Nucor (NYSE:NUE) Updates Q3 Earnings Guidance

Nucor (NYSE:NUE) updated its third quarter earnings guidance on Thursday. The company provided EPS guidance of $4.10-4.20 for the period, compared to the consensus EPS estimate of $4.57. Nucor also updated its Q3 2023 guidance to $4.10-$4.20 EPS.

Wall Street Analysts Forecast Growth

Several research firms have commented on NUE. StockNews.com upgraded Nucor from a hold rating to a buy rating in a research note on Sunday, September 10th. BNP Paribas upgraded Nucor from a neutral rating to an outperform rating and set a $191.00 target price on the stock in a research note on Wednesday, July 5th. Wolfe Research upgraded Nucor from an underperform rating to a peer perform rating in a research note on Thursday, June 1st. JPMorgan Chase & Co. boosted their target price on Nucor from $150.00 to $151.00 and gave the company an underweight rating in a research note on Friday, September 8th. Finally, Credit Suisse Group upped their price objective on Nucor from $156.00 to $167.00 in a research note on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $161.00.

Nucor Stock Up 2.7 %

NUE opened at $165.53 on Friday. Nucor has a 1-year low of $102.86 and a 1-year high of $182.68. The stock’s fifty day simple moving average is $168.18 and its 200 day simple moving average is $156.20. The company has a current ratio of 3.82, a quick ratio of 2.41 and a debt-to-equity ratio of 0.32. The stock has a market cap of $41.17 billion, a PE ratio of 7.65 and a beta of 1.61.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Monday, July 24th. The basic materials company reported $5.81 earnings per share for the quarter, beating analysts’ consensus estimates of $5.59 by $0.22. Nucor had a return on equity of 28.00% and a net margin of 14.81%. The business had revenue of $9.52 billion for the quarter, compared to analysts’ expectations of $9.62 billion. During the same quarter in the prior year, the business earned $9.67 EPS. The firm’s revenue for the quarter was down 19.3% on a year-over-year basis. As a group, research analysts expect that Nucor will post 18.55 earnings per share for the current year.

Nucor Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Friday, September 29th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 1.23%. Nucor’s payout ratio is 9.42%.

Insider Buying and Selling

In related news, CEO Leon J. Topalian sold 27,359 shares of the firm’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $168.19, for a total value of $4,601,510.21. Following the transaction, the chief executive officer now owns 155,558 shares in the company, valued at $26,163,300.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Leon J. Topalian sold 27,359 shares of the firm’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $168.19, for a total value of $4,601,510.21. Following the transaction, the chief executive officer now owns 155,558 shares in the company, valued at $26,163,300.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Douglas J. Jellison sold 5,194 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $172.92, for a total value of $898,146.48. Following the completion of the transaction, the executive vice president now owns 139,326 shares in the company, valued at approximately $24,092,251.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,320 shares of company stock worth $10,584,084. Company insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Moneta Group Investment Advisors LLC increased its position in shares of Nucor by 127,059.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 155,232,061 shares of the basic materials company’s stock worth $20,461,138,000 after purchasing an additional 155,109,984 shares during the period. Geode Capital Management LLC boosted its stake in Nucor by 0.4% in the first quarter. Geode Capital Management LLC now owns 5,438,353 shares of the basic materials company’s stock valued at $841,209,000 after buying an additional 23,366 shares in the last quarter. Morgan Stanley boosted its stake in Nucor by 30.0% in the fourth quarter. Morgan Stanley now owns 4,247,626 shares of the basic materials company’s stock valued at $559,880,000 after buying an additional 979,824 shares in the last quarter. Invesco Ltd. boosted its stake in Nucor by 11.3% in the first quarter. Invesco Ltd. now owns 1,738,793 shares of the basic materials company’s stock valued at $258,471,000 after buying an additional 176,738 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Nucor by 26.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 1,302,040 shares of the basic materials company’s stock valued at $135,946,000 after buying an additional 272,987 shares in the last quarter. Institutional investors own 77.76% of the company’s stock.

Nucor Company Profile

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.