Nucor Corporation’s (NUE) Buy Rating Reiterated at Jefferies Group LLC
A number of other research analysts have also commented on the stock. Citigroup Inc. raised shares of Nucor Corporation from a neutral rating to a buy rating and upped their price objective for the company from $53.60 to $65.00 in a research report on Thursday, September 14th. Morgan Stanley lowered shares of Nucor Corporation from an overweight rating to an equal weight rating and cut their price objective for the company from $78.00 to $60.00 in a research report on Tuesday, September 12th. Macquarie began coverage on shares of Nucor Corporation in a research report on Wednesday, September 6th. They set a neutral rating and a $57.00 price objective for the company. Bank of America Corporation reaffirmed a buy rating and set a $73.00 price objective on shares of Nucor Corporation in a research report on Wednesday, September 6th. Finally, ValuEngine lowered shares of Nucor Corporation from a buy rating to a hold rating in a research report on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $68.00.
Nucor Corporation (NYSE:NUE) opened at 54.27 on Friday. Nucor Corporation has a 1-year low of $45.30 and a 1-year high of $68.00. The firm has a market capitalization of $17.34 billion, a P/E ratio of 15.24 and a beta of 1.53. The company has a 50-day moving average price of $55.35 and a 200-day moving average price of $58.34.
Nucor Corporation (NYSE:NUE) last announced its quarterly earnings data on Thursday, July 20th. The basic materials company reported $1.00 EPS for the quarter, missing the Zacks’ consensus estimate of $1.06 by ($0.06). The company had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.08 billion. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.73 EPS. On average, equities research analysts predict that Nucor Corporation will post $4.08 earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.3775 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.51 annualized dividend and a yield of 2.78%. Nucor Corporation’s dividend payout ratio is 43.77%.
In other Nucor Corporation news, Chairman John J. Ferriola sold 14,941 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $60.17, for a total transaction of $898,999.97. Following the sale, the chairman now directly owns 361,847 shares of the company’s stock, valued at $21,772,333.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider David A. Sumoski sold 2,537 shares of the company’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total transaction of $156,431.42. Following the sale, the insider now directly owns 62,434 shares in the company, valued at $3,849,680.44. The disclosure for this sale can be found here. Insiders have sold 20,104 shares of company stock worth $1,213,595 over the last ninety days. Insiders own 0.70% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Accredited Investors Inc. grew its stake in Nucor Corporation by 0.6% during the first quarter. Accredited Investors Inc. now owns 3,892 shares of the basic materials company’s stock worth $232,000 after buying an additional 24 shares during the last quarter. FineMark National Bank & Trust grew its stake in Nucor Corporation by 0.3% during the second quarter. FineMark National Bank & Trust now owns 9,699 shares of the basic materials company’s stock worth $561,000 after buying an additional 26 shares during the last quarter. Cleararc Capital Inc. grew its stake in Nucor Corporation by 0.5% during the first quarter. Cleararc Capital Inc. now owns 7,795 shares of the basic materials company’s stock worth $466,000 after buying an additional 35 shares during the last quarter. ING Groep NV grew its stake in Nucor Corporation by 0.3% during the second quarter. ING Groep NV now owns 16,591 shares of the basic materials company’s stock worth $960,000 after buying an additional 43 shares during the last quarter. Finally, First Command Bank grew its stake in Nucor Corporation by 1.5% during the second quarter. First Command Bank now owns 2,905 shares of the basic materials company’s stock worth $169,000 after buying an additional 44 shares during the last quarter. 74.86% of the stock is currently owned by hedge funds and other institutional investors.
Nucor Corporation Company Profile
Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).
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