Jefferies Group Reiterates Buy Rating for Nucor (NUE)
Jefferies Group reaffirmed their buy rating on shares of Nucor (NYSE:NUE) in a report issued on Tuesday. They currently have a $77.00 price objective on the basic materials company’s stock. Jefferies Group also issued estimates for Nucor’s FY2018 earnings at $4.62 EPS and FY2019 earnings at $4.94 EPS.
Several other equities analysts also recently commented on NUE. Bank of America set a $75.00 price objective on shares of Nucor and gave the company a buy rating in a research note on Monday. Credit Suisse Group lowered their price objective on shares of Nucor from $68.00 to $63.00 and set a buy rating for the company in a research note on Thursday, September 28th. ValuEngine raised shares of Nucor from a hold rating to a buy rating in a research note on Sunday, December 31st. Longbow Research downgraded shares of Nucor from a buy rating to a neutral rating and upped their price objective for the company from $55.01 to $56.04 in a research note on Monday, October 2nd. Finally, Zacks Investment Research downgraded shares of Nucor from a hold rating to a strong sell rating in a research note on Tuesday, September 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company. Nucor presently has a consensus rating of Buy and an average price target of $68.19.
Nucor (NUE) traded down $0.46 during trading on Tuesday, reaching $67.78. 3,289,200 shares of the company’s stock traded hands, compared to its average volume of 3,187,733. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.11 and a quick ratio of 1.12. The company has a market capitalization of $21,920.00, a P/E ratio of 18.88, a PEG ratio of 1.29 and a beta of 1.58. Nucor has a 1-year low of $51.67 and a 1-year high of $68.33.
Nucor (NYSE:NUE) last posted its quarterly earnings results on Thursday, October 19th. The basic materials company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.01. The business had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.19 billion. Nucor had a net margin of 5.80% and a return on equity of 12.78%. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.88 earnings per share. analysts predict that Nucor will post 3.61 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 9th. Investors of record on Friday, December 29th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.52 annualized dividend and a dividend yield of 2.24%. This is a boost from Nucor’s previous quarterly dividend of $0.38. Nucor’s payout ratio is currently 42.34%.
In related news, insider D. Chad Utermark sold 9,003 shares of the business’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $59.72, for a total transaction of $537,659.16. Following the transaction, the insider now owns 73,883 shares in the company, valued at $4,412,292.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman John J. Ferriola sold 15,131 shares of the business’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $60.40, for a total transaction of $913,912.40. Following the transaction, the chairman now owns 349,506 shares in the company, valued at approximately $21,110,162.40. The disclosure for this sale can be found here. Insiders have sold 80,754 shares of company stock worth $4,964,014 in the last quarter. 0.70% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Mckinley Capital Management LLC Delaware purchased a new stake in Nucor in the second quarter worth about $100,000. Krilogy Financial LLC grew its holdings in Nucor by 4,594.6% in the second quarter. Krilogy Financial LLC now owns 1,737 shares of the basic materials company’s stock worth $101,000 after purchasing an additional 1,700 shares during the period. Fiduciary Trust Co. purchased a new stake in Nucor in the second quarter worth about $109,000. Sun Life Financial INC grew its holdings in Nucor by 23,290.0% in the second quarter. Sun Life Financial INC now owns 2,339 shares of the basic materials company’s stock worth $135,000 after purchasing an additional 2,329 shares during the period. Finally, Benjamin F. Edwards & Company Inc. grew its holdings in Nucor by 791.0% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,673 shares of the basic materials company’s stock worth $150,000 after purchasing an additional 2,373 shares during the period. Institutional investors and hedge funds own 74.31% of the company’s stock.
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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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