BMO Capital Markets set a $62.00 price objective on Nucor (NYSE:NUE) in a report published on Friday, November 17th. The firm currently has a hold rating on the basic materials company’s stock.
A number of other brokerages have also commented on NUE. Cowen reiterated a market perform rating and issued a $63.00 price objective (up from $62.00) on shares of Nucor in a research report on Tuesday, July 25th. Longbow Research reiterated a buy rating and issued a $66.00 price objective on shares of Nucor in a research report on Thursday, July 27th. KeyCorp reiterated a hold rating on shares of Nucor in a research report on Thursday, October 19th. Citigroup set a $66.00 price objective on Nucor and gave the company a buy rating in a research report on Friday, October 20th. Finally, Credit Suisse Group increased their price objective on Nucor from $63.00 to $67.00 and gave the company an outperform rating in a research report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the stock. Nucor presently has a consensus rating of Buy and an average target price of $67.32.
Nucor (NUE) traded up $1.52 during midday trading on Friday, reaching $58.82. The company had a trading volume of 3,643,657 shares, compared to its average volume of 2,678,714. The company has a market cap of $18,700.00, a price-to-earnings ratio of 16.85, 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 $68.00. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.12 and a current ratio of 2.11.
Nucor (NYSE:NUE) last announced its quarterly earnings data on Thursday, October 19th. The basic materials company reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.01. The firm had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.19 billion. Nucor had a return on equity of 12.78% and a net margin of 5.80%. The business’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period last year, the company earned $0.88 EPS. research analysts anticipate that Nucor will post 3.69 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 9th. Shareholders of record on Friday, December 29th will be paid a $0.38 dividend. This is an increase from Nucor’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, December 28th. This represents a $1.52 annualized dividend and a dividend yield of 2.58%. Nucor’s dividend payout ratio (DPR) is currently 42.06%.
In other news, Director Victoria F. Haynes sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $55.16, for a total value of $137,900.00. Following the completion of the transaction, the director now owns 33,573 shares in the company, valued at approximately $1,851,886.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider D. Chad Utermark sold 9,003 shares of the firm’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $59.72, for a total value of $537,659.16. Following the completion of the transaction, the insider now owns 73,883 shares of the company’s stock, valued at approximately $4,412,292.76. The disclosure for this sale can be found here. Insiders sold a total of 44,217 shares of company stock worth $2,608,231 in the last three months. Company insiders own 0.70% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Pioneer Investment Management Inc. lifted its position in Nucor by 437.2% during the second quarter. Pioneer Investment Management Inc. now owns 1,813,506 shares of the basic materials company’s stock worth $104,947,000 after acquiring an additional 1,475,935 shares during the last quarter. CI Investments Inc. acquired a new stake in Nucor during the third quarter worth approximately $55,250,000. Northern Trust Corp raised its position in shares of Nucor by 15.0% in the second quarter. Northern Trust Corp now owns 5,759,017 shares of the basic materials company’s stock valued at $333,275,000 after buying an additional 750,796 shares in the last quarter. Balyasny Asset Management LLC raised its position in shares of Nucor by 55.4% in the second quarter. Balyasny Asset Management LLC now owns 1,471,244 shares of the basic materials company’s stock valued at $85,141,000 after buying an additional 524,476 shares in the last quarter. Finally, Prudential PLC raised its position in shares of Nucor by 28.2% in the second quarter. Prudential PLC now owns 2,260,300 shares of the basic materials company’s stock valued at $130,804,000 after buying an additional 496,700 shares in the last quarter. Institutional investors and hedge funds own 74.55% of the company’s stock.
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Nucor 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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