Nucor’s (NUE) “Hold” Rating Reiterated at BMO Capital Markets
Nucor Co. (NYSE:NUE)‘s stock had its “hold” rating reiterated by research analysts at BMO Capital Markets in a note issued to investors on Friday.
Other equities analysts have also recently issued reports about the stock. Berenberg Bank restated a “buy” rating and issued a $75.00 price target on shares of Nucor in a research report on Sunday, February 5th. Vetr upgraded shares of Nucor from a “hold” rating to a “buy” rating and set a $65.50 price target for the company in a research report on Wednesday, January 11th. Jefferies Group LLC restated a “buy” rating and issued a $77.00 price target on shares of Nucor in a research report on Tuesday, January 10th. Zacks Investment Research upgraded shares of Nucor from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research report on Tuesday, February 7th. Finally, Deutsche Bank AG upped their price target on shares of Nucor from $73.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, March 21st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $65.97.
Shares of Nucor (NYSE:NUE) opened at 60.35 on Friday. The stock’s 50 day moving average is $60.66 and its 200 day moving average is $58.55. Nucor has a 12-month low of $44.81 and a 12-month high of $68.00. The firm has a market cap of $19.24 billion, a price-to-earnings ratio of 24.32 and a beta of 1.45.
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Nucor (NYSE:NUE) last announced its quarterly earnings results on Thursday, April 20th. The basic materials company reported $1.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.04. Nucor had a net margin of 4.53% and a return on equity of 9.32%. The firm earned $4.82 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same period in the prior year, the company posted $0.27 EPS. The company’s revenue was up 29.6% on a year-over-year basis. Equities analysts expect that Nucor will post $3.99 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, May 11th. Investors of record on Friday, March 31st will be paid a dividend of $0.3775 per share. This represents a $1.51 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend is Wednesday, March 29th. Nucor’s dividend payout ratio is presently 65.94%.
In related news, insider Raymond S. Napolitan, Jr. sold 12,400 shares of the stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $63.74, for a total transaction of $790,376.00. Following the transaction, the insider now directly owns 73,885 shares of the company’s stock, valued at $4,709,429.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO James D. Frias sold 52,631 shares of the stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $62.57, for a total transaction of $3,293,121.67. Following the transaction, the chief financial officer now directly owns 174,037 shares in the company, valued at $10,889,495.09. 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. TCI Wealth Advisors Inc. raised its position in Nucor by 3.5% in the third quarter. TCI Wealth Advisors Inc. now owns 2,070 shares of the basic materials company’s stock worth $102,000 after buying an additional 70 shares during the last quarter. FNY Partners Fund LP purchased a new position in Nucor during the fourth quarter worth $107,000. Ledyard National Bank purchased a new position in Nucor during the first quarter worth $122,000. Massmutual Trust Co. FSB ADV purchased a new position in Nucor during the fourth quarter worth $127,000. Finally, Feltz Wealth PLAN Inc. purchased a new position in Nucor during the first quarter worth $146,000. 76.41% of the stock is currently owned by hedge funds and other institutional investors.
Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).
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