Nucor Corp. (NYSE:NUE) Given Consensus Recommendation of “Buy” by Brokerages
Shares of Nucor Corp. (NYSE:NUE) have been given a consensus recommendation of “Buy” by the twenty-three ratings firms that are covering the company. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $53.04.
NUE has been the subject of a number of research reports. Jefferies Group reaffirmed a “buy” rating and issued a $60.00 price objective (up from $56.00) on shares of Nucor Corp. in a research note on Friday, June 10th. Bank of America Corp. reaffirmed a “buy” rating on shares of Nucor Corp. in a research note on Friday, June 17th. Argus raised shares of Nucor Corp. from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Friday, June 24th. Zacks Investment Research raised shares of Nucor Corp. from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research note on Monday, June 27th. Finally, Deutsche Bank AG raised shares of Nucor Corp. from a “hold” rating to a “buy” rating and upped their price objective for the stock from $52.00 to $60.00 in a research note on Wednesday, July 6th.
In related news, CFO James D. Frias sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $53.14, for a total value of $478,260.00. Following the sale, the chief financial officer now directly owns 156,065 shares in the company, valued at approximately $8,293,294.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider James R. Darsey sold 71,465 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $52.45, for a total value of $3,748,339.25. Following the completion of the sale, the insider now owns 234,135 shares in the company, valued at $12,280,380.75. The disclosure for this sale can be found here. Insiders own 0.63% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Aperio Group LLC boosted its stake in Nucor Corp. by 23.1% in the first quarter. Aperio Group LLC now owns 72,969 shares of the company’s stock valued at $3,451,000 after buying an additional 13,715 shares in the last quarter. Virginia Retirement System acquired a new stake in Nucor Corp. during the first quarter valued at approximately $1,347,000. IFP Advisors Inc boosted its stake in Nucor Corp. by 5.6% in the first quarter. IFP Advisors Inc now owns 5,407 shares of the company’s stock valued at $256,000 after buying an additional 287 shares in the last quarter. Pacad Investment Ltd. acquired a new stake in Nucor Corp. during the first quarter valued at approximately $383,000. Finally, Ngam Advisors L.P. boosted its stake in Nucor Corp. by 3.4% in the first quarter. Ngam Advisors L.P. now owns 122,366 shares of the company’s stock valued at $5,788,000 after buying an additional 4,004 shares in the last quarter. Hedge funds and other institutional investors own 77.92% of the company’s stock.
Shares of Nucor Corp. (NYSE:NUE) traded down 1.77% during mid-day trading on Friday, hitting $47.11. 1,136,193 shares of the stock were exchanged. Nucor Corp. has a 12 month low of $33.90 and a 12 month high of $57.08. The stock’s 50 day moving average is $48.39 and its 200-day moving average is $49.60. The stock has a market cap of $15.00 billion, a PE ratio of 32.29 and a beta of 1.47.
Nucor Corp. (NYSE:NUE) last issued its earnings results on Thursday, July 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.03. The firm earned $4.25 billion during the quarter, compared to analyst estimates of $4.49 billion. Nucor Corp. had a net margin of 3.00% and a return on equity of 8.58%. On average, analysts anticipate that Nucor Corp. will post $2.67 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, September 30th will be given a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend is Wednesday, September 28th. Nucor Corp.’s payout ratio is 102.04%.
About Nucor Corp.
Nucor Corporation (Nucor) manufactures steel and steel products. The Company also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI. Nucor operates in three segments: steel mills, steel products and raw materials.
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