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.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on NUE shares. Jefferies Financial Group began coverage on shares of Nucor in a report on Monday, May 20th. They set a hold rating and a $190.00 price target for the company. Morgan Stanley upgraded Nucor from an equal weight rating to an overweight rating and lowered their price objective for the company from $187.00 to $176.00 in a research note on Thursday, August 15th. BMO Capital Markets reduced their target price on Nucor from $185.00 to $175.00 and set a market perform rating for the company in a research note on Monday, June 17th. Argus raised shares of Nucor to a strong-buy rating in a report on Monday, August 26th. Finally, JPMorgan Chase & Co. raised shares of Nucor from a neutral rating to an overweight rating and raised their price objective for the stock from $170.00 to $174.00 in a report on Monday, September 9th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $195.00.

Nucor Stock Performance

Shares of NYSE NUE traded up $0.71 during midday trading on Tuesday, hitting $143.67. 349,936 shares of the company’s stock were exchanged, compared to its average volume of 1,448,111. Nucor has a twelve month low of $133.42 and a twelve month high of $203.00. 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 firm has a market cap of $34.45 billion, a P/E ratio of 8.48 and a beta of 1.55. The stock’s 50 day moving average price is $150.52 and its 200-day moving average price is $167.06.

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

Nucor Dividend Announcement

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 issued a $0.54 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 annualized dividend and a dividend yield of 1.50%. Nucor’s dividend payout ratio is currently 12.71%.

Insider Transactions at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total value of $1,379,840.00. Following the transaction, the executive vice president now 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 Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is owned by 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.