Nucor Co. (NYSE:NUE) declared a quarterly dividend on Friday, November 30th, RTT News reports. Shareholders of record on Monday, December 31st will be given a dividend of 0.40 per share by the basic materials company on Monday, February 11th. This represents a $1.60 annualized dividend and a yield of 2.67%. This is a boost from Nucor’s previous quarterly dividend of $0.38.
Nucor has increased its dividend by an average of 0.7% annually over the last three years and has increased its dividend annually for the last 44 consecutive years. Nucor has a payout ratio of 19.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Nucor to earn $6.58 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 23.1%.
Shares of NYSE NUE traded up $0.04 during midday trading on Friday, reaching $60.02. The stock had a trading volume of 44,302 shares, compared to its average volume of 2,416,199. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.15 and a quick ratio of 1.69. The stock has a market cap of $18.73 billion, a PE ratio of 17.08, a price-to-earnings-growth ratio of 0.66 and a beta of 1.45. Nucor has a 12-month low of $55.55 and a 12-month high of $70.48.
Nucor (NYSE:NUE) last announced its quarterly earnings data on Thursday, October 18th. The basic materials company reported $2.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.35 by ($0.02). The firm had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.64 billion. Nucor had a return on equity of 20.72% and a net margin of 8.79%. The business’s revenue for the quarter was up 30.4% on a year-over-year basis. During the same period last year, the company earned $0.83 earnings per share. On average, research analysts expect that Nucor will post 7.56 EPS for the current year.
Nucor declared that its board has authorized a stock buyback plan on Thursday, September 6th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the basic materials company to purchase up to 10% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
Several equities analysts have commented on the stock. Zacks Investment Research lowered shares of Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. ValuEngine lowered shares of Nucor from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. Deutsche Bank lowered shares of Nucor to a “buy” rating in a report on Tuesday, October 2nd. Seaport Global Securities started coverage on shares of Nucor in a report on Thursday, October 11th. They issued a “buy” rating and a $75.00 target price for the company. Finally, Credit Suisse Group reiterated a “neutral” rating on shares of Nucor in a report on Monday, October 15th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $73.42.
Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. It operates in three segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; hollow structural section steel tubing, steel electrical conduit, plate steel, and structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, wire rods, and special bar quality; and tubular and plate steel products.
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