Nucor Corp. (NUE) Trading Down 3.1%
Shares of Nucor Corp. (NYSE:NUE) dropped 3.1% on Friday . The company traded as low as $50.74 and last traded at $50.74, with a volume of 1,609,912 shares traded. The stock had previously closed at $52.35.
NUE has been the topic of a number of recent research reports. Bank of America Corp. reaffirmed a “buy” rating on shares of Nucor Corp. in a research report on Friday, June 17th. Credit Suisse Group AG increased their target price on 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 raised Nucor Corp. from a “hold” rating to a “buy” rating and increased their target price for the company from $52.00 to $60.00 in a report on Wednesday, July 6th. Rosenblatt Securities increased their target price on Nucor Corp. from $47.00 to $51.00 and gave the company a “neutral” rating in a report on Tuesday, May 10th. Finally, Jefferies Group increased their target price on Nucor Corp. from $53.00 to $56.00 and gave the company a “buy” rating in a report on Friday, April 22nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Nucor Corp. presently has an average rating of “Buy” and a consensus price target of $52.99.
The stock has a market capitalization of $16.19 billion and a PE ratio of 34.74. The company’s 50 day moving average price is $52.60 and its 200 day moving average price is $47.43.
Nucor Corp. (NYSE:NUE) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.03. The firm earned $4.25 billion during the quarter, compared to analyst estimates of $4.49 billion. Analysts forecast that Nucor Corp. will post $2.75 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Thursday, June 30th were issued a $0.375 dividend. The ex-dividend date of this dividend was Tuesday, June 28th. This represents a $1.50 dividend on an annualized basis and a yield of 2.96%.
In other Nucor Corp. news, Chairman John J. Ferriola sold 12,128 shares of the business’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $54.12, for a total value of $656,367.36. Following the transaction, the chairman now owns 354,420 shares in the company, valued at approximately $19,181,210.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James D. Frias sold 9,000 shares of the business’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $53.14, for a total transaction of $478,260.00. Following the completion of the transaction, the chief financial officer now owns 156,065 shares in the company, valued at approximately $8,293,294.10. The disclosure for this sale can be found here.
A number of institutional investors have recently modified their holdings of the company. Advantus Capital Management Inc raised its position in shares of Nucor Corp. by 2.4% in the fourth quarter. Advantus Capital Management Inc now owns 30,521 shares of the company’s stock worth $1,230,000 after buying an additional 720 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its stake in Nucor Corp. by 5.2% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 42,286 shares of the company’s stock valued at $1,704,000 after buying an additional 2,089 shares during the last quarter. American International Group Inc. increased its stake in Nucor Corp. by 1.4% in the fourth quarter. American International Group Inc. now owns 180,762 shares of the company’s stock valued at $7,285,000 after buying an additional 2,546 shares during the last quarter. Flippin Bruce & Porter Inc. increased its stake in Nucor Corp. by 6.3% in the fourth quarter. Flippin Bruce & Porter Inc. now owns 67,413 shares of the company’s stock valued at $2,717,000 after buying an additional 3,983 shares during the last quarter. Finally, Bridgewater Associates LP increased its stake in Nucor Corp. by 3.9% in the fourth quarter. Bridgewater Associates LP now owns 126,318 shares of the company’s stock valued at $5,091,000 after buying an additional 4,693 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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