Q3 2024 Earnings Forecast for Nucor Co. (NYSE:NUE) Issued By Seaport Res Ptn

Nucor Co. (NYSE:NUE) – Seaport Res Ptn decreased their Q3 2024 earnings per share (EPS) estimates for Nucor in a research note issued to investors on Tuesday, September 17th. Seaport Res Ptn analyst M. Englert now anticipates that the basic materials company will post earnings per share of $1.45 for the quarter, down from their prior forecast of $1.60. The consensus estimate for Nucor’s current full-year earnings is $9.95 per share. Seaport Res Ptn also issued estimates for Nucor’s FY2024 earnings at $8.64 EPS and Q4 2025 earnings at $2.43 EPS.

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 the consensus estimate of $2.31 by $0.37. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The company had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same quarter in the prior year, the company earned $5.81 EPS. The firm’s quarterly revenue was down 15.2% compared to the same quarter last year.

Several other research firms also recently issued reports on NUE. Bank of America dropped their target price on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Argus raised Nucor to a “strong-buy” rating in a report on Monday, August 26th. Morgan Stanley raised shares of Nucor from an “equal weight” rating to an “overweight” rating and lowered their price target for the stock from $187.00 to $176.00 in a report on Thursday, August 15th. JPMorgan Chase & Co. raised shares of Nucor from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $170.00 to $174.00 in a research note on Monday, September 9th. Finally, BMO Capital Markets decreased their target price 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. Three 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 MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $195.00.

Nucor Price Performance

Shares of NYSE:NUE opened at $142.18 on Wednesday. The company has a 50-day moving average price of $150.36 and a two-hundred day moving average price of $166.72. Nucor has a twelve month low of $133.42 and a twelve month high of $203.00. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $34.09 billion, a PE ratio of 8.36 and a beta of 1.55.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group lifted its stake in Nucor by 2.5% in the second quarter. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group now owns 7,511 shares of the basic materials company’s stock worth $1,187,000 after purchasing an additional 184 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Nucor in the 2nd quarter valued at about $7,248,000. Ariadne Wealth Management LP purchased a new stake in Nucor during the 2nd quarter valued at about $3,359,000. SPC Financial Inc. grew its holdings in shares of Nucor by 1.2% in the second quarter. SPC Financial Inc. now owns 8,897 shares of the basic materials company’s stock worth $1,406,000 after purchasing an additional 106 shares during the last quarter. Finally, Granite Bay Wealth Management LLC grew its holdings in Nucor by 103.6% in the 2nd quarter. Granite Bay Wealth Management LLC now owns 25,619 shares of the basic materials company’s stock worth $4,050,000 after acquiring an additional 13,038 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors.

Insider Activity

In related 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 value of $1,379,840.00. Following the completion of the transaction, the executive vice president now directly owns 99,049 shares in the company, valued at $15,847,840. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Nucor Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, September 27th. Nucor’s payout ratio is 12.71%.

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.