Nucor Co. (NYSE:NUE)‘s stock had its “overweight” rating reissued by KeyCorp in a research report issued to clients and investors on Monday. They currently have a $66.00 price target on the basic materials company’s stock, down from their prior price target of $72.00. KeyCorp’s price objective indicates a potential upside of 14.96% from the stock’s previous close.
Several other research analysts have also weighed in on the stock. Barclays PLC reiterated a “buy” rating and set a $73.00 price objective on shares of Nucor in a report on Friday, May 5th. Zacks Investment Research upgraded shares of Nucor from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a report on Monday, February 27th. Deutsche Bank AG increased their price objective on shares of Nucor from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, March 21st. Jefferies Group LLC reiterated a “buy” rating and set a $75.00 price objective (down from $77.00) on shares of Nucor in a report on Wednesday, April 19th. Finally, Longbow Research upgraded shares of Nucor from a “neutral” rating to a “buy” rating in a report on Monday, June 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. Nucor currently has a consensus rating of “Buy” and a consensus target price of $68.72.
Shares of Nucor (NUE) traded down 0.16% during trading on Monday, reaching $57.41. 2,604,740 shares of the company traded hands. The firm has a 50 day moving average of $58.23 and a 200 day moving average of $60.43. Nucor has a 52 week low of $44.81 and a 52 week high of $68.00. The stock has a market capitalization of $18.32 billion, a PE ratio of 17.30 and a beta of 1.52.
Nucor (NYSE:NUE) last released its quarterly earnings results on Thursday, April 20th. The basic materials company reported $1.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.14 by $0.03. Nucor had a return on equity of 17.82% and a net margin of 7.84%. The firm had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same period in the prior year, the business earned $0.27 earnings per share. Nucor’s revenue for the quarter was up 29.6% on a year-over-year basis. On average, equities analysts predict that Nucor will post $4.32 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 11th. Shareholders of record on Friday, June 30th will be given a $0.3775 dividend. This represents a $1.51 annualized dividend and a yield of 2.63%. The ex-dividend date is Wednesday, June 28th. Nucor’s dividend payout ratio (DPR) is 47.48%.
In other Nucor news, Director Victoria F. Haynes sold 3,000 shares of the stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $61.52, for a total value of $184,560.00. Following the completion of the sale, the director now owns 33,703 shares of the company’s stock, valued at $2,073,408.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman John J. Ferriola sold 12,232 shares of the stock in a transaction that occurred on Tuesday, April 25th. The shares were sold at an average price of $61.60, for a total transaction of $753,491.20. Following the completion of the sale, the chairman now directly owns 349,855 shares of the company’s stock, valued at approximately $21,551,068. The disclosure for this sale can be found here. 0.70% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Nucor by 17.3% in the first quarter. Vanguard Group Inc. now owns 25,254,158 shares of the basic materials company’s stock valued at $1,508,179,000 after buying an additional 3,729,281 shares during the period. BlackRock Inc. increased its stake in shares of Nucor by 1,900.5% in the first quarter. BlackRock Inc. now owns 21,654,414 shares of the basic materials company’s stock valued at $1,293,202,000 after buying an additional 20,571,970 shares during the period. Norges Bank purchased a new stake in shares of Nucor during the fourth quarter valued at about $492,657,000. Dimensional Fund Advisors LP increased its stake in shares of Nucor by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,118,653 shares of the basic materials company’s stock valued at $245,972,000 after buying an additional 14,091 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Nucor by 11.7% in the first quarter. Geode Capital Management LLC now owns 3,715,181 shares of the basic materials company’s stock valued at $221,600,000 after buying an additional 389,241 shares during the period. 77.42% of the stock is owned by institutional investors.
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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