BMO Capital Markets set a $70.00 price objective on Nucor Corporation (NYSE:NUE) in a research report released on Saturday morning. The firm currently has a hold rating on the basic materials company’s stock.
A number of other brokerages have also weighed in on NUE. Jefferies Group LLC reaffirmed a buy rating on shares of Nucor Corporation in a research note on Friday, June 30th. ValuEngine lowered shares of Nucor Corporation from a buy rating to a hold rating in a research note on Friday, June 16th. Berenberg Bank reaffirmed a buy rating and issued a $77.50 target price on shares of Nucor Corporation in a research note on Wednesday, July 19th. Cowen and Company reaffirmed a market perform rating and issued a $63.00 target price (up from $62.00) on shares of Nucor Corporation in a research note on Tuesday, July 25th. Finally, BidaskClub downgraded shares of Nucor Corporation from a hold rating to a sell rating in a research note on Monday, July 31st. 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 currently has a consensus rating of Buy and a consensus target price of $68.88.
Nucor Corporation (NYSE:NUE) traded up 0.22% during trading on Friday, reaching $54.71. The company had a trading volume of 1,671,782 shares. The stock has a market cap of $17.48 billion, a PE ratio of 15.36 and a beta of 1.51. Nucor Corporation has a 52-week low of $44.81 and a 52-week high of $68.00. The company has a 50-day moving average price of $57.51 and a 200 day moving average price of $59.22.
Nucor Corporation (NYSE:NUE) last announced its earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.06 by $0.06. The company had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.08 billion. Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. Nucor Corporation’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.73 earnings per share. On average, analysts anticipate that Nucor Corporation will post $4.17 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Friday, August 11th. Stockholders of record on Friday, June 30th were issued a dividend of $0.3775 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $1.51 annualized dividend and a dividend yield of 2.76%. Nucor Corporation’s dividend payout ratio is presently 43.77%.
In related news, insider Leon J. Topalian sold 2,626 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $60.23, for a total transaction of $158,163.98. Following the sale, the insider now owns 19,610 shares in the company, valued at approximately $1,181,110.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman John J. Ferriola sold 14,941 shares of the stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $60.17, for a total transaction of $898,999.97. Following the sale, the chairman now owns 361,847 shares in the company, valued at approximately $21,772,333.99. The disclosure for this sale can be found here. Insiders have sold 20,104 shares of company stock worth $1,213,595 over the last ninety days. Insiders own 0.70% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV raised its stake in Nucor Corporation by 0.7% in the first quarter. Massmutual Trust Co. FSB ADV now owns 2,147 shares of the basic materials company’s stock valued at $128,000 after buying an additional 15 shares in the last quarter. Accredited Investors Inc. raised its stake in Nucor Corporation by 0.6% in the first quarter. Accredited Investors Inc. now owns 3,892 shares of the basic materials company’s stock valued at $232,000 after buying an additional 24 shares in the last quarter. FineMark National Bank & Trust raised its stake in Nucor Corporation by 0.3% in the second quarter. FineMark National Bank & Trust now owns 9,699 shares of the basic materials company’s stock valued at $561,000 after buying an additional 26 shares in the last quarter. Cleararc Capital Inc. raised its stake in Nucor Corporation by 0.5% in the first quarter. Cleararc Capital Inc. now owns 7,795 shares of the basic materials company’s stock valued at $466,000 after buying an additional 35 shares in the last quarter. Finally, ING Groep NV raised its stake in Nucor Corporation by 0.3% in the second quarter. ING Groep NV now owns 16,591 shares of the basic materials company’s stock valued at $960,000 after buying an additional 43 shares in the last quarter. Institutional investors and hedge funds own 75.99% 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).
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