Nucor (NYSE:NUE) Updates Q3 Earnings Guidance

Nucor (NYSE:NUE) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $1.30-1.40 for the period, compared to the consensus earnings per share estimate of $1.81. Nucor also updated its Q3 2024 guidance to 1.300-1.400 EPS.

Nucor Stock Performance

NYSE NUE opened at $143.00 on Thursday. The company has a market cap of $34.29 billion, a P/E ratio of 8.41 and a beta of 1.55. Nucor has a 1-year low of $133.42 and a 1-year 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 stock has a 50-day moving average of $150.15 and a two-hundred day moving average of $166.56.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.37. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The business had revenue of $8.08 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter last year, the business posted $5.81 EPS. The business’s quarterly revenue was down 15.2% compared to the same quarter last year. As a group, 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. Investors of record on Friday, September 27th will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 annualized dividend and a yield of 1.51%. Nucor’s dividend payout ratio is currently 12.71%.

Wall Street Analyst Weigh In

NUE has been the topic of several research analyst reports. Argus raised Nucor to a strong-buy rating in a research report on Monday, August 26th. Bank of America dropped their price objective on shares of Nucor from $210.00 to $200.00 and set a buy rating on the stock in a research note on Wednesday, June 26th. BMO Capital Markets lowered 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 shares of Nucor from $176.00 to $170.00 and set an overweight rating for the company in a research report on Wednesday. Finally, JPMorgan Chase & Co. raised Nucor from a neutral rating to an overweight rating and boosted their price target for the stock from $170.00 to $174.00 in a research note on Monday, September 9th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $192.00.

Insider Buying and Selling at Nucor

In other news, EVP Daniel R. Needham sold 8,624 shares of the stock in a transaction dated 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 transaction, the executive vice president now directly owns 99,049 shares in the company, valued at approximately $15,847,840. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.46% of the stock is owned by company 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.