Brokers Issue Forecasts for Nucor Corporation’s FY2016 Earnings (NUE)

Nucor Corporation (NYSE:NUE) – Investment analysts at Jefferies Group decreased their FY2016 earnings estimates for Nucor Corporation in a research note issued to investors on Monday. Jefferies Group analyst S. Rosenfeld now expects that the firm will post earnings per share of $2.19 for the year, down from their prior estimate of $2.24. Jefferies Group has a “Buy” rating and a $77.00 price target on the stock. Jefferies Group also issued estimates for Nucor Corporation’s Q4 2016 earnings at $0.35 EPS.

A number of other equities analysts also recently commented on the company. Vetr upgraded Nucor Corporation from a “hold” rating to a “buy” rating and set a $65.50 target price for the company in a report on Wednesday. KeyCorp upgraded Nucor Corporation from a “sector weight” rating to an “overweight” rating and set a $70.00 price objective for the company in a report on Monday. Argus increased their price objective on Nucor Corporation from $65.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, December 12th. Berenberg Bank upgraded Nucor Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, December 6th. Finally, Deutsche Bank AG increased their price objective on Nucor Corporation from $55.00 to $73.00 and gave the stock a “buy” rating in a report on Monday, December 5th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $59.39.

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Shares of Nucor Corporation (NYSE:NUE) traded down 0.02% during trading on Wednesday, hitting $61.21. 1,048,281 shares of the company were exchanged. The stock has a market capitalization of $19.49 billion, a PE ratio of 38.40 and a beta of 1.50. The company has a 50 day moving average of $62.30 and a 200-day moving average of $53.53. Nucor Corporation has a 1-year low of $33.90 and a 1-year high of $68.00.

Nucor Corporation (NYSE:NUE) last issued its quarterly earnings results on Thursday, October 20th. The company reported $0.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.90 by $0.06. The company earned $4.29 billion during the quarter, compared to analysts’ expectations of $3.77 billion. Nucor Corporation had a return on equity of 9.27% and a net margin of 3.26%. Nucor Corporation’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period last year, the firm posted $0.71 earnings per share.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Mcmillion Capital Management Inc. purchased a new position in shares of Nucor Corporation during the third quarter valued at about $2,412,000. D.A. Davidson & CO. increased its position in Nucor Corporation by 6.4% in the third quarter. D.A. Davidson & CO. now owns 67,847 shares of the company’s stock valued at $3,353,000 after buying an additional 4,061 shares during the period. OLD Republic International Corp increased its position in Nucor Corporation by 14.3% in the third quarter. OLD Republic International Corp now owns 879,500 shares of the company’s stock valued at $39,332,000 after buying an additional 110,000 shares during the period. LPL Financial LLC bought a new position in Nucor Corporation during the third quarter valued at approximately $4,435,000. Finally, Ameritas Investment Partners Inc. increased its position in Nucor Corporation by 19.7% in the third quarter. Ameritas Investment Partners Inc. now owns 8,046 shares of the company’s stock valued at $397,000 after buying an additional 1,326 shares during the period. 76.76% of the stock is currently owned by institutional investors and hedge funds.

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The company also recently announced a quarterly dividend, which will be paid on Friday, February 10th. Shareholders of record on Friday, December 30th will be given a $0.3775 dividend. This represents a $1.51 annualized dividend and a yield of 2.47%. This is a boost from Nucor Corporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Wednesday, December 28th. Nucor Corporation’s dividend payout ratio (DPR) is presently 94.38%.

Nucor Corporation Company Profile

Nucor Corporation (Nucor) manufactures steel and steel products. The Company also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI. Nucor operates in three segments: steel mills, steel products and raw materials.

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