Zacks Research Comments on Nucor Co.’s Q3 2024 Earnings (NYSE:NUE)

Nucor Co. (NYSE:NUE) – Equities research analysts at Zacks Research issued their Q3 2024 earnings per share (EPS) estimates for Nucor in a research note issued to investors on Wednesday, September 18th. Zacks Research analyst M. Agrawal anticipates that the basic materials company will post earnings of $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.

A number of other equities analysts have also recently issued reports on the company. BMO Capital Markets decreased their target price on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a report on Wednesday, September 18th. 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. JPMorgan Chase & Co. raised shares of Nucor from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $170.00 to $174.00 in a research report on Monday, September 9th. Argus upgraded shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. Finally, Morgan Stanley decreased their price objective on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Nucor currently has an average rating of “Moderate Buy” and an average price target of $192.00.

Nucor Price Performance

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

Nucor (NYSE:NUE) last announced its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 earnings per share (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 for the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the previous year, the company posted $5.81 EPS. The business’s revenue was down 15.2% compared to the same quarter last year.

Nucor Announces Dividend

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

Insiders Place Their Bets

In other 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 transaction 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 SEC, which is available at this hyperlink. Insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Nucor

Large investors have recently made changes to their positions in the company. McClarren Financial Advisors Inc. grew its position 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 acquiring an additional 89 shares in the last quarter. Rise Advisors LLC acquired a new stake in shares of Nucor in the first quarter worth about $27,000. Chilton Capital Management LLC boosted its stake in shares of 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 acquiring an additional 65 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of Nucor during the 1st quarter valued at about $28,000. Finally, Tompkins Financial Corp increased its holdings in shares of Nucor by 208.0% during the 1st 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 last quarter. Institutional investors own 76.48% of the company’s stock.

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.