Q3 2024 Earnings Forecast for Nucor Co. Issued By Zacks Research (NYSE:NUE)

Nucor Co. (NYSE:NUE) – Investment analysts at Zacks Research issued their Q3 2024 EPS estimates for Nucor in a research note issued on Wednesday, September 18th. Zacks Research analyst M. Agrawal forecasts 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 posted its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.37. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The business had revenue of $8.08 billion for the quarter, compared to analyst estimates of $7.69 billion. During the same quarter in the prior year, the firm earned $5.81 EPS. The firm’s quarterly revenue was down 15.2% compared to the same quarter last year.

A number of other research firms have also commented on NUE. JPMorgan Chase & Co. upgraded Nucor from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $170.00 to $174.00 in a research report on Monday, September 9th. Morgan Stanley decreased their target price on Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. BMO Capital Markets cut their price target on Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a report on Wednesday, September 18th. Argus raised shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. Finally, Bank of America reduced their target price on shares of Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $192.00.

Nucor Price Performance

Shares of Nucor stock opened at $150.68 on Monday. Nucor has a 1-year low of $133.42 and a 1-year high of $203.00. The firm’s 50-day moving average price is $148.99 and its two-hundred day moving average price is $165.36. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $36.13 billion, a price-to-earnings ratio of 8.86 and a beta of 1.55.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NUE. McClarren Financial Advisors Inc. raised its holdings in Nucor by 129.0% in the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 89 shares during the period. Rise Advisors LLC bought a new stake in shares of Nucor in the 1st quarter valued at $27,000. Chilton Capital Management LLC raised its stake in Nucor by 94.2% during the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock worth $27,000 after buying an additional 65 shares during the period. Central Pacific Bank Trust Division bought a new position in Nucor during the first quarter worth about $28,000. Finally, Tompkins Financial Corp grew its stake in Nucor by 208.0% in the first quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 104 shares during the period. Institutional investors and hedge funds own 76.48% of the company’s stock.

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 transaction, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Nucor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be paid a $0.54 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a yield of 1.43%. Nucor’s payout ratio is presently 12.71%.

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.