Key Highlights

  • Shares are trading at $248.40, down 6.31% in Friday's session.
  • The company issued third-quarter 2026 Earnings guidance of $5.55 to $5.65 per diluted share, below Wall Street's consensus of roughly $5.99 to $6.20.
  • The miss versus expectations was driven partly by the absence of a $130 million cash refund tied to Q2 results, alongside rising costs of products sold offsetting higher steel pricing and volumes.
  • One bank downgraded the stock to Hold from Buy and cut its price target to $285 from $305, while two other banks trimmed their price targets but maintained bullish ratings.

Guidance Miss Drives the Selloff

Nucor (NYSE:NUE) shares tumbled in Friday's session after the company issued third-quarter 2026 earnings guidance of $5.55 to $5.65 per diluted share, below Wall Street's consensus of roughly $5.99 to $6.20, despite representing a sharp year-over-year improvement from $2.63 in the third quarter of 2025. Nucor is a Charlotte, North Carolina-headquartered company that is the largest steel producer and largest scrap recycler in the United States, operating through its Steel Mills, Steel Products, and Raw Materials segments.

One-Time Refund Absence and Rising Costs Weigh on the Outlook

The miss versus expectations was driven partly by the absence of a $130 million cash refund that had boosted second-quarter results, alongside rising costs of products sold offsetting higher steel pricing and volumes. One bank downgraded the stock to Hold from Buy and cut its price target to $285 from $305, while two other banks trimmed their price targets to $280 and $302, respectively, but maintained bullish ratings.

Peer Guidance Reinforces Sector-Wide Margin Pressure

Peer Steel Dynamics (NASDAQ:STLD) also issued below-consensus third-quarter guidance the same day, reinforcing sector-wide margin pressure even as both companies project sequentially higher profits. The selloff also came amid a broader market pullback as Treasury yields pushed toward 5% and materials and Utilities Sector declines weighed on the group.