Nucor Corp. (NUE) Hits New 12-Month High at $53.10
Nucor Corp. (NYSE:NUE) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $53.10 and last traded at $53.08, with a volume of 1,714,746 shares changing hands. The stock had previously closed at $51.51.
NUE has been the topic of several analyst reports. Deutsche Bank AG raised Nucor Corp. from a “hold” rating to a “buy” rating and lifted their target price for the company from $52.00 to $60.00 in a research report on Wednesday. Argus raised Nucor Corp. from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research report on Friday, June 24th. Standpoint Research cut Nucor Corp. from a “buy” rating to a “hold” rating and set a $52.00 price objective on the stock. in a research report on Wednesday, April 13th. Jefferies Group reissued a “buy” rating and issued a $60.00 price objective (up previously from $56.00) on shares of Nucor Corp. in a research report on Friday, June 10th. Finally, Credit Suisse Group AG boosted their price objective on Nucor Corp. from $45.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $51.60.
The firm has a market cap of $16.90 billion and a price-to-earnings ratio of 47.46. The firm has a 50-day moving average price of $49.26 and a 200 day moving average price of $44.73.
Nucor Corp. (NYSE:NUE) last released its quarterly earnings results on Thursday, April 21st. The company reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.27 by $0.05. The firm earned $3.72 billion during the quarter, compared to analysts’ expectations of $3.63 billion. During the same quarter in the prior year, the business posted $0.21 EPS. Nucor Corp.’s revenue was down 15.5% on a year-over-year basis. Equities research analysts predict that Nucor Corp. will post $2.55 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Thursday, June 30th will be paid a $0.375 dividend. The ex-dividend date is Tuesday, June 28th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 2.91%.
In other news, EVP Robert J. Stratman sold 52,631 shares of the firm’s stock in a transaction on Friday, April 29th. The stock was sold at an average price of $49.90, for a total value of $2,626,286.90. Following the transaction, the executive vice president now directly owns 268,246 shares in the company, valued at approximately $13,385,475.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP D. Chad Utermark sold 2,050 shares of the firm’s stock in a transaction on Thursday, April 28th. The stock was sold at an average price of $50.65, for a total value of $103,832.50. Following the completion of the transaction, the executive vice president now owns 56,621 shares in the company, valued at $2,867,853.65. The disclosure for this sale can be found here.
Several institutional investors have recently added to or reduced their stakes in the company. Systematic Financial Management LP increased its position in Nucor Corp. by 65.1% in the fourth quarter. Systematic Financial Management LP now owns 1,489,546 shares of the company’s stock worth $60,028,000 after buying an additional 587,352 shares during the period. Vanguard Group Inc. increased its position in Nucor Corp. by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 19,190,256 shares of the company’s stock valued at $773,367,000 after buying an additional 397,271 shares during the period. Winton Capital Group Ltd increased its position in Nucor Corp. by 266.3% in the fourth quarter. Winton Capital Group Ltd now owns 445,487 shares of the company’s stock valued at $17,953,000 after buying an additional 323,855 shares during the period. Dimensional Fund Advisors LP increased its position in Nucor Corp. by 4.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,673,516 shares of the company’s stock valued at $148,043,000 after buying an additional 168,845 shares during the period. Finally, Strid Group LLC bought a new position in Nucor Corp. during the fourth quarter valued at $4,749,000.
Nucor Corporation (Nucor) manufactures steel and steel products. The Company also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI. Nucor operates in three segments: steel mills, steel products and raw materials.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.