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Nucor Hikes Quarterly Dividend, Raises Payout for 52 Straight Years

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Nucor Corporation (NUE - Free Report) has announced an increase in its regular quarterly cash dividend on its common stock to 55 cents per share from 54 cents. This cash dividend, payable Feb. 11, 2025, to stockholders of record as of Dec. 31, 2024, is Nucor's 207th consecutive quarterly cash dividend. Since commencing dividends in 1973, the company has increased its regular or base dividend for 52 years in a row.

NUE ended the third quarter with cash and cash equivalents of $4,262.8 million. The company repurchased around 2.5 million shares of its common stock at an average price of $156.07 per share during the quarter.

Shares of Nucor have lost 15.5% in a year compared with the industry’s 13.8% decline.

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The company, on its third-quarter call, said that it anticipates consolidated net earnings attributable to its stockholders for the fourth quarter of 2024 will be lower than the third quarter. 

The expected decline in earnings in the fourth quarter is due to reduced profitability in the steel mills segment due to lower average selling prices and lower volumes. Nucor expects earnings in the steel products division to fall in the fourth quarter from the third-quarter level, owing to lower average selling prices and fewer volumes. 

The raw materials segment's earnings are predicted to improve sequentially, excluding the impairment charge taken during the third quarter of 2024.

NUE’s Rank & Key Picks

NUE currently carries a Zacks Rank #5 (Strong Sell).

Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , DuPont de Nemours, Inc. (DD - Free Report) and CF Industries Inc. (CF - Free Report) . 

Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.1%. The company's shares have soared 177.8% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for DD’s current-year earnings is pegged at $3.88 per share, indicating a year-over-year rise of 11.5%. DD, a Zacks Rank #2 (Buy) stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 12.9%. The company's shares have rallied roughly 17.1% in the past year.

The Zacks Consensus Estimate for CF’s current-year earnings is pegged at $6.32 per share. CF, a Zacks Rank #1 stock, beat the consensus estimate in two of the last four quarters while missing twice, with the average earnings surprise being 10.3%. CF has rallied around 16.8% in the past year.

 

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