Nucor (NYSE:NUE) Releases Q2 Earnings Guidance

Nucor (NYSE:NUE) updated its second quarter earnings guidance on Friday. The company provided earnings per share (EPS) guidance of $2.20-2.30 for the period, compared to the consensus estimate of $3.00. Nucor also updated its Q2 2024 guidance to 2.200-2.300 EPS.

Nucor Trading Up 0.4 %

NYSE:NUE opened at $154.69 on Monday. The stock has a market cap of $37.09 billion, a price-to-earnings ratio of 9.10 and a beta of 1.60. Nucor has a one year low of $140.07 and a one year high of $203.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.48 and a current ratio of 4.02. The business’s 50-day simple moving average is $174.35 and its 200 day simple moving average is $178.56.

Nucor (NYSE:NUE) last announced its earnings results on Monday, April 22nd. The basic materials company reported $3.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.62 by ($0.16). Nucor had a net margin of 12.40% and a return on equity of 19.62%. The business had revenue of $8.14 billion during the quarter, compared to analyst estimates of $8.26 billion. During the same period in the previous year, the company earned $4.45 earnings per share. The business’s revenue for the quarter was down 6.6% on a year-over-year basis. As a group, sell-side analysts predict that Nucor will post 11.96 earnings per share for the current fiscal year.

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.40%. The ex-dividend date of this dividend is Friday, June 28th. Nucor’s dividend payout ratio is currently 12.71%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NUE. BMO Capital Markets cut their target price on shares of Nucor from $210.00 to $200.00 and set a market perform rating on the stock in a research note on Wednesday, April 24th. Citigroup raised Nucor from a neutral rating to a buy rating and increased their target price for the stock from $180.00 to $240.00 in a report on Wednesday, March 13th. Jefferies Financial Group began coverage on Nucor in a report on Monday, May 20th. They issued a hold rating and a $190.00 price target for the company. JPMorgan Chase & Co. reduced their price objective on Nucor from $190.00 to $180.00 and set a neutral rating on the stock in a research note on Tuesday, June 11th. Finally, StockNews.com lowered shares of Nucor from a buy rating to a hold rating in a research note on Tuesday, April 23rd. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $191.50.

Insider Buying and Selling

In other Nucor news, EVP Douglas J. Jellison sold 19,506 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $193.41, for a total value of $3,772,655.46. Following the sale, the executive vice president now directly owns 120,738 shares in the company, valued at $23,351,936.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Nucor news, EVP Douglas J. Jellison sold 19,506 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $193.41, for a total value of $3,772,655.46. Following the sale, the executive vice president now owns 120,738 shares in the company, valued at $23,351,936.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael D. Keller sold 3,145 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $193.67, for a total value of $609,092.15. Following the transaction, the insider now owns 24,873 shares of the company’s stock, valued at approximately $4,817,153.91. The disclosure for this sale can be found here. Insiders sold a total of 32,651 shares of company stock worth $6,283,648 in the last three months. 0.64% of the stock is owned by insiders.

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.