Nucor Corporation (NYSE:NUE) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Nucor Corporation (NYSE:NUE) have been given a consensus recommendation of “Moderate Buy” by the ten research firms that are currently covering the company, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $157.60.

Several research analysts have commented on the stock. Wells Fargo & Company decreased their target price on shares of Nucor from $146.00 to $140.00 and set an “equal weight” rating for the company in a report on Thursday, September 18th. Jefferies Financial Group raised shares of Nucor from a “hold” rating to a “buy” rating and raised their price objective for the stock from $135.00 to $170.00 in a research note on Thursday, July 31st. The Goldman Sachs Group cut their target price on shares of Nucor from $182.00 to $173.00 and set a “buy” rating on the stock in a research note on Monday, September 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nucor in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lifted their price target on Nucor from $165.00 to $172.00 and gave the company an “overweight” rating in a report on Monday, October 13th.

Nucor Stock Performance

Shares of NYSE NUE opened at $131.70 on Wednesday. The stock’s fifty day simple moving average is $140.92 and its 200 day simple moving average is $129.90. The stock has a market capitalization of $30.23 billion, a price-to-earnings ratio of 23.77, a PEG ratio of 0.94 and a beta of 1.75. The company has a quick ratio of 1.51, a current ratio of 2.83 and a debt-to-equity ratio of 0.31. Nucor has a 52-week low of $97.59 and a 52-week high of $170.52.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, July 28th. The basic materials company reported $2.60 earnings per share for the quarter, beating analysts’ consensus estimates of $2.54 by $0.06. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.47 billion. Nucor had a return on equity of 6.65% and a net margin of 4.21%.Nucor’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the company posted $2.68 EPS. As a group, sell-side analysts forecast that Nucor will post 7.64 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 10th. Stockholders of record on Tuesday, September 30th will be issued a $0.55 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.7%. Nucor’s dividend payout ratio is currently 39.71%.

Insider Activity at Nucor

In other Nucor news, EVP Kenneth Rex Query sold 10,000 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $144.90, for a total value of $1,449,000.00. Following the completion of the sale, the executive vice president owned 84,080 shares in the company, valued at $12,183,192. This represents a 10.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Daniel R. Needham sold 7,200 shares of Nucor stock in a transaction on Monday, August 18th. The shares were sold at an average price of $146.00, for a total transaction of $1,051,200.00. Following the sale, the executive vice president directly owned 92,179 shares of the company’s stock, valued at $13,458,134. This trade represents a 7.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,309 shares of company stock valued at $4,553,771 over the last ninety days. 0.71% of the stock is owned by company insiders.

Institutional Trading of Nucor

Institutional investors have recently bought and sold shares of the company. IMA Advisory Services Inc. raised its stake in shares of Nucor by 51.4% during the 2nd quarter. IMA Advisory Services Inc. now owns 221 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 75 shares in the last quarter. Matrix Trust Co increased its holdings in Nucor by 53.8% in the second quarter. Matrix Trust Co now owns 240 shares of the basic materials company’s stock worth $31,000 after buying an additional 84 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new position in Nucor during the second quarter valued at approximately $39,000. Geneos Wealth Management Inc. raised its position in Nucor by 81.8% during the first quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 153 shares in the last quarter. Finally, Spirit of America Management Corp NY acquired a new stake in Nucor in the first quarter valued at approximately $48,000. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Company Profile

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.