Nucor Corp. (NUE) Shares Gap Up to $54.46
Nucor Corp. (NYSE:NUE)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $53.79, but opened at $54.46. Nucor Corp. shares last traded at $56.30, with a volume of 2,724,002 shares traded.
A number of equities analysts recently issued reports on NUE shares. Jefferies Group upped their price target on Nucor Corp. to $53.00 in a report on Monday, March 21st. Bank of America Corp. reaffirmed a “buy” rating on shares of Nucor Corp. in a report on Thursday, March 17th. TheStreet raised Nucor Corp. from a “hold” rating to a “buy” rating in a report on Thursday, April 21st. Argus raised Nucor Corp. from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Friday, June 24th. Finally, Zacks Investment Research raised Nucor Corp. from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a report on Monday, June 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $51.99.
The firm has a market capitalization of $17.91 billion and a PE ratio of 50.30. The stock has a 50-day moving average of $49.97 and a 200-day moving average of $45.07.
Nucor Corp. (NYSE:NUE) last issued its earnings results on Thursday, April 21st. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.27 by $0.05. During the same period last year, the firm posted $0.21 EPS. The firm earned $3.72 billion during the quarter, compared to the consensus estimate of $3.63 billion. The company’s quarterly revenue was down 15.5% on a year-over-year basis. On average, equities analysts expect that Nucor Corp. will post $2.55 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Thursday, June 30th will be given a $0.375 dividend. The ex-dividend date is Tuesday, June 28th. This represents a $1.50 annualized dividend and a dividend yield of 2.75%.
In other news, EVP Robert J. Stratman sold 52,631 shares of Nucor Corp. stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 268,246 shares in the company, valued at approximately $13,385,475.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP D. Chad Utermark sold 2,050 shares of Nucor Corp. stock in a transaction that occurred 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 of the company’s stock, valued at approximately $2,867,853.65. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have recently modified their holdings of the company. ING Groep purchased a new position in shares of Nucor Corp. during the third quarter valued at approximately $1,586,000. Russell Frank Co raised its position in shares of Nucor Corp. by 10.7% in the fourth quarter. Russell Frank Co now owns 217,443 shares of the company’s stock valued at $8,772,000 after buying an additional 21,085 shares during the last quarter. Sei Investments Co. raised its position in shares of Nucor Corp. by 132.0% in the fourth quarter. Sei Investments Co. now owns 25,708 shares of the company’s stock valued at $1,036,000 after buying an additional 14,626 shares during the last quarter. Rhumbline Advisers raised its position in shares of Nucor Corp. by 0.4% in the fourth quarter. Rhumbline Advisers now owns 404,777 shares of the company’s stock valued at $16,313,000 after buying an additional 1,644 shares during the last quarter. Finally, TD Asset Management Inc. raised its position in shares of Nucor Corp. by 18.0% in the fourth quarter. TD Asset Management Inc. now owns 434,773 shares of the company’s stock valued at $17,521,000 after buying an additional 66,300 shares during the last quarter.
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.
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