Nucor Corp. (NUE) Shares Gap Up to $46.17
Shares of Nucor Corp. (NYSE:NUE) gapped up prior to trading on Wednesday . The stock had previously closed at $46.02, but opened at $46.17. Nucor Corp. shares last traded at $47.24, with a volume of 1,857,919 shares.
Several analysts have recently issued reports on the stock. Berenberg Bank reiterated a “hold” rating and issued a $57.50 target price on shares of Nucor Corp. in a research note on Tuesday. BMO Capital Markets set a $51.00 target price on shares of Nucor Corp. and gave the stock a “hold” rating in a research note on Wednesday, September 14th. Jefferies Group reduced their target price on shares of Nucor Corp. from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Thursday, September 15th. Citigroup Inc. initiated coverage on shares of Nucor Corp. in a research report on Monday, August 22nd. They set a “neutral” rating and a $55.00 price target for the company. Finally, Cowen and Company increased their price target on shares of Nucor Corp. from $50.00 to $55.00 and gave the company a “market perform” rating in a research report on Tuesday, July 26th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Nucor Corp. has a consensus rating of “Buy” and an average price target of $53.14.
The firm’s 50 day moving average price is $49.53 and its 200 day moving average price is $49.36. The company has a market cap of $15.24 billion, a price-to-earnings ratio of 32.80 and a beta of 1.48.
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Nucor Corp. (NYSE:NUE) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.03. The company earned $4.25 billion during 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%. On average, analysts anticipate that Nucor Corp. will post $2.71 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Friday, September 30th will be paid a dividend of $0.375 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 3.13%. Nucor Corp.’s dividend payout ratio (DPR) is presently 102.04%.
In related news, Chairman John J. Ferriola sold 12,128 shares of the business’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $54.12, for a total transaction of $656,367.36. Following the completion of the transaction, the chairman now directly owns 354,420 shares in the company, valued at approximately $19,181,210.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO James D. Frias sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $53.14, for a total value of $478,260.00. Following the transaction, the chief financial officer now owns 156,065 shares of the company’s stock, valued at $8,293,294.10. The disclosure for this sale can be found here. Corporate insiders own 0.63% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kanaly Trust Co increased its position in shares of Nucor Corp. by 0.5% in the second quarter. Kanaly Trust Co now owns 3,326 shares of the company’s stock worth $164,000 after buying an additional 15 shares during the period. Sunbelt Securities Inc. increased its position in shares of Nucor Corp. by 0.8% in the second quarter. Sunbelt Securities Inc. now owns 2,494 shares of the company’s stock worth $123,000 after buying an additional 19 shares during the period. Savant Capital LLC boosted its position in Nucor Corp. by 0.4% in the second quarter. Savant Capital LLC now owns 5,052 shares of the company’s stock worth $250,000 after buying an additional 20 shares in the last quarter. Pittenger & Anderson Inc. boosted its position in Nucor Corp. by 0.7% in the second quarter. Pittenger & Anderson Inc. now owns 3,625 shares of the company’s stock worth $179,000 after buying an additional 25 shares in the last quarter. Finally, Beacon Trust Co. boosted its position in Nucor Corp. by 0.4% in the second quarter. Beacon Trust Co. now owns 8,128 shares of the company’s stock worth $402,000 after buying an additional 30 shares in the last quarter. Institutional investors own 77.92% of the company’s stock.
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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