KeyCorp Weighs in on Nucor Co.’s FY2018 Earnings (NUE)
Nucor Co. (NYSE:NUE) – Investment analysts at KeyCorp raised their FY2018 EPS estimates for Nucor in a report issued on Tuesday. KeyCorp analyst P. Gibbs now anticipates that the basic materials company will post earnings of $3.83 per share for the year, up from their previous forecast of $3.75. KeyCorp has a “Hold” rating on the stock.
A number of other analysts also recently commented on NUE. Jefferies Group set a $68.00 target price on Nucor and gave the stock a “buy” rating in a research report on Monday, August 21st. BMO Capital Markets set a $70.00 target price on Nucor and gave the stock a “hold” rating in a research report on Saturday, August 26th. ValuEngine downgraded Nucor from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Bank of America restated a “buy” rating and issued a $73.00 price objective on shares of Nucor in a research report on Wednesday, September 6th. Finally, Macquarie assumed coverage on Nucor in a research report on Wednesday, September 6th. They issued a “neutral” rating and a $57.00 price objective on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $67.32.
Nucor (NYSE:NUE) last posted its earnings results on Thursday, October 19th. The basic materials company reported $0.79 EPS for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.01. The company had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $5.19 billion. Nucor had a return on equity of 12.78% and a net margin of 5.80%. Nucor’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.88 earnings per share.
A number of institutional investors have recently added to or reduced their stakes in the stock. Mckinley Capital Management LLC Delaware acquired a new stake in Nucor during the second quarter worth about $100,000. Krilogy Financial LLC increased its stake in Nucor by 4,594.6% during the second quarter. Krilogy Financial LLC now owns 1,737 shares of the basic materials company’s stock worth $101,000 after acquiring an additional 1,700 shares during the last quarter. Fiduciary Trust Co. acquired a new stake in Nucor during the second quarter worth about $109,000. Sun Life Financial INC increased its stake in Nucor by 23,290.0% during the second quarter. Sun Life Financial INC now owns 2,339 shares of the basic materials company’s stock worth $135,000 after acquiring an additional 2,329 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. increased its stake in Nucor by 791.0% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,673 shares of the basic materials company’s stock worth $150,000 after acquiring an additional 2,373 shares during the last quarter. Hedge funds and other institutional investors own 74.55% of the company’s stock.
In related news, Director Victoria F. Haynes sold 2,500 shares of the company’s 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 transaction, the director now directly owns 33,573 shares in the company, valued at $1,851,886.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman John J. Ferriola sold 15,131 shares of the company’s stock in a transaction on Monday, October 23rd. The shares were sold at an average price of $60.40, for a total value of $913,912.40. Following the completion of the transaction, the chairman now owns 349,506 shares of the company’s stock, valued at $21,110,162.40. The disclosure for this sale can be found here. Insiders sold 44,217 shares of company stock valued at $2,608,231 over the last quarter. Insiders own 0.70% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 9th. Investors of record on Friday, December 29th will be paid a $0.38 dividend. This is a positive change from Nucor’s previous quarterly dividend of $0.38. This represents a $1.52 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend is Thursday, December 28th. Nucor’s dividend payout ratio is presently 42.06%.
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Nucor 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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