Nucor Corporation Forecasted to Earn FY2017 Earnings of $3.73 Per Share (NUE)
Nucor Corporation (NYSE:NUE) – Investment analysts at Jefferies Group cut their FY2017 EPS estimates for Nucor Corporation in a research report issued on Thursday. Jefferies Group analyst S. Rosenfeld now forecasts that the basic materials company will post earnings of $3.73 per share for the year, down from their prior estimate of $3.77. Jefferies Group has a “Buy” rating and a $68.00 price objective on the stock.
Nucor Corporation (NYSE:NUE) last released its quarterly earnings data on Thursday, October 19th. The basic materials company reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.01. The firm had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.19 billion. Nucor Corporation had a return on equity of 12.91% and a net margin of 5.80%. The company’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.88 earnings per share.
A number of other research analysts have also weighed in on the company. Bank of America Corporation reduced their price objective on Nucor Corporation from $73.00 to $71.00 and set a “buy” rating for the company in a research report on Friday. Credit Suisse Group raised their price objective on Nucor Corporation from $63.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday. Citigroup Inc. set a $66.00 price objective on Nucor Corporation and gave the company a “buy” rating in a research report on Friday. KeyCorp reaffirmed a “hold” rating on shares of Nucor Corporation in a research report on Thursday. Finally, Longbow Research lowered Nucor Corporation from a “buy” rating to a “neutral” rating and raised their price objective for the company from $55.01 to $56.04 in a research report on Monday, October 2nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $67.32.
Shares of Nucor Corporation (NYSE NUE) opened at 60.00 on Monday. Nucor Corporation has a 12-month low of $46.52 and a 12-month high of $68.00. The company has a market cap of $19.17 billion, a P/E ratio of 16.84 and a beta of 1.54. The stock’s 50 day moving average price is $55.65 and its 200 day moving average price is $57.50.
Several institutional investors and hedge funds have recently modified their holdings of NUE. Teachers Advisors LLC lifted its position in Nucor Corporation by 5.4% during the first quarter. Teachers Advisors LLC now owns 818,982 shares of the basic materials company’s stock valued at $48,910,000 after purchasing an additional 41,957 shares in the last quarter. Trustmark National Bank Trust Department purchased a new position in Nucor Corporation during the first quarter valued at $867,000. L & S Advisors Inc purchased a new position in Nucor Corporation during the first quarter valued at $2,766,000. Fifth Third Bancorp lifted its position in Nucor Corporation by 40.7% during the first quarter. Fifth Third Bancorp now owns 16,004 shares of the basic materials company’s stock valued at $956,000 after purchasing an additional 4,631 shares in the last quarter. Finally, Chartwell Investment Partners LLC lifted its position in Nucor Corporation by 51.6% during the first quarter. Chartwell Investment Partners LLC now owns 12,125 shares of the basic materials company’s stock valued at $724,000 after purchasing an additional 4,125 shares in the last quarter. 74.83% of the stock is owned by institutional investors.
In related 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 value of $156,431.42. Following the completion of the sale, the insider now owns 62,434 shares of the company’s stock, valued at $3,849,680.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Victoria F. Haynes sold 2,500 shares of Nucor Corporation stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $55.16, for a total value of $137,900.00. Following the completion of the sale, the director now directly owns 33,573 shares of the company’s stock, valued at approximately $1,851,886.68. The disclosure for this sale can be found here. Insiders own 0.70% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Friday, September 29th will be issued a $0.3775 dividend. This represents a $1.51 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend is Thursday, September 28th. Nucor Corporation’s payout ratio is currently 43.90%.
Nucor Corporation Company Profile
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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