KeyCorp Weighs in on Nucor Corp.’s FY2016 Earnings (NUE)
Nucor Corp. (NYSE:NUE) – Equities research analysts at KeyCorp decreased their FY2016 earnings per share (EPS) estimates for Nucor Corp. in a note issued to investors on Monday. KeyCorp analyst P. Gibbs now forecasts that the firm will post earnings per share of $2.60 for the year, down from their previous forecast of $2.75. KeyCorp also issued estimates for Nucor Corp.’s FY2017 earnings at $2.55 EPS.
A number of other equities research analysts also recently issued reports on NUE. Deutsche Bank AG upgraded Nucor Corp. from a “hold” rating to a “buy” rating and increased their price objective for the stock from $52.00 to $60.00 in a research report on Wednesday, July 6th. Barclays PLC increased their price objective on Nucor Corp. from $52.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 12th. BMO Capital Markets set a $51.00 price objective on Nucor Corp. and gave the stock a “hold” rating in a research report on Wednesday, September 14th. Bank of America Corp. downgraded Nucor Corp. from a “buy” rating to a “neutral” rating and set a $56.00 price objective on the stock. in a research report on Wednesday, July 20th. Finally, Jefferies Group reiterated a “buy” rating and issued a $60.00 price objective (up previously from $56.00) on shares of Nucor Corp. in a research report on Friday, June 10th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $53.14.
Shares of Nucor Corp. (NYSE:NUE) traded up 0.20% on Tuesday, reaching $46.09. The company’s stock had a trading volume of 756,325 shares. The firm has a market cap of $14.67 billion, a price-to-earnings ratio of 31.59 and a beta of 1.48. Nucor Corp. has a 12 month low of $33.90 and a 12 month high of $57.08. The stock has a 50 day moving average of $49.88 and a 200-day moving average of $49.34.
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Nucor Corp. (NYSE:NUE) last announced its earnings results on Thursday, July 21st. The company reported $0.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.03. The firm had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.49 billion. Nucor Corp. had a return on equity of 8.58% and a net margin of 3.00%.
Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Nucor Corp. by 2.6% in the second quarter. Vanguard Group Inc. now owns 20,341,406 shares of the company’s stock valued at $1,005,070,000 after buying an additional 507,208 shares during the last quarter. State Street Corp increased its stake in shares of Nucor Corp. by 0.7% in the first quarter. State Street Corp now owns 19,261,888 shares of the company’s stock valued at $911,088,000 after buying an additional 136,095 shares during the period. BlackRock Fund Advisors increased its stake in shares of Nucor Corp. by 7.8% in the second quarter. BlackRock Fund Advisors now owns 5,430,759 shares of the company’s stock valued at $268,334,000 after buying an additional 390,724 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Nucor Corp. by 7.9% in the second quarter. Dimensional Fund Advisors LP now owns 4,064,357 shares of the company’s stock valued at $200,778,000 after buying an additional 297,602 shares during the period. Finally, BlackRock Group LTD increased its stake in shares of Nucor Corp. by 0.7% in the first quarter. BlackRock Group LTD now owns 2,849,775 shares of the company’s stock valued at $134,795,000 after buying an additional 20,855 shares during the period. Hedge funds and other institutional investors own 78.07% of the company’s stock.
In other news, CFO James D. Frias sold 9,000 shares of Nucor Corp. stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $53.14, for a total transaction of $478,260.00. Following the completion of the transaction, the chief financial officer now directly owns 156,065 shares in the company, valued at $8,293,294.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James R. Darsey sold 71,465 shares of Nucor Corp. stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $52.45, for a total transaction of $3,748,339.25. Following the transaction, the insider now owns 234,135 shares of the company’s stock, valued at $12,280,380.75. The disclosure for this sale can be found here. 0.63% of the stock is currently owned by company insiders.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Friday, September 30th will be issued a $0.375 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $1.50 annualized dividend and a yield of 3.26%. Nucor Corp.’s dividend payout ratio (DPR) is presently 102.04%.
Nucor Corp. 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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