Nucor Corporation (NUE) Expected to Post FY2017 Earnings of $3.65 Per Share
Nucor Corporation (NYSE:NUE) – Equities research analysts at KeyCorp dropped their FY2017 earnings estimates for Nucor Corporation in a report issued on Thursday. KeyCorp analyst P. Gibbs now anticipates that the basic materials company will earn $3.65 per share for the year, down from their prior estimate of $3.80. KeyCorp has a “Overweight” rating and a $66.00 price objective on the stock.
NUE has been the subject of several other reports. Barclays PLC reaffirmed a “buy” rating and set a $68.00 price target (up from $67.00) on shares of Nucor Corporation in a report on Thursday, April 20th. BidaskClub raised Nucor Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Zacks Investment Research downgraded Nucor Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Credit Suisse Group raised Nucor Corporation from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $56.00 to $68.00 in a report on Wednesday, May 24th. Finally, Longbow Research raised Nucor Corporation from a “neutral” rating to a “buy” rating in a report on Monday, June 19th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $68.76.
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Nucor Corporation (NYSE:NUE) opened at 54.35 on Friday. Nucor Corporation has a 1-year low of $44.81 and a 1-year high of $68.00. The firm has a market capitalization of $17.36 billion, a PE ratio of 15.26 and a beta of 1.51. The company has a 50 day moving average of $58.20 and a 200 day moving average of $59.37.
Nucor Corporation (NYSE:NUE) last posted its earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by $0.06. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The firm had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.08 billion. During the same quarter in the prior year, the firm earned $0.73 earnings per share. The business’s revenue for the quarter was up 21.9% on a year-over-year basis.
The company also recently declared a quarterly dividend, which was paid on Friday, August 11th. Stockholders of record on Friday, June 30th were paid a dividend of $0.3775 per share. This represents a $1.51 annualized dividend and a dividend yield of 2.78%. The ex-dividend date was Wednesday, June 28th. Nucor Corporation’s dividend payout ratio (DPR) is presently 43.77%.
In other news, insider David A. Sumoski sold 2,537 shares of Nucor Corporation stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total transaction of $156,431.42. Following the completion of the transaction, the insider now owns 62,434 shares of the company’s stock, valued at approximately $3,849,680.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman John J. Ferriola sold 14,941 shares of Nucor Corporation stock in a transaction on Monday, July 24th. The stock was sold at an average price of $60.17, for a total value of $898,999.97. Following the transaction, the chairman now directly owns 361,847 shares of the company’s stock, valued at approximately $21,772,333.99. The disclosure for this sale can be found here. Insiders have sold a total of 20,104 shares of company stock valued at $1,213,595 in the last ninety days. Corporate insiders own 0.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capstone Asset Management Co. increased its position in Nucor Corporation by 7.1% in the first quarter. Capstone Asset Management Co. now owns 29,303 shares of the basic materials company’s stock valued at $1,750,000 after buying an additional 1,930 shares during the period. Atria Investments LLC increased its position in Nucor Corporation by 50.0% in the first quarter. Atria Investments LLC now owns 5,103 shares of the basic materials company’s stock valued at $305,000 after buying an additional 1,701 shares during the period. Capital Investment Advisors LLC increased its position in Nucor Corporation by 6.0% in the first quarter. Capital Investment Advisors LLC now owns 3,960 shares of the basic materials company’s stock valued at $237,000 after buying an additional 225 shares during the period. Gateway Investment Advisers LLC increased its position in Nucor Corporation by 2.6% in the first quarter. Gateway Investment Advisers LLC now owns 49,066 shares of the basic materials company’s stock valued at $2,930,000 after buying an additional 1,234 shares during the period. Finally, SFE Investment Counsel purchased a new position in Nucor Corporation during the first quarter valued at about $411,000. 75.99% of the stock is owned by institutional investors and hedge funds.
About Nucor Corporation
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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