Nucor (NUE) Releases Q3 Earnings Guidance
Nucor (NYSE:NUE) issued an update on its third quarter earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $2.35-2.40 for the period, compared to the Thomson Reuters consensus estimate of $2.39.
Shares of NUE opened at $63.50 on Friday. Nucor has a 12-month low of $53.18 and a 12-month high of $70.48. The firm has a market cap of $20.11 billion, a P/E ratio of 18.09, a PEG ratio of 0.69 and a beta of 1.54. The company has a current ratio of 3.05, a quick ratio of 1.55 and a debt-to-equity ratio of 0.43.
Nucor (NYSE:NUE) last posted its earnings results on Thursday, July 19th. The basic materials company reported $2.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.03). The company had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.47 billion. Nucor had a net margin of 7.58% and a return on equity of 16.22%. The business’s quarterly revenue was up 24.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.00 earnings per share. analysts predict that Nucor will post 7.64 EPS for the current fiscal year.
Nucor announced that its board has initiated a share repurchase plan on Thursday, September 6th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 10% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
A number of research firms have issued reports on NUE. KeyCorp upgraded Nucor from a sector weight rating to an overweight rating and set a $77.00 target price on the stock in a research note on Tuesday, July 24th. Macquarie upgraded Nucor from a neutral rating to an outperform rating and set a $75.00 target price on the stock in a research note on Thursday, May 17th. Zacks Investment Research upgraded Nucor from a hold rating to a buy rating and set a $72.00 target price on the stock in a research note on Thursday, July 12th. Jefferies Financial Group reiterated a buy rating and issued a $80.00 target price on shares of Nucor in a research note on Friday, July 13th. Finally, ValuEngine upgraded Nucor from a sell rating to a hold rating in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Nucor currently has a consensus rating of Buy and an average price target of $71.00.
In related news, insider Leon J. Topalian sold 3,115 shares of Nucor stock in a transaction dated Thursday, June 21st. The shares were sold at an average price of $64.98, for a total transaction of $202,412.70. Following the sale, the insider now directly owns 43,370 shares in the company, valued at $2,818,182.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP D. Chad Utermark sold 53,483 shares of Nucor stock in a transaction dated Tuesday, July 24th. The shares were sold at an average price of $68.49, for a total transaction of $3,663,050.67. Following the sale, the executive vice president now owns 155,140 shares in the company, valued at $10,625,538.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 122,443 shares of company stock worth $8,277,404. Company insiders own 0.70% of the company’s stock.
Nucor Company Profile
Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. 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; hollow structural section steel tubing, steel electrical conduit, plate steel, and structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, wire rods, and special bar quality; and tubular and plate steel products.
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