Nucor (NYSE:NUE) Issues Q3 2024 Earnings Guidance

Nucor (NYSE:NUE) issued an update on its third quarter 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 1.300-1.400 for the period, compared to the consensus EPS estimate of 1.810. The company issued revenue guidance of -. Nucor also updated its Q3 guidance to $1.30-1.40 EPS.

Nucor Stock Up 0.8 %

NYSE NUE traded up $1.16 on Tuesday, hitting $144.12. 317,033 shares of the stock were exchanged, compared to its average volume of 1,447,927. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26. Nucor has a fifty-two week low of $133.42 and a fifty-two week high of $203.00. The company has a market cap of $34.55 billion, a PE ratio of 8.48 and a beta of 1.55. The company has a 50-day moving average price of $150.52 and a 200-day moving average price of $167.06.

Nucor (NYSE:NUE) last posted its quarterly earnings results 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. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The company had revenue of $8.08 billion during the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the previous year, the business posted $5.81 EPS. The firm’s revenue was down 15.2% on a year-over-year basis. Sell-side analysts anticipate that Nucor will post 9.95 EPS for the current fiscal year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s payout ratio is 12.71%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Morgan Stanley upgraded shares of Nucor from an equal weight rating to an overweight rating and decreased their price target for the stock from $187.00 to $176.00 in a research note on Thursday, August 15th. Argus upgraded shares of 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 increased their price target for the stock from $170.00 to $174.00 in a research note on Monday, September 9th. BMO Capital Markets decreased their price target on shares of Nucor from $185.00 to $175.00 and set a market perform rating for the company in a research note on Monday, June 17th. Finally, Jefferies Financial Group assumed coverage on shares of Nucor in a research note on Monday, May 20th. They set a hold rating and a $190.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Nucor currently has a consensus rating of Moderate Buy and a consensus price target of $195.00.

Insiders Place Their Bets

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the company’s stock in a transaction on 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 completion of the transaction, the executive vice president now 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 can be accessed through this link. 0.46% of the stock is owned by 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.