Traders Buy Shares of Nucor Corp. (NUE) on Weakness
Traders bought shares of Nucor Corp. (NYSE:NUE) on weakness during trading on Wednesday. $43.82 million flowed into the stock on the tick-up and $19.88 million flowed out of the stock on the tick-down, for a money net flow of $23.94 million into the stock. Of all companies tracked, Nucor Corp. had the 12th highest net in-flow for the day. Nucor Corp. traded down ($0.44) for the day and closed at $52.35
A number of equities analysts have weighed in on NUE shares. Zacks Investment Research upgraded Nucor Corp. from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research note on Monday, June 27th. Argus upgraded Nucor Corp. from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Friday, June 24th. Bank of America Corp. reiterated a “buy” rating on shares of Nucor Corp. in a research note on Friday, June 17th. Jefferies Group reiterated a “buy” rating and set a $60.00 price objective (up previously from $56.00) on shares of Nucor Corp. in a research note on Friday, June 10th. Finally, TheStreet upgraded Nucor Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, April 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $52.99.
The stock has a market cap of $16.72 billion and a PE ratio of 35.88. The company’s 50 day moving average is $52.52 and its 200-day moving average is $47.40.
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 firm had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.49 billion. On average, equities research analysts forecast that Nucor Corp. will post $2.75 earnings per share for the current year.
The company also recently declared 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. The ex-dividend date of this dividend is Tuesday, June 28th. This represents a $1.50 annualized dividend and a yield of 2.87%.
In other Nucor Corp. news, insider James R. Darsey sold 71,465 shares of the stock in a transaction dated Monday, July 25th. The shares were 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 $12,280,380.75. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO James D. Frias sold 9,000 shares of the stock in a transaction dated Thursday, July 28th. The shares were 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 directly owns 156,065 shares of the company’s stock, valued at $8,293,294.10. The disclosure for this sale can be found here.
Other hedge funds and institutional investors recently modified their holdings of the company. Bridgewater Associates LP boosted its position in shares of Nucor Corp. by 3.9% in the fourth quarter. Bridgewater Associates LP now owns 126,318 shares of the company’s stock worth $5,091,000 after buying an additional 4,693 shares during the period. Venturi Wealth Management LLC bought a new position in shares of Nucor Corp. during the fourth quarter worth about $2,011,000. American International Group Inc. boosted its position in shares of Nucor Corp. by 1.4% in the fourth quarter. American International Group Inc. now owns 180,762 shares of the company’s stock worth $7,285,000 after buying an additional 2,546 shares during the period. BlackRock Advisors LLC boosted its position in shares of Nucor Corp. by 341.4% in the fourth quarter. BlackRock Advisors LLC now owns 741,643 shares of the company’s stock worth $29,889,000 after buying an additional 573,619 shares during the period. Finally, Flippin Bruce & Porter Inc. boosted 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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