Nucor (NYSE:NUE) Issues Q3 2024 Earnings Guidance

Nucor (NYSE:NUE) updated its third quarter 2024 earnings guidance on Tuesday. 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.

Analyst Upgrades and Downgrades

NUE has been the subject of several analyst reports. BMO Capital Markets dropped their price target on shares of Nucor from $175.00 to $160.00 and set a market perform rating for the company in a research note on Wednesday. Argus raised Nucor to a strong-buy rating in a research note on Monday, August 26th. JPMorgan Chase & Co. upgraded shares of Nucor from a neutral rating to an overweight rating and upped their price objective for the company from $170.00 to $174.00 in a report on Monday, September 9th. Morgan Stanley decreased their target price on Nucor from $176.00 to $170.00 and set an overweight rating for the company in a research report on Wednesday. Finally, 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 report on Wednesday, June 26th. Three research 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 company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $192.00.

Nucor Stock Up 4.2 %

NUE stock opened at $148.98 on Friday. Nucor has a 1-year low of $133.42 and a 1-year high of $203.00. The stock has a market cap of $35.72 billion, a P/E ratio of 8.76 and a beta of 1.55. The stock’s fifty day simple moving average is $149.95 and its two-hundred day simple moving average is $166.43. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26.

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

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a yield of 1.45%. Nucor’s dividend payout ratio is presently 12.71%.

Insiders Place Their Bets

In related news, EVP Daniel R. Needham sold 8,624 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was 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 directly owns 99,049 shares in the company, valued at approximately $15,847,840. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company 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.