The ex-dividend date is Friday, September 27th. This represents a $2.16 annualized dividend and a yield of 1.52%. Nucor’s payout ratio is 12.71%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NUE. JPMorgan Chase & Co. upgraded Nucor from a neutral rating to an overweight rating and lifted their price target for the company from $170.00 to $174.00 in a research report on Monday, September 9th. Bank of America lowered their target price on Nucor from $210.00 to $200.00 and set a buy rating on the stock in a report on Wednesday, June 26th. Argus raised shares of Nucor to a strong-buy rating in a report on Monday, August 26th. BMO Capital Markets lowered 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 note on Monday, June 17th. Finally, Morgan Stanley upgraded shares of Nucor from an equal weight rating to an overweight rating and dropped their target price for the stock from $187.00 to $176.00 in a report on Thursday, August 15th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Nucor has a consensus rating of Moderate Buy and a consensus price target of $195.00.

Insiders Place Their Bets

In other news, EVP Daniel R. Needham sold 8,624 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now owns 99,049 shares in the company, valued at $15,847,840. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.46% 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.