Zacks Investment Research upgraded shares of Nucor Corporation (NYSE:NUE) from a sell rating to a hold rating in a research note released on Thursday, November 9th.
According to Zacks, “Nucor recorded a year-over-year decrease in earnings (on a reported basis) in third-quarter 2017. Adjusted earnings however, beat the Zacks Consensus Estimate, while sales trailed. Nucor has underperformed the industry it belongs to over the past six months. The U.S. steel industry is not out of the woods yet. The industry continues to be adversely affected by cheaper imports. Weakness in plate mills is also likely to weigh on the company’s steel mills unit in fourth-quarter 2017. However, Nucor remains committed to expand its production capabilities and grow its business through strategic acquisitions. It is also seeing continued momentum in the automotive market.”
A number of other research firms also recently weighed in on NUE. Cowen and Company restated a market perform rating and issued a $63.00 price target (up previously from $62.00) on shares of Nucor Corporation in a research report on Tuesday, July 25th. Morgan Stanley reiterated a buy rating on shares of Nucor Corporation in a research report on Tuesday, July 18th. Berenberg Bank reiterated a buy rating and issued a $77.50 target price on shares of Nucor Corporation in a research report on Wednesday, July 19th. Jefferies Group LLC reiterated a buy rating and issued a $68.00 target price on shares of Nucor Corporation in a research report on Wednesday, July 19th. Finally, Longbow Research reiterated a buy rating and issued a $66.00 target price on shares of Nucor Corporation in a research report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. Nucor Corporation presently has a consensus rating of Hold and a consensus price target of $67.32.
Shares of Nucor Corporation (NYSE:NUE) traded up $0.17 on Thursday, hitting $56.15. 995,236 shares of the stock traded hands, compared to its average volume of 2,672,644. The company has a market cap of $17,800.00, a PE ratio of 16.34, a P/E/G ratio of 1.25 and a beta of 1.59. The company has a quick ratio of 1.12, a current ratio of 2.11 and a debt-to-equity ratio of 0.37. Nucor Corporation has a one year low of $51.67 and a one year high of $68.00.
Nucor Corporation (NYSE:NUE) last announced its quarterly earnings results on Thursday, October 19th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.01. Nucor Corporation had a return on equity of 12.78% and a net margin of 5.80%. The business had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.19 billion. During the same quarter last year, the firm posted $0.88 EPS. The company’s quarterly revenue was up 20.5% on a year-over-year basis. equities research analysts forecast that Nucor Corporation will post 3.7 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 9th. Shareholders of record on Friday, September 29th were paid a $0.3775 dividend. The ex-dividend date was Thursday, September 28th. This represents a $1.51 dividend on an annualized basis and a yield of 2.69%. Nucor Corporation’s dividend payout ratio (DPR) is presently 42.06%.
In related news, insider Ladd R. Hall sold 17,583 shares of the stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $57.94, for a total transaction of $1,018,759.02. Following the sale, the insider now owns 206,406 shares of the company’s stock, valued at approximately $11,959,163.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman John J. Ferriola sold 15,131 shares of the stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $60.40, for a total value of $913,912.40. Following the sale, the chairman now directly owns 349,506 shares in the company, valued at approximately $21,110,162.40. The disclosure for this sale can be found here. Insiders sold a total of 44,217 shares of company stock valued at $2,608,231 in the last 90 days. Corporate insiders own 0.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in NUE. Pioneer Investment Management Inc. increased its stake in Nucor Corporation by 437.2% in the 2nd quarter. Pioneer Investment Management Inc. now owns 1,813,506 shares of the basic materials company’s stock worth $104,947,000 after acquiring an additional 1,475,935 shares during the last quarter. CI Investments Inc. bought a new position in Nucor Corporation in the 3rd quarter worth about $55,250,000. Northern Trust Corp increased its stake in Nucor Corporation by 15.0% in the 2nd quarter. Northern Trust Corp now owns 5,759,017 shares of the basic materials company’s stock worth $333,275,000 after acquiring an additional 750,796 shares during the last quarter. Balyasny Asset Management LLC increased its stake in Nucor Corporation by 55.4% in the 2nd quarter. Balyasny Asset Management LLC now owns 1,471,244 shares of the basic materials company’s stock worth $85,141,000 after acquiring an additional 524,476 shares during the last quarter. Finally, Prudential PLC increased its position in shares of Nucor Corporation by 28.2% during the 2nd quarter. Prudential PLC now owns 2,260,300 shares of the basic materials company’s stock valued at $130,804,000 after purchasing an additional 496,700 shares during the last quarter. Institutional investors and hedge funds own 74.92% 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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