Nucor (NYSE:NUE) Releases 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 0.5 %

Shares of NUE traded up $0.71 during midday trading on Tuesday, reaching $143.67. 349,936 shares of the stock were exchanged, compared to its average volume of 1,448,111. The company has a market cap of $34.45 billion, a price-to-earnings ratio of 8.48 and a beta of 1.55. 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 12-month low of $133.42 and a 12-month high of $203.00. The firm has a 50 day simple moving average of $150.52 and a 200-day simple moving average of $167.06.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.37. The firm 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 last year, the firm earned $5.81 earnings per share. Research analysts forecast that Nucor will post 9.95 EPS for the current year.

Nucor Announces Dividend

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. This represents a $2.16 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s payout ratio is 12.71%.

Analyst Ratings Changes

A number of research analysts have recently commented on NUE shares. 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. BMO Capital Markets dropped their price target on shares of Nucor from $185.00 to $175.00 and set a market perform rating on the stock in a research report on Monday, June 17th. Bank of America reduced their price objective on shares of Nucor from $210.00 to $200.00 and set a buy rating for the company in a research note on Wednesday, June 26th. Jefferies Financial Group assumed coverage on shares of Nucor in a report on Monday, May 20th. They set a hold rating and a $190.00 price target for the company. Finally, JPMorgan Chase & Co. upgraded Nucor from a neutral rating to an overweight rating and lifted their price objective for the stock from $170.00 to $174.00 in a research note on Monday, September 9th. 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $195.00.

Insider Activity at Nucor

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total value of $1,379,840.00. Following the sale, the executive vice president now owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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.