Analysts Offer Predictions for Nucor Co.’s Q3 2024 Earnings (NYSE:NUE)

Nucor Co. (NYSE:NUE) – Investment analysts at Seaport Res Ptn lowered their Q3 2024 earnings per share (EPS) estimates for Nucor in a note issued to investors on Tuesday, September 17th. Seaport Res Ptn analyst M. Englert now expects that the basic materials company will post earnings of $1.45 per share for the quarter, down from their previous estimate of $1.60. The consensus estimate for Nucor’s current full-year earnings is $9.95 per share. Seaport Res Ptn also issued estimates for Nucor’s FY2024 earnings at $8.64 EPS and Q4 2025 earnings at $2.43 EPS.

A number of other research analysts also recently issued reports on NUE. JPMorgan Chase & Co. raised Nucor from a “neutral” rating to an “overweight” rating and upped their price target 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 on the stock in a report on Wednesday, June 26th. BMO Capital Markets dropped their target price on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday. Morgan Stanley dropped their target price on Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Argus raised Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $192.00.

Nucor Trading Up 0.6 %

Shares of NYSE:NUE opened at $143.00 on Wednesday. The company has a market cap of $34.29 billion, a P/E ratio of 8.41 and a beta of 1.55. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.85. Nucor has a 1 year low of $133.42 and a 1 year high of $203.00. The stock’s fifty day moving average price is $150.15 and its 200-day moving average price is $166.56.

Nucor (NYSE:NUE) last announced 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. The firm had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The company’s quarterly revenue was down 15.2% on a year-over-year basis. During the same period in the prior year, the company posted $5.81 earnings per share.

Institutional Investors Weigh In On Nucor

A number of institutional investors and hedge funds have recently bought and sold shares of NUE. Rise Advisors LLC purchased a new position in Nucor during the first quarter worth approximately $27,000. Chilton Capital Management LLC boosted its holdings in Nucor by 94.2% in the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 65 shares during the period. Central Pacific Bank Trust Division acquired a new stake in Nucor in the first quarter valued at $28,000. Tompkins Financial Corp increased its position in shares of Nucor by 208.0% during the first quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 104 shares in the last quarter. Finally, Salomon & Ludwin LLC acquired a new position in Nucor in the 1st quarter valued at about $31,000. 76.48% of the stock is owned by institutional investors.

Insider Transactions at Nucor

In other news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 99,049 shares in the company, valued at approximately $15,847,840. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.46% of the company’s stock.

Nucor Announces Dividend

The company also recently disclosed 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. This represents a $2.16 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Friday, September 27th. Nucor’s payout ratio is 12.71%.

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.