Zacks Investment Research upgraded shares of Nucor Corporation (NYSE:NUE) from a sell rating to a hold rating in a research note published on Thursday morning.
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.”
Other analysts have also issued research reports about the company. Berenberg Bank restated a buy rating and issued a $77.50 target price on shares of Nucor Corporation in a report on Wednesday, July 19th. Jefferies Group LLC restated a buy rating and issued a $68.00 target price on shares of Nucor Corporation in a report on Wednesday, July 19th. Morgan Stanley restated a buy rating on shares of Nucor Corporation in a report on Tuesday, July 18th. Longbow Research restated a buy rating and issued a $66.00 target price on shares of Nucor Corporation in a report on Thursday, July 27th. Finally, Bank of America Corporation restated a buy rating and issued a $73.00 target price on shares of Nucor Corporation in a report on Wednesday, September 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company. Nucor Corporation has a consensus rating of Hold and a consensus price target of $67.32.
Shares of Nucor Corporation (NUE) traded down $0.69 during trading hours on Thursday, hitting $55.83. The stock had a trading volume of 2,552,000 shares, compared to its average volume of 2,377,540. Nucor Corporation has a one year low of $51.67 and a one year high of $68.00. The firm has a market cap of $17,749.29, a P/E ratio of 16.42, a PEG ratio of 1.25 and a beta of 1.59. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.11 and a quick ratio of 1.12.
Nucor Corporation (NYSE:NUE) last released its earnings results on Thursday, October 19th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.01. The company had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.19 billion. Nucor Corporation had a return on equity of 12.78% and a net margin of 5.80%. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 earnings per share. research analysts expect that Nucor Corporation will post 3.72 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which was paid on Thursday, November 9th. Shareholders of record on Friday, September 29th were given a dividend of $0.3775 per share. This represents a $1.51 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend was Thursday, September 28th. Nucor Corporation’s payout ratio is 43.90%.
In other Nucor Corporation news, Director Victoria F. Haynes sold 2,500 shares of the stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $55.16, for a total transaction of $137,900.00. Following the transaction, the director now directly owns 33,573 shares of the company’s stock, valued at $1,851,886.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman John J. Ferriola sold 15,131 shares of the stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $60.40, for a total transaction of $913,912.40. Following the transaction, the chairman now directly owns 349,506 shares in the company, valued at $21,110,162.40. The disclosure for this sale can be found here. Insiders have sold 44,217 shares of company stock worth $2,608,231 over the last three months. Company insiders own 0.70% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in NUE. Capital One National Association boosted its holdings in Nucor Corporation by 17.7% during the second quarter. Capital One National Association now owns 11,126 shares of the basic materials company’s stock valued at $644,000 after acquiring an additional 1,676 shares during the period. Atria Investments LLC boosted its holdings in Nucor Corporation by 27.5% during the second quarter. Atria Investments LLC now owns 6,506 shares of the basic materials company’s stock valued at $377,000 after acquiring an additional 1,403 shares during the period. First Financial Bank Trust Division boosted its holdings in Nucor Corporation by 1.1% during the second quarter. First Financial Bank Trust Division now owns 86,951 shares of the basic materials company’s stock valued at $5,032,000 after acquiring an additional 922 shares during the period. NN Investment Partners Holdings N.V. boosted its holdings in Nucor Corporation by 1.4% during the second quarter. NN Investment Partners Holdings N.V. now owns 64,576 shares of the basic materials company’s stock valued at $3,737,000 after acquiring an additional 921 shares during the period. Finally, Bank of The West boosted its holdings in Nucor Corporation by 107.5% during the second quarter. Bank of The West now owns 9,137 shares of the basic materials company’s stock valued at $529,000 after acquiring an additional 4,734 shares during the period. Institutional investors own 74.59% 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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