Nucor Corp. (NYSE:NUE) Given Consensus Recommendation of “Buy” by Brokerages
Nucor Corp. (NYSE:NUE) has earned a consensus rating of “Buy” from the twenty-three brokerages that are currently covering the stock. One equities research analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation, eleven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $53.04.
NUE has been the subject of a number of research reports. Jefferies Group reaffirmed a “buy” rating and issued a $60.00 price objective (up previously from $56.00) on shares of Nucor Corp. in a research note on Friday, June 10th. Bank of America Corp. reaffirmed a “buy” rating on shares of Nucor Corp. in a research note on Friday, June 17th. Argus raised shares of Nucor Corp. from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Friday, June 24th. Zacks Investment Research raised shares of Nucor Corp. from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research note on Monday, June 27th. Finally, Deutsche Bank AG raised shares of Nucor Corp. from a “hold” rating to a “buy” rating and upped their price objective for the company from $52.00 to $60.00 in a research note on Wednesday, July 6th.
Nucor Corp. (NYSE:NUE) traded down 1.77% during midday trading on Friday, reaching $47.11. 1,136,193 shares of the company’s stock traded hands. The stock has a market cap of $15.00 billion, a P/E ratio of 32.29 and a beta of 1.47. Nucor Corp. has a 52-week low of $33.90 and a 52-week high of $57.08. The company’s 50-day moving average price is $48.39 and its 200-day moving average price is $49.60.
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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. Nucor Corp. had a net margin of 3.00% and a return on equity of 8.58%. The company earned $4.25 billion during the quarter, compared to analysts’ expectations of $4.49 billion. On average, equities analysts predict that Nucor Corp. will post $2.67 EPS for the current fiscal year.
The firm also recently announced 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. This represents a $1.50 annualized dividend and a yield of 3.13%. The ex-dividend date is Wednesday, September 28th. Nucor Corp.’s payout ratio is 102.04%.
In other Nucor Corp. news, Chairman John J. Ferriola sold 12,128 shares of Nucor Corp. 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 transaction, the chairman now owns 354,420 shares of the company’s stock, valued at $19,181,210.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO James D. Frias sold 9,000 shares of Nucor Corp. stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $53.14, for a total value of $478,260.00. Following the transaction, the chief financial officer now directly owns 156,065 shares in the company, valued at approximately $8,293,294.10. The disclosure for this sale can be found here. Corporate insiders own 0.63% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NUE. M&T Bank Corp raised its position in Nucor Corp. by 17.1% in the first quarter. M&T Bank Corp now owns 101,988 shares of the company’s stock valued at $4,826,000 after buying an additional 14,909 shares during the period. Brookfield Asset Management Inc. purchased a new position in Nucor Corp. during the first quarter valued at approximately $147,000. NN Investment Partners Holdings N.V. purchased a new position in Nucor Corp. during the first quarter valued at approximately $1,879,000. Acrospire Investment Management LLC purchased a new position in Nucor Corp. during the first quarter valued at approximately $170,000. Finally, BlackRock Group LTD raised its position in 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. 77.92% of the stock is currently owned by institutional investors.
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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