Cowen and Company Boosts Nucor Corp. (NUE) Price Target to $55.00
Nucor Corp. (NYSE:NUE) had its price objective lifted by investment analysts at Cowen and Company from $50.00 to $55.00 in a research report issued on Tuesday. The firm currently has a “market perform” rating on the stock. Cowen and Company’s price objective suggests a potential upside of 16.06% from the stock’s current price.
Several other brokerages also recently commented on NUE. Bank of America Corp. reiterated a “buy” rating on shares of Nucor Corp. in a research note on Friday, June 17th. Credit Suisse Group AG increased their target price on Nucor Corp. from $45.00 to $55.00 and gave the company a “neutral” rating in a research note on Wednesday, June 8th. Deutsche Bank AG upgraded Nucor Corp. from a “hold” rating to a “buy” rating and increased their target price for the company from $52.00 to $60.00 in a research note on Wednesday, July 6th. Rosenblatt Securities increased their target price on Nucor Corp. from $47.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, May 10th. Finally, Standpoint Research downgraded Nucor Corp. from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a research note on Wednesday, April 13th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $52.99.
Shares of Nucor Corp. (NYSE:NUE) traded down 1.19% during trading on Tuesday, hitting $47.39. The stock had a trading volume of 2,361,188 shares. The firm has a market capitalization of $15.09 billion, a P/E ratio of 32.48 and a beta of 1.47. Nucor Corp. has a 1-year low of $33.90 and a 1-year high of $57.08. The stock’s 50-day moving average price is $48.29 and its 200 day moving average price is $49.60.
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Nucor Corp. (NYSE:NUE) last issued its earnings results on Thursday, July 21st. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.70 by $0.03. Nucor Corp. had a return on equity of 8.58% and a net margin of 3.00%. The business had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.49 billion. On average, analysts anticipate that Nucor Corp. will post $2.67 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, September 30th will be given a dividend of $0.375 per share. The ex-dividend date is Wednesday, September 28th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 3.17%. Nucor Corp.’s payout ratio is 102.04%.
In related news, insider James R. Darsey sold 71,465 shares of Nucor Corp. stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $52.45, for a total value of $3,748,339.25. Following the completion of the transaction, the insider now owns 234,135 shares in the company, valued at $12,280,380.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James D. Frias sold 9,000 shares of Nucor Corp. stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $53.14, for a total value of $478,260.00. Following the completion of the transaction, the chief financial officer now owns 156,065 shares of the company’s stock, valued at approximately $8,293,294.10. The disclosure for this sale can be found here. Insiders own 0.63% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC raised its position in Nucor Corp. by 10.6% in the third quarter. Advisory Services Network LLC now owns 9,069 shares of the company’s stock valued at $448,000 after buying an additional 866 shares in the last quarter. Chevy Chase Trust Holdings Inc. raised its position in Nucor Corp. by 29.3% in the third quarter. Chevy Chase Trust Holdings Inc. now owns 351,214 shares of the company’s stock valued at $17,367,000 after buying an additional 79,621 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in Nucor Corp. by 29.0% in the third quarter. BNP Paribas Arbitrage SA now owns 208,674 shares of the company’s stock valued at $10,319,000 after buying an additional 46,947 shares in the last quarter. Williams Jones & Associates LLC raised its position in Nucor Corp. by 18,811.7% in the second quarter. Williams Jones & Associates LLC now owns 56,735 shares of the company’s stock valued at $2,803,000 after buying an additional 56,435 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new position in Nucor Corp. during the second quarter valued at approximately $634,000. Institutional investors own 77.92% of the company’s stock.
About Nucor Corp.
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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