Nucor Corp. (NUE) Sets New 52-Week High at $57.08
Nucor Corp. (NYSE:NUE) reached a new 52-week high during trading on Thursday . The stock traded as high as $57.08 and last traded at $56.56, with a volume of 1,176,221 shares. The stock had previously closed at $56.42.
NUE has been the topic of several research reports. JPMorgan Chase & Co. reissued an “overweight” rating and set a $55.00 price objective on shares of Nucor Corp. in a research note on Tuesday, April 5th. Credit Agricole SA lowered shares of Nucor Corp. from an “outperform” rating to a “sell” rating and boosted their price objective for the stock from $40.00 to $44.00 in a research note on Friday, April 22nd. Standpoint Research lowered shares of Nucor Corp. from a “buy” rating to a “hold” rating and set a $52.00 price objective on the stock. in a research note on Wednesday, April 13th. Cowen and Company reissued a “market perform” rating and set a $50.00 price objective (up previously from $45.00) on shares of Nucor Corp. in a research note on Wednesday, April 27th. Finally, Deutsche Bank AG lowered shares of Nucor Corp. from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $48.00 to $50.00 in a research note on Wednesday, March 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Nucor Corp. has an average rating of “Buy” and a consensus target price of $51.99.
The firm has a 50-day moving average price of $50.73 and a 200-day moving average price of $45.35. The stock has a market capitalization of $18.02 billion and a price-to-earnings ratio of 50.60.
Nucor Corp. (NYSE:NUE) last released its quarterly earnings results on Thursday, April 21st. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by $0.05. During the same quarter in the prior year, the company earned $0.21 EPS. The firm had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.63 billion. The business’s quarterly revenue was down 15.5% on a year-over-year basis. Equities research analysts anticipate that Nucor Corp. will post $2.59 EPS for the current 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 issued a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Tuesday, June 28th.
In other news, EVP Robert J. Stratman sold 52,631 shares of the firm’s stock in a transaction dated Friday, April 29th. The shares were sold at an average price of $49.90, for a total value of $2,626,286.90. Following the sale, 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 Securities & Exchange Commission, which can be accessed through this link. Also, EVP D. Chad Utermark sold 2,050 shares of the firm’s stock in a transaction dated Thursday, April 28th. The shares were sold at an average price of $50.65, for a total transaction of $103,832.50. Following the completion of the sale, 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.
A number of hedge funds recently added to or reduced their stakes in the company. ING Groep bought a new stake in Nucor Corp. during the third quarter worth approximately $1,586,000. Russell Frank Co boosted its stake in Nucor Corp. by 10.7% in the fourth quarter. Russell Frank Co now owns 217,443 shares of the company’s stock worth $8,772,000 after buying an additional 21,085 shares during the period. Sei Investments Co. boosted its stake in Nucor Corp. by 132.0% in the fourth quarter. Sei Investments Co. now owns 25,708 shares of the company’s stock worth $1,036,000 after buying an additional 14,626 shares during the period. Comerica Bank boosted its stake in Nucor Corp. by 0.4% in the fourth quarter. Comerica Bank now owns 96,344 shares of the company’s stock worth $3,511,000 after buying an additional 379 shares during the period. Finally, New York State Common Retirement Fund boosted its stake in Nucor Corp. by 0.7% in the fourth quarter. New York State Common Retirement Fund now owns 737,500 shares of the company’s stock worth $29,721,000 after buying an additional 5,300 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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