Nucor (NYSE:NUE) Given New $301.00 Price Target at KeyCorp

Nucor (NYSE:NUE) had its target price raised by KeyCorp from $286.00 to $301.00 in a research report released on Wednesday,Benzinga reports. They currently have an overweight rating on the basic materials company’s stock.

A number of other research analysts have also recently weighed in on the stock. Wall Street Zen cut shares of Nucor from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 31st. Morgan Stanley set a $270.00 price target on shares of Nucor in a research report on Wednesday, July 29th. Freedom Broker upgraded Nucor from a “hold” rating to a “buy” rating and increased their price objective for the company from $285.00 to $304.00 in a research note on Friday, October 30th. Weiss Ratings upgraded Nucor from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 15th. Finally, BMO Capital Markets boosted their target price on Nucor from $285.00 to $295.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $287.38.

Nucor Stock Down 2.1%

NYSE:NUE opened at $267.85 on Wednesday. Nucor has a 52 week low of $140.93 and a 52 week high of $287.70. The stock’s fifty day moving average is $255.45 and its two-hundred day moving average is $224.94. The stock has a market capitalization of $60.77 billion, a price-to-earnings ratio of 17.53, a price-to-earnings-growth ratio of 0.67 and a beta of 1.81. The company has a quick ratio of 1.43, a current ratio of 2.46 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, October 26th. The basic materials company reported $5.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.84 by ($0.04). The firm had revenue of $11.25 billion during the quarter, compared to analysts’ expectations of $10.84 billion. Nucor had a net margin of 9.26% and a return on equity of 15.53%. Nucor’s quarterly revenue was up 32.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.63 EPS. Research analysts anticipate that Nucor will post 19.61 EPS for the current year.

Nucor Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Wednesday, September 30th will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 0.8%. The ex-dividend date is Wednesday, September 30th. Nucor’s dividend payout ratio is currently 14.26%.

Insider Activity at Nucor

In other Nucor news, insider Michael Keller sold 1,136 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $279.33, for a total transaction of $317,318.88. Following the sale, the insider owned 15,588 shares of the company’s stock, valued at approximately $4,354,196.04. This trade represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Stephen Laxton sold 10,560 shares of the business’s stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $274.98, for a total transaction of $2,903,788.80. Following the sale, the chief operating officer owned 77,867 shares of the company’s stock, valued at $21,411,867.66. This represents a 11.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 28,732 shares of company stock worth $7,881,287 in the last ninety days. Company insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Nucor

A number of institutional investors and hedge funds have recently bought and sold shares of NUE. BlackRock Inc. acquired a new stake in shares of Nucor during the second quarter worth about $4,452,563,000. Bank of America Corp DE acquired a new stake in shares of Nucor in the 2nd quarter valued at about $462,886,000. Dimensional Fund Advisors LP boosted its position in shares of Nucor by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company’s stock valued at $429,298,000 after purchasing an additional 22,718 shares during the period. Berkshire Hathaway Inc purchased a new position in Nucor during the 2nd quarter worth approximately $413,814,000. Finally, Bank of New York Mellon Corp purchased a new position in Nucor during the 2nd quarter worth approximately $330,902,000. 76.48% of the stock is owned by hedge funds and other institutional investors.

Nucor News Summary

Here are the key news stories impacting Nucor this week:

• Positive Sentiment: KeyCorp raised its price target to $301 from $286 and maintained an Overweight rating. CFRA also upgraded Nucor from Strong Sell to Hold, a less pessimistic view. Analyst ratings
• Positive Sentiment: Recent quarterly results showed revenue up 32% year over year and ahead of estimates, though EPS narrowly missed consensus. Steady guidance, moderating capital spending and strong cash flow are also supporting shareholder returns, including buybacks and dividends. Nucor: 3 Key Takeaways for Long-Term Investors
• Neutral Sentiment: Nucor has shown strong relative strength over the past month, but the latest pullback followed a substantial recent share-price advance and a move near its 52-week high. Stocks Showing Impressive Relative Strength
• Negative Sentiment: Several insiders have recently sold shares. COO Stephen Laxton sold 10,560 shares, reducing his position by 11.94%; EVP Allen Behr and insider Michael Keller also disclosed sales. Such transactions can add caution, although they do not necessarily signal a change in the company’s outlook. SEC filing for Stephen Laxton sale
• Negative Sentiment: Nucor fell sharply in the latest session, with the decline reported to have erased about $3 billion in market value. The available report describes the selloff but does not identify a specific catalyst. Nucor Drops 5.4% in a Single Session

About Nucor

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.