Nucor (NYSE:NUE) Updates Q3 2024 Earnings Guidance

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

Nucor Price Performance

Shares of NUE traded up $1.16 during trading hours on Tuesday, reaching $144.12. The company had a trading volume of 317,033 shares, compared to its average volume of 1,447,927. The firm has a 50 day simple moving average of $150.52 and a 200-day simple moving average of $167.06. 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 company has a market capitalization of $34.55 billion, a price-to-earnings ratio of 8.48 and a beta of 1.55. Nucor has a 12-month low of $133.42 and a 12-month high of $203.00.

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, beating 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 firm had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same period last year, the firm posted $5.81 EPS. The firm’s revenue for the quarter was down 15.2% on a year-over-year basis. Research analysts expect that Nucor will post 9.95 earnings per share for the current 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 issued a dividend of $0.54 per share. The ex-dividend date is Friday, September 27th. This represents a $2.16 annualized dividend and a yield of 1.50%. Nucor’s dividend payout ratio (DPR) is currently 12.71%.

Analyst Ratings Changes

Several equities analysts have weighed in on NUE shares. Jefferies Financial Group started coverage on shares of Nucor in a report on Monday, May 20th. They set a hold rating and a $190.00 target price for the company. Morgan Stanley raised 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 raised shares of Nucor to a strong-buy rating in a research note on Monday, August 26th. JPMorgan Chase & Co. raised shares of Nucor from a neutral rating to an overweight rating and raised their price target for the stock from $170.00 to $174.00 in a research note on Monday, September 9th. Finally, Bank of America decreased 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 investment 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 stock. According to MarketBeat.com, Nucor currently has an average rating of Moderate Buy and an average price target of $195.00.

Insider Buying and Selling

In related news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction that occurred 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 directly owns 99,049 shares of the company’s stock, valued at $15,847,840. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.46% 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.