Nucor Corp. (NUE) Stock Rating Lowered by Zacks Investment Research
Nucor Corp. (NYSE:NUE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Nucor remains exposed to certain macro economic difficulties including continued weakness in the steel industry, challenges in the Eurozone and persistent risk of cheaper imports. The company is seeing weak demand across a number of markets including energy. Rise in domestic as well as Chinese production also increase supply in a market facing weak demand.”
A number of other brokerages have also recently commented on NUE. Bank of America Corp. cut Nucor Corp. from a “buy” rating to a “neutral” rating and set a $56.00 target price for the company. in a report on Wednesday, July 20th. Barclays PLC increased their target price on Nucor Corp. from $52.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, July 12th. JPMorgan Chase & Co. reissued a “buy” rating and set a $59.50 target price on shares of Nucor Corp. in a report on Friday, July 22nd. Cowen and Company increased their target price on Nucor Corp. from $50.00 to $55.00 and gave the company a “market perform” rating in a report on Tuesday, July 26th. Finally, Berenberg Bank cut Nucor Corp. from a “buy” rating to a “hold” rating and set a $57.50 price target for the company. in a report on Friday, July 22nd. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $52.99.
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Nucor Corp. (NYSE:NUE) traded up 0.62% during trading on Tuesday, reaching $47.09. The company had a trading volume of 1,438,107 shares. The firm has a market capitalization of $14.99 billion, a price-to-earnings ratio of 32.28 and a beta of 1.47. The company’s 50-day moving average is $47.88 and its 200 day moving average is $49.63. Nucor Corp. has a 52 week low of $33.90 and a 52 week high of $57.08.
Nucor Corp. (NYSE:NUE) last announced its earnings results on Thursday, July 21st. The company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates 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 earned $4.25 billion during the quarter, compared to analysts’ expectations of $4.49 billion. Equities analysts anticipate that Nucor Corp. will post $2.67 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Investors 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 dividend on an annualized basis and a yield of 3.21%. Nucor Corp.’s dividend payout ratio (DPR) is presently 102.04%.
In related news, Chairman John J. Ferriola sold 12,128 shares of Nucor Corp. stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $54.12, for a total value of $656,367.36. Following the completion of the transaction, the chairman now directly owns 354,420 shares in the company, valued at $19,181,210.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO James D. Frias sold 9,000 shares of Nucor Corp. stock in a transaction 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 completion of 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. 0.63% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake in Nucor Corp. by 385.6% in the second quarter. JPMorgan Chase & Co. now owns 1,453,887 shares of the company’s stock worth $71,838,000 after buying an additional 1,154,514 shares in the last quarter. Panagora Asset Management Inc. boosted its stake in Nucor Corp. by 643.0% in the first quarter. Panagora Asset Management Inc. now owns 1,302,205 shares of the company’s stock worth $61,594,000 after buying an additional 1,126,931 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Nucor Corp. by 1,678.3% in the first quarter. Renaissance Technologies LLC now owns 1,063,400 shares of the company’s stock worth $50,299,000 after buying an additional 1,003,600 shares in the last quarter. Prudential Financial Inc. boosted its stake in Nucor Corp. by 196.3% in the second quarter. Prudential Financial Inc. now owns 1,503,209 shares of the company’s stock worth $74,273,000 after buying an additional 995,828 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Nucor Corp. by 314.1% in the second quarter. AQR Capital Management LLC now owns 915,942 shares of the company’s stock worth $45,257,000 after buying an additional 694,744 shares in the last quarter. Hedge funds and other institutional investors own 77.95% 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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