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 EPS guidance of 1.300-1.400 for the period, compared to the consensus EPS estimate of 1.810. The company issued revenue guidance of -. Nucor also updated its Q3 guidance to $1.30-1.40 EPS.

Wall Street Analyst Weigh In

Several equities analysts have commented on NUE shares. JPMorgan Chase & Co. raised shares of Nucor from a neutral rating to an overweight rating and lifted their target price for the stock from $170.00 to $174.00 in a research report on Monday, September 9th. BMO Capital Markets dropped their price target on Nucor from $175.00 to $160.00 and set a market perform rating on the stock in a report on Wednesday. Morgan Stanley reduced their price objective on Nucor from $176.00 to $170.00 and set an overweight rating for the company in a research note on Wednesday. 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 research note on Wednesday, June 26th. Finally, Argus upgraded shares of 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 assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $192.00.

Nucor Stock Up 0.6 %

Shares of NYSE NUE opened at $143.00 on Thursday. 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 stock has a market capitalization of $34.29 billion, a PE ratio of 8.41 and a beta of 1.55. Nucor has a one year low of $133.42 and a one year high of $203.00. The business’s fifty day moving average price is $150.15 and its 200-day moving average price is $166.56.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, beating the consensus estimate of $2.31 by $0.37. The business had revenue of $8.08 billion for 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 revenue was down 15.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.81 earnings per share. On average, equities research analysts anticipate that Nucor will post 9.95 EPS for the current year.

Nucor Dividend Announcement

The firm also recently disclosed 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 1.51%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s dividend payout ratio (DPR) is presently 12.71%.

Insider Buying and Selling at Nucor

In other news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction 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 directly owns 99,049 shares of the company’s stock, valued at $15,847,840. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.