Nucor Corp. (NUE) Stock Price Down 3.1%
Nucor Corp. (NYSE:NUE) dropped 3.1% during trading on Friday . The company traded as low as $50.74 and last traded at $50.74, with a volume of 1,609,912 shares trading hands. The stock had previously closed at $52.35.
NUE has been the subject of a number of analyst reports. Bank of America Corp. reissued a “buy” rating on shares of Nucor Corp. in a research report on Friday, June 17th. Credit Suisse Group AG increased their price target on Nucor Corp. from $45.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday, June 8th. Deutsche Bank AG raised Nucor Corp. from a “hold” rating to a “buy” rating and increased their price target for the company from $52.00 to $60.00 in a research report on Wednesday, July 6th. Rosenblatt Securities increased their price target on Nucor Corp. from $47.00 to $51.00 and gave the company a “neutral” rating in a research report on Tuesday, May 10th. Finally, Jefferies Group increased their price target on Nucor Corp. from $53.00 to $56.00 and gave the company a “buy” rating in a research report on Friday, April 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $52.99.
The company has a market capitalization of $16.14 billion and a price-to-earnings ratio of 34.74. The company has a 50-day moving average of $52.61 and a 200 day moving average of $47.55.
Nucor Corp. (NYSE:NUE) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.03. The company earned $4.25 billion during the quarter, compared to analysts’ expectations of $4.49 billion. Analysts expect that Nucor Corp. will post $2.75 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Thursday, June 30th were given a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend was Tuesday, June 28th.
In other Nucor Corp. news, Chairman John J. Ferriola sold 12,128 shares of the business’s stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $54.12, for a total value of $656,367.36. Following the completion of the transaction, the chairman now owns 354,420 shares of the company’s stock, valued at approximately $19,181,210.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider James R. Darsey sold 71,465 shares of the business’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $52.45, for a total value of $3,748,339.25. Following the completion of the transaction, the insider now directly owns 234,135 shares of the company’s stock, valued at approximately $12,280,380.75. The disclosure for this sale can be found here.
Other institutional investors have 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 during the period. Mitsubishi UFJ Kokusai Asset Management CO. LTD. raised its position in shares of 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 worth $1,704,000 after buying an additional 2,089 shares during the period. Victory Capital Management Inc. raised its position in shares of Nucor Corp. by 32.3% in the fourth quarter. Victory Capital Management Inc. now owns 45,509 shares of the company’s stock worth $1,834,000 after buying an additional 11,107 shares during the period. Venturi Wealth Management LLC acquired a new position in shares of Nucor Corp. during the fourth quarter worth $2,011,000. Finally, Flippin Bruce & Porter Inc. raised its position in shares of Nucor Corp. by 6.3% in the fourth quarter. Flippin Bruce & Porter Inc. now owns 67,413 shares of the company’s stock worth $2,717,000 after buying an additional 3,983 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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