Nucor (NYSE:NUE) Updates Q2 Earnings Guidance

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

Analyst Ratings Changes

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

View Our Latest Research Report on Nucor

Nucor Price Performance

Shares of NUE opened at $154.69 on Friday. The stock has a market cap of $37.09 billion, a PE ratio of 9.10 and a beta of 1.60. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.48 and a current ratio of 4.02. Nucor has a fifty-two week low of $140.07 and a fifty-two week high of $203.00. The firm’s 50-day simple moving average is $174.35 and its two-hundred day simple moving average is $178.46.

Nucor (NYSE:NUEGet Free Report) last announced its quarterly earnings data on Monday, April 22nd. The basic materials company reported $3.46 earnings per share for the quarter, missing analysts’ consensus estimates of $3.62 by ($0.16). The business had revenue of $8.14 billion during the quarter, compared to analysts’ expectations of $8.26 billion. Nucor had a return on equity of 19.62% and a net margin of 12.40%. Nucor’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter last year, the company posted $4.45 EPS. Analysts anticipate that Nucor will post 11.96 earnings per share for the current fiscal year.

Nucor Dividend Announcement

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

Insider Activity

In other news, insider Michael D. Keller sold 3,145 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $193.67, for a total transaction of $609,092.15. Following the sale, the insider now owns 24,873 shares in the company, valued at $4,817,153.91. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, insider Michael D. Keller sold 3,145 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $193.67, for a total transaction of $609,092.15. Following the sale, the insider now owns 24,873 shares in the company, valued at $4,817,153.91. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Douglas J. Jellison sold 19,506 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $193.41, for a total transaction of $3,772,655.46. Following the transaction, the executive vice president now owns 120,738 shares in the company, valued at approximately $23,351,936.58. The disclosure for this sale can be found here. Insiders have sold a total of 32,651 shares of company stock worth $6,283,648 over the last 90 days. 0.46% of the stock is currently owned by insiders.

About Nucor

(Get Free Report)

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.

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Earnings History and Estimates for Nucor (NYSE:NUE)

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