Nucor (NYSE:NUE) Releases Q3 Earnings Guidance

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

Nucor Price Performance

NUE opened at $142.18 on Wednesday. The stock has a fifty day moving average price of $150.36 and a 200 day moving average price of $166.72. 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 has a 1 year low of $133.42 and a 1 year high of $203.00. The stock has a market cap of $34.09 billion, a price-to-earnings ratio of 8.36 and a beta of 1.55.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.37. The company had revenue of $8.08 billion during 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 business’s quarterly revenue was down 15.2% on a year-over-year basis. During the same period last year, the business earned $5.81 EPS. Analysts forecast that Nucor will post 9.95 EPS for the current fiscal 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 $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 1.52%. The ex-dividend date is Friday, September 27th. Nucor’s dividend payout ratio is 12.71%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on NUE shares. BMO Capital Markets cut their price target on shares of Nucor from $185.00 to $175.00 and set a market perform rating on the stock in a report on Monday, June 17th. Argus upgraded Nucor to a strong-buy rating in a report on Monday, August 26th. JPMorgan Chase & Co. upgraded Nucor from a neutral rating to an overweight rating and upped their price target for the stock from $170.00 to $174.00 in a research note on Monday, September 9th. Morgan Stanley raised Nucor from an equal weight rating to an overweight rating and lowered their price objective for the company from $187.00 to $176.00 in a report on Thursday, August 15th. Finally, Bank of America reduced their target price on Nucor from $210.00 to $200.00 and set a buy rating for the company in a 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 issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $195.00.

Insider Transactions at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 99,049 shares in the company, valued at approximately $15,847,840. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by corporate 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.