Equities Analysts Offer Predictions for Nucor Co.’s Q3 2024 Earnings (NYSE:NUE)

Posted by Defense World Staff on Oct 26th, 2023

Nucor Co. (NYSE:NUE – Free Report) – Investment analysts at Seaport Res Ptn issued their Q3 2024 earnings per share (EPS) estimates for Nucor in a note issued to investors on Monday, October 23rd. Seaport Res Ptn analyst M. Englert forecasts that the basic materials company will earn $2.69 per share for the quarter. The consensus estimate for Nucor’s current full-year earnings is $17.70 per share.

Nucor (NYSE:NUE – Get Free Report) last issued its quarterly earnings data on Monday, October 23rd. The basic materials company reported $4.57 earnings per share for the quarter, beating the consensus estimate of $4.19 by $0.38. Nucor had a return on equity of 24.79% and a net margin of 13.98%. The business had revenue of $8.78 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same period last year, the business earned $6.50 EPS. The business’s revenue was down 16.4% on a year-over-year basis.

NUE has been the subject of a number of other reports. StockNews.com assumed coverage on Nucor in a research report on Thursday, October 5th. They set a “hold” rating for the company. JPMorgan Chase & Co. upgraded Nucor from an “underweight” rating to a “neutral” rating and set a $151.00 target price on the stock in a research note on Monday, October 16th. Credit Suisse Group boosted their price target on shares of Nucor from $156.00 to $167.00 in a report on Tuesday, July 11th. BNP Paribas upgraded shares of Nucor from a “neutral” rating to an “outperform” rating and set a $191.00 price objective for the company in a report on Wednesday, July 5th. Finally, Citigroup lifted their price objective on shares of Nucor from $160.00 to $180.00 and gave the stock a “neutral” rating in a research report on Thursday, July 27th. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Nucor currently has a consensus rating of “Hold” and a consensus target price of $161.00.

View Our Latest Research Report on NUE

Nucor Trading Down 1.7 %

NYSE:NUE opened at $144.60 on Wednesday. Nucor has a 52 week low of $126.56 and a 52 week high of $182.68. The firm has a 50-day moving average price of $158.60 and a two-hundred day moving average price of $155.40. The firm has a market cap of $35.96 billion, a price-to-earnings ratio of 7.33 and a beta of 1.62. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.41 and a current ratio of 3.82.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders of record on Friday, September 29th will be given a $0.51 dividend. The ex-dividend date is Thursday, September 28th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.41%. Nucor’s dividend payout ratio (DPR) is currently 10.34%.

Insider Buying and Selling at Nucor

In other Nucor news, CFO Stephen D. Laxton sold 12,765 shares of the firm’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $171.46, for a total value of $2,188,686.90. Following the sale, the chief financial officer now owns 62,444 shares of the company’s stock, valued at approximately $10,706,648.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Nucor news, EVP Daniel R. Needham sold 7,002 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $170.00, for a total transaction of $1,190,340.00. Following the sale, the executive vice president now owns 83,101 shares in the company, valued at $14,127,170. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Stephen D. Laxton sold 12,765 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $171.46, for a total value of $2,188,686.90. Following the completion of the transaction, the chief financial officer now owns 62,444 shares of the company’s stock, valued at $10,706,648.24. The disclosure for this sale can be found here. Insiders sold a total of 34,961 shares of company stock valued at $5,982,573 in the last three months. Company insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of NUE. Householder Group Estate & Retirement Specialist LLC purchased a new position in Nucor in the 1st quarter worth $25,000. Avalon Trust Co bought a new position in Nucor during the 1st quarter worth approximately $25,000. Providence Capital Advisors LLC increased its stake in Nucor by 15,470.4% in the 1st quarter. Providence Capital Advisors LLC now owns 4,204 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 4,177 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in Nucor in the first quarter valued at approximately $32,000. Finally, Godsey & Gibb Inc. purchased a new stake in shares of Nucor during the first quarter valued at approximately $35,000. 77.76% of the stock is currently owned by institutional investors.

About Nucor

(Get Free Report)

Nucor Corporation engages in manufacture and sale of steel and steel products. The company's 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 products; and bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products.