Jefferies Group LLC reiterated their buy rating on shares of Nucor Corporation (NYSE:NUE) in a report published on Wednesday. They currently have a $68.00 price target on the basic materials company’s stock.
NUE has been the subject of several other reports. Morgan Stanley restated a buy rating on shares of Nucor Corporation in a research report on Tuesday. KeyCorp reiterated an overweight rating and set a $66.00 price target (down from $72.00) on shares of Nucor Corporation in a research report on Monday, June 26th. BidaskClub cut shares of Nucor Corporation from a hold rating to a sell rating in a research report on Tuesday, June 20th. Longbow Research upgraded shares of Nucor Corporation from a neutral rating to a buy rating in a research report on Monday, June 19th. Finally, ValuEngine cut shares of Nucor Corporation from a buy rating to a hold rating in a research report on Friday, June 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the company’s stock. Nucor Corporation presently has a consensus rating of Buy and an average price target of $68.44.
Shares of Nucor Corporation (NYSE:NUE) traded down 1.19% during mid-day trading on Wednesday, reaching $59.94. 2,188,921 shares of the company’s stock were exchanged. The stock has a market capitalization of $19.12 billion, a PE ratio of 18.06 and a beta of 1.52. The company’s 50 day moving average is $58.30 and its 200 day moving average is $59.81. Nucor Corporation has a 1-year low of $44.81 and a 1-year high of $68.00.
Nucor Corporation (NYSE:NUE) last issued its earnings results on Thursday, April 20th. The basic materials company reported $1.11 EPS for the quarter, missing the Zacks’ consensus estimate of $1.14 by $0.03. The business had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.67 billion. Nucor Corporation had a net margin of 5.90% and a return on equity of 12.63%. Nucor Corporation’s quarterly revenue was up 29.6% on a year-over-year basis. During the same quarter last year, the company earned $0.27 earnings per share. Equities research analysts anticipate that Nucor Corporation will post $4.19 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 11th. Shareholders of record on Friday, June 30th will be issued a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Wednesday, June 28th. Nucor Corporation’s dividend payout ratio is presently 47.48%.
In other Nucor Corporation news, Director Victoria F. Haynes sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $61.52, for a total value of $184,560.00. Following the completion of the transaction, the director now owns 33,703 shares in the company, valued at approximately $2,073,408.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman John J. Ferriola sold 12,232 shares of the company’s stock in a transaction that occurred on Tuesday, April 25th. The stock was sold at an average price of $61.60, for a total value of $753,491.20. Following the completion of the transaction, the chairman now owns 349,855 shares of the company’s stock, valued at approximately $21,551,068. The disclosure for this sale can be found here. 0.70% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in NUE. Dodge & Cox acquired a new position in Nucor Corporation during the fourth quarter valued at approximately $4,309,000. Quadrature Capital Ltd bought a new stake in shares of Nucor Corporation during the fourth quarter valued at $17,960,000. USA Financial Portformulas Corp bought a new stake in shares of Nucor Corporation during the fourth quarter valued at $2,554,000. Kentucky Retirement Systems bought a new stake in shares of Nucor Corporation during the fourth quarter valued at $1,376,000. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Nucor Corporation during the fourth quarter valued at $614,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.
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).