KeyCorp Analysts Increase Earnings Estimates for Nucor Co. (NUE)
Nucor Co. (NYSE:NUE) – Equities researchers at KeyCorp boosted their FY2017 EPS estimates for shares of Nucor in a report released on Thursday. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings per share of $3.48 for the year, up from their previous estimate of $3.46. KeyCorp has a “Hold” rating on the stock. KeyCorp also issued estimates for Nucor’s Q4 2017 earnings at $0.56 EPS and FY2018 earnings at $4.55 EPS.
A number of other research analysts have also recently commented on NUE. Bank of America set a $75.00 target price on Nucor and gave the company a “buy” rating in a research note on Monday, January 8th. Credit Suisse Group lowered their target price on Nucor from $68.00 to $63.00 and set a “buy” rating for the company in a research note on Thursday, September 28th. Jefferies Group restated a “buy” rating and issued a $77.00 target price on shares of Nucor in a research note on Tuesday, January 9th. Longbow Research cut Nucor from a “buy” rating to a “neutral” rating and raised their target price for the company from $55.01 to $56.04 in a research note on Monday, October 2nd. Finally, Zacks Investment Research cut Nucor from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company’s stock. Nucor currently has an average rating of “Buy” and a consensus price target of $68.37.
Nucor (NYSE:NUE) last issued its quarterly earnings data on Thursday, October 19th. The basic materials company reported $0.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.01. The firm had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.19 billion. Nucor had a return on equity of 12.78% and a net margin of 5.80%. The business’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period last year, the company earned $0.88 EPS.
Institutional investors have recently bought and sold shares of the business. Mckinley Capital Management LLC Delaware bought a new stake in shares of Nucor in the 2nd quarter worth $100,000. Krilogy Financial LLC increased its holdings in shares of Nucor by 4,594.6% in the 2nd quarter. Krilogy Financial LLC now owns 1,737 shares of the basic materials company’s stock worth $101,000 after purchasing an additional 1,700 shares in the last quarter. Sun Life Financial INC increased its holdings in shares of Nucor by 23,290.0% in the 2nd quarter. Sun Life Financial INC now owns 2,339 shares of the basic materials company’s stock worth $135,000 after purchasing an additional 2,329 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Nucor by 791.0% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,673 shares of the basic materials company’s stock worth $150,000 after purchasing an additional 2,373 shares in the last quarter. Finally, Appleton Partners Inc. MA bought a new stake in shares of Nucor in the 4th quarter worth $204,000. 74.31% of the stock is owned by institutional investors and hedge funds.
In other Nucor news, EVP Robert J. Stratman sold 39,037 shares of Nucor stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $63.88, for a total transaction of $2,493,683.56. Following the completion of the transaction, the executive vice president now owns 233,824 shares in the company, valued at $14,936,677.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman John J. Ferriola sold 15,131 shares of Nucor 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 transaction, the chairman now owns 349,506 shares of the company’s stock, valued at approximately $21,110,162.40. The disclosure for this sale can be found here. Insiders have sold 80,754 shares of company stock valued at $4,964,014 in the last quarter. 0.70% of the stock is owned by company insiders.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 9th. Shareholders of record on Friday, December 29th will be paid a dividend of $0.38 per share. This is a boost from Nucor’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.52 dividend on an annualized basis and a yield of 2.20%. Nucor’s payout ratio is presently 44.19%.
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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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