Nucor Co. (NYSE:NUE) Expected to Post Q3 2024 Earnings of $1.37 Per Share

Nucor Co. (NYSE:NUE) – Research analysts at Zacks Research issued their Q3 2024 earnings estimates for shares of Nucor in a research note issued to investors on Wednesday, September 18th. Zacks Research analyst M. Agrawal expects that the basic materials company will earn $1.37 per share for the quarter. The consensus estimate for Nucor’s current full-year earnings is $9.95 per share. Zacks Research also issued estimates for Nucor’s Q4 2024 earnings at $1.44 EPS, FY2024 earnings at $8.95 EPS, Q1 2025 earnings at $2.69 EPS, Q2 2025 earnings at $2.68 EPS, Q1 2026 earnings at $3.25 EPS, Q2 2026 earnings at $3.38 EPS and FY2026 earnings at $11.46 EPS.

Nucor (NYSE:NUE) last issued its quarterly earnings results 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 firm had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the previous year, the firm posted $5.81 EPS. The firm’s revenue for the quarter was down 15.2% on a year-over-year basis.

A number of other research analysts have also issued reports on the stock. Morgan Stanley dropped their price target on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 18th. BMO Capital Markets cut their target price on Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research note on Wednesday, September 18th. Argus upgraded Nucor to a “strong-buy” rating in a research note on Monday, August 26th. JPMorgan Chase & Co. upgraded Nucor from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $170.00 to $174.00 in a research report on Monday, September 9th. Finally, Bank of America lowered their price target 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. Three equities 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $192.00.

Nucor Price Performance

Shares of NYSE NUE opened at $146.31 on Monday. 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 company has a market cap of $35.08 billion, a PE ratio of 8.61 and a beta of 1.55. The stock has a fifty day moving average price of $149.66 and a 200 day moving average price of $165.89. Nucor has a 1-year low of $133.42 and a 1-year high of $203.00.

Nucor Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.48%. Nucor’s dividend payout ratio (DPR) is 12.71%.

Insider Activity at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of the 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 transaction, the executive vice president now directly owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.46% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP raised its stake in Nucor by 2.2% during the second quarter. Dimensional Fund Advisors LP now owns 3,909,388 shares of the basic materials company’s stock valued at $617,915,000 after buying an additional 84,558 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Nucor by 29.7% during the second quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock worth $456,030,000 after acquiring an additional 660,866 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Nucor by 3.2% in the 2nd quarter. Legal & General Group Plc now owns 2,160,803 shares of the basic materials company’s stock worth $341,580,000 after acquiring an additional 67,974 shares during the period. First Trust Advisors LP boosted its stake in Nucor by 6.7% during the 4th quarter. First Trust Advisors LP now owns 1,367,209 shares of the basic materials company’s stock valued at $237,949,000 after purchasing an additional 85,475 shares during the period. Finally, Nordea Investment Management AB grew its position in Nucor by 6.5% in the 1st quarter. Nordea Investment Management AB now owns 1,165,094 shares of the basic materials company’s stock worth $230,572,000 after purchasing an additional 70,917 shares during the last quarter. Institutional investors and hedge funds own 76.48% of the company’s stock.

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.