Research Analysts Set Expectations for Nucor Corporation’s Q3 2017 Earnings (NUE)
Nucor Corporation (NYSE:NUE) – Equities researchers at Jefferies Group dropped their Q3 2017 EPS estimates for shares of Nucor Corporation in a research note issued on Tuesday. Jefferies Group analyst S. Rosenfeld now forecasts that the basic materials company will post earnings per share of $0.78 for the quarter, down from their prior estimate of $1.03. Jefferies Group has a “Buy” rating and a $68.00 price target on the stock. Jefferies Group also issued estimates for Nucor Corporation’s Q4 2017 earnings at $0.86 EPS, FY2017 earnings at $3.77 EPS and FY2018 earnings at $4.39 EPS.
Nucor Corporation (NYSE:NUE) last announced its quarterly earnings results on Thursday, October 19th. The basic materials company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.05. Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The firm had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.19 billion. During the same period in the prior year, the firm earned $0.88 EPS. The firm’s quarterly revenue was up 20.5% compared to the same quarter last year.
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Several other research analysts also recently commented on the stock. Morgan Stanley reiterated a “buy” rating on shares of Nucor Corporation in a report on Tuesday, July 18th. BMO Capital Markets set a $70.00 target price on shares of Nucor Corporation and gave the stock a “hold” rating in a report on Saturday, August 26th. Macquarie began coverage on shares of Nucor Corporation in a report on Wednesday, September 6th. They issued a “neutral” rating and a $57.00 target price on the stock. KeyCorp restated an “overweight” rating and set a $66.00 price objective (down previously from $72.00) on shares of Nucor Corporation in a report on Monday, June 26th. Finally, Zacks Investment Research downgraded shares of Nucor Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $67.13.
Nucor Corporation (NYSE NUE) opened at 58.62 on Thursday. The stock has a market capitalization of $18.72 billion, a PE ratio of 16.46 and a beta of 1.54. Nucor Corporation has a 52-week low of $46.52 and a 52-week high of $68.00. The firm has a 50-day moving average of $55.51 and a 200-day moving average of $57.50.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bonness Enterprises Inc. raised its stake in shares of Nucor Corporation by 6.6% during the third quarter. Bonness Enterprises Inc. now owns 48,350 shares of the basic materials company’s stock worth $2,709,000 after buying an additional 3,000 shares during the last quarter. Beacon Financial Group bought a new stake in Nucor Corporation in the third quarter valued at approximately $386,000. Eqis Capital Management Inc. increased its stake in Nucor Corporation by 35.1% in the third quarter. Eqis Capital Management Inc. now owns 22,486 shares of the basic materials company’s stock valued at $1,260,000 after purchasing an additional 5,842 shares in the last quarter. Intl Fcstone Inc. bought a new stake in Nucor Corporation in the second quarter valued at approximately $550,000. Finally, Griffin Asset Management Inc. bought a new stake in Nucor Corporation in the second quarter valued at approximately $2,832,000. 74.83% of the stock is owned by institutional investors and hedge funds.
In related news, Chairman John J. Ferriola sold 14,941 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $60.17, for a total transaction of $898,999.97. Following the completion of the sale, the chairman now directly owns 361,847 shares of the company’s stock, valued at $21,772,333.99. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Victoria F. Haynes sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $55.16, for a total transaction of $137,900.00. Following the sale, the director now directly owns 33,573 shares of the company’s stock, valued at $1,851,886.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,604 shares of company stock valued at $1,351,495. Insiders own 0.70% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Friday, September 29th will be paid a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend is Thursday, September 28th. Nucor Corporation’s dividend payout ratio is presently 43.77%.
About Nucor Corporation
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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