BMO Capital Markets set a $70.00 price objective on Nucor Corporation (NYSE:NUE) in a report published on Saturday morning. The firm currently has a hold rating on the basic materials company’s stock.
Several other equities analysts have also recently issued reports on the stock. Jefferies Group LLC set a $68.00 price objective on shares of Nucor Corporation and gave the company a buy rating in a research note on Monday, August 21st. BidaskClub cut shares of Nucor Corporation from a hold rating to a sell rating in a research note on Monday, July 31st. Longbow Research reissued a buy rating and issued a $66.00 price objective on shares of Nucor Corporation in a research note on Thursday, July 27th. Cowen and Company reissued a market perform rating and issued a $63.00 price objective (up from $62.00) on shares of Nucor Corporation in a research note on Tuesday, July 25th. Finally, Zacks Investment Research cut shares of Nucor Corporation from a hold rating to a sell rating in a research note on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $68.88.
Nucor Corporation (NUE) opened at 54.93 on Friday. The stock’s 50 day moving average is $57.51 and its 200 day moving average is $59.22. The stock has a market cap of $17.55 billion, a PE ratio of 15.42 and a beta of 1.51. Nucor Corporation has a 52 week low of $44.81 and a 52 week high of $68.00.
Nucor Corporation (NYSE:NUE) last announced its quarterly earnings data on Thursday, July 20th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by $0.06. The firm had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.08 billion. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The business’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.73 earnings per share. Analysts predict that Nucor Corporation will post $4.16 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 11th. Investors of record on Friday, June 30th were paid a $0.3775 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $1.51 dividend on an annualized basis and a yield of 2.75%. Nucor Corporation’s payout ratio is 43.77%.
In related news, insider Leon J. Topalian sold 2,626 shares of the stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $60.23, for a total value of $158,163.98. Following the sale, the insider now directly owns 19,610 shares of the company’s stock, valued at approximately $1,181,110.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider David A. Sumoski sold 2,537 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $61.66, for a total transaction of $156,431.42. Following the completion of the sale, the insider now directly owns 62,434 shares in the company, valued at $3,849,680.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,104 shares of company stock worth $1,213,595. 0.70% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the stock. Oregon Public Employees Retirement Fund boosted its stake in shares of Nucor Corporation by 1.0% in the first quarter. Oregon Public Employees Retirement Fund now owns 71,212 shares of the basic materials company’s stock worth $4,253,000 after buying an additional 700 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD boosted its stake in shares of Nucor Corporation by 7.1% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 25,948 shares of the basic materials company’s stock worth $1,549,000 after buying an additional 1,728 shares during the last quarter. Wetherby Asset Management Inc. acquired a new stake in shares of Nucor Corporation during the first quarter worth approximately $223,000. Virtu Financial LLC acquired a new stake in shares of Nucor Corporation during the first quarter worth approximately $434,000. Finally, DUPONT CAPITAL MANAGEMENT Corp boosted its stake in shares of Nucor Corporation by 252.9% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 57,000 shares of the basic materials company’s stock worth $3,404,000 after buying an additional 40,849 shares during the last quarter. 74.96% of the stock is currently owned by hedge funds and other institutional investors.
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).
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