Nucor (NYSE:NUE) Stock Crosses Above 50 Day Moving Average – Here’s Why

Nucor Corporation (NYSE:NUE) crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $255.28 and traded as high as $259.90. Nucor shares last traded at $256.7180, with a volume of 1,219,310 shares.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Nucor from $296.00 to $304.00 and gave the company an “overweight” rating in a report on Wednesday, October 28th. Morgan Stanley set a $270.00 price target on shares of Nucor in a research report on Wednesday, July 29th. Weiss Ratings upgraded Nucor from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 15th. The Goldman Sachs Group reissued a “buy” rating and issued a $335.00 price objective on shares of Nucor in a research report on Wednesday, October 28th. Finally, Piper Sandler set a $304.00 price objective on Nucor in a research note on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $287.38.

Nucor Trading Up 3.0%

The firm’s 50-day moving average price is $255.28 and its 200 day moving average price is $226.38. The company has a market cap of $58.24 billion, a price-to-earnings ratio of 16.34, a P/E/G ratio of 0.61 and a beta of 1.81. The company has a current ratio of 2.46, a quick ratio of 1.43 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last released its earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.84 by ($0.04). Nucor had a net margin of 9.26% and a return on equity of 15.53%. The company had revenue of $11.25 billion for the quarter, compared to analyst estimates of $10.84 billion. During the same quarter in the previous year, the firm earned $2.63 EPS. The firm’s revenue was up 32.0% on a year-over-year basis. As a group, equities analysts expect that Nucor Corporation will post 19.63 EPS for the current year.

Nucor Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 10th. Shareholders of record on Wednesday, September 30th were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, September 30th. Nucor’s payout ratio is 14.26%.

Insider Activity at Nucor

In other news, insider Michael Keller sold 1,136 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $279.33, for a total transaction of $317,318.88. Following the transaction, the insider owned 15,588 shares in the company, valued at approximately $4,354,196.04. This represents a 6.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Noah Hanners sold 5,190 shares of the firm’s stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $275.03, for a total value of $1,427,405.70. Following the completion of the sale, the executive vice president owned 44,073 shares of the company’s stock, valued at approximately $12,121,397.19. This represents a 10.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 28,732 shares of company stock worth $7,881,287 over the last three months. 0.62% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nucor

A number of hedge funds have recently added to or reduced their stakes in the company. Transamerica Financial Advisors LLC acquired a new position in shares of Nucor during the second quarter worth approximately $25,000. GK Wealth Management LLC bought a new position in shares of Nucor in the 3rd quarter worth $28,000. Next Level Wealth Planning LLC acquired a new stake in Nucor in the 3rd quarter valued at $28,000. Manning & Napier Advisors LLC acquired a new stake in Nucor in the 2nd quarter valued at $27,000. Finally, Bell Investment Advisors Inc acquired a new position in Nucor during the second quarter worth $28,000. Institutional investors and hedge funds own 76.48% of the company’s stock.

About Nucor

Nucor Corporation is a U.S.-based steel and steel products manufacturer. Its steel mills produce sheet, plate, bar, structural steel and reinforcing bar used in construction, manufacturing, transportation and other industries. The company also makes downstream products such as steel joists, decking, fasteners, wire products and metal building components. Its operations include recycling ferrous scrap and producing direct reduced iron, materials used in steelmaking. Nucor traces its roots to 1905 and developed into a steel producer during the mid-20th century.