Nucor Corp. (NUE) Given Buy Rating at Argus
Argus reaffirmed their buy rating on shares of Nucor Corp. (NYSE:NUE) in a report published on Monday morning. They currently have a $65.00 target price on the stock, up from their prior target price of $58.00.
Other analysts also recently issued reports about the company. Berenberg Bank downgraded Nucor Corp. from a buy rating to a hold rating and upped their price objective for the company from $57.00 to $61.00 in a research note on Monday, November 14th. They noted that the move was a valuation call. Zacks Investment Research raised Nucor Corp. from a strong sell rating to a hold rating in a research note on Friday, November 11th. Jefferies Group reaffirmed a buy rating on shares of Nucor Corp. in a research note on Wednesday, November 9th. Bank of America Corp. raised Nucor Corp. from a neutral rating to a buy rating and upped their price objective for the company from $50.00 to $57.00 in a research note on Wednesday, November 9th. Finally, Citigroup Inc. reaffirmed a neutral rating on shares of Nucor Corp. in a research note on Saturday, October 22nd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $53.57.
Shares of Nucor Corp. (NYSE:NUE) opened at 59.66 on Monday. The firm has a market capitalization of $19.00 billion, a price-to-earnings ratio of 37.43 and a beta of 1.38. The stock has a 50 day moving average price of $50.83 and a 200-day moving average price of $50.25. Nucor Corp. has a 52 week low of $33.90 and a 52 week high of $60.35.
Nucor Corp. (NYSE:NUE) last announced its earnings results on Thursday, October 20th. The company reported $0.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by $0.06. The firm earned $4.29 billion during the quarter, compared to analyst estimates of $3.77 billion. Nucor Corp. had a net margin of 3.26% and a return on equity of 9.27%. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period last year, the company earned $0.71 earnings per share. On average, analysts anticipate that Nucor Corp. will post $2.34 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 10th. Stockholders of record on Friday, September 30th were given a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend was Wednesday, September 28th. Nucor Corp.’s payout ratio is 93.75%.
Several hedge funds have recently made changes to their positions in NUE. Blue Chip Partners Inc. acquired a new stake in shares of Nucor Corp. during the second quarter worth about $102,000. TCI Wealth Advisors Inc. raised its stake in shares of Nucor Corp. by 3.5% in the third quarter. TCI Wealth Advisors Inc. now owns 2,070 shares of the company’s stock worth $102,000 after buying an additional 70 shares during the last quarter. NEXT Financial Group Inc raised its stake in shares of Nucor Corp. by 4.5% in the second quarter. NEXT Financial Group Inc now owns 2,310 shares of the company’s stock worth $114,000 after buying an additional 100 shares during the last quarter. SevenBridge Financial Group LLC acquired a new stake in shares of Nucor Corp. during the second quarter worth about $114,000. Finally, Tuttle Tactical Management LLC acquired a new stake in shares of Nucor Corp. during the second quarter worth about $116,000. 78.96% of the stock is currently owned by institutional investors and hedge funds.
Nucor Corp. Company Profile
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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