Nucor Corp. (NUE) Sees Unusually-High Trading Volume
Shares of Nucor Corp. (NYSE:NUE) saw unusually-high trading volume on Wednesday . Approximately 3,619,613 shares changed hands during mid-day trading, an increase of 4% from the previous session’s volume of 3,490,802 shares.The stock last traded at $53.79 and had previously closed at $55.71.
NUE has been the topic of several recent analyst reports. Bank of America Corp. reiterated a “buy” rating on shares of Nucor Corp. in a report on Friday, June 17th. Credit Suisse Group AG boosted their target price on shares of Nucor Corp. from $45.00 to $55.00 and gave the company a “neutral” rating in a report on Wednesday, June 8th. Deutsche Bank AG upgraded shares of Nucor Corp. from a “hold” rating to a “buy” rating and boosted their target price for the company from $52.00 to $60.00 in a report on Wednesday, July 6th. Rosenblatt Securities boosted their target price on shares of Nucor Corp. from $47.00 to $51.00 and gave the company a “neutral” rating in a report on Tuesday, May 10th. Finally, Standpoint Research cut shares of Nucor Corp. from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a report on Wednesday, April 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Nucor Corp. currently has an average rating of “Buy” and a consensus price target of $52.49.
The firm has a 50-day moving average of $51.38 and a 200-day moving average of $45.73. The firm has a market capitalization of $16.75 billion and a price-to-earnings ratio of 47.03.
Nucor Corp. (NYSE:NUE) last released its earnings results on Thursday, July 21st. The company reported $0.73 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.03. The firm had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.49 billion. Analysts anticipate that Nucor Corp. will post $2.59 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Thursday, June 30th will be issued a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date is Tuesday, June 28th.
In related news, EVP Robert J. Stratman sold 52,631 shares of Nucor Corp. stock in a transaction dated Friday, April 29th. The stock was sold at an average price of $49.90, for a total transaction of $2,626,286.90. Following the completion of the sale, the executive vice president now owns 268,246 shares of the company’s stock, valued at $13,385,475.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP D. Chad Utermark sold 2,050 shares of Nucor Corp. stock in a transaction dated Thursday, April 28th. The stock was sold at an average price of $50.65, for a total value of $103,832.50. Following the sale, the executive vice president now directly 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.
Other large investors have recently added to or reduced their stakes in the company. Systematic Financial Management LP increased its stake 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 stake in Nucor Corp. by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 19,190,256 shares of the company’s stock worth $773,367,000 after buying an additional 397,271 shares during the period. Dimensional Fund Advisors LP increased its stake 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 worth $148,043,000 after buying an additional 168,845 shares during the period. Strid Group LLC purchased a new stake in Nucor Corp. during the fourth quarter worth approximately $4,749,000. Finally, Robeco Institutional Asset Management B.V. increased its stake in Nucor Corp. by 150.3% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 152,417 shares of the company’s stock worth $6,142,000 after buying an additional 91,513 shares during the period.
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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