Nucor Corp. (NUE) Lowered to “Underperform” at Macquarie
Other equities analysts also recently issued research reports about the company. Jefferies Group reiterated a buy rating on shares of Nucor Corp. in a research report on Wednesday, November 9th. Bank of America Corp. upgraded Nucor Corp. from a neutral rating to a buy rating and increased their price target for the stock from $50.00 to $57.00 in a research report on Wednesday, November 9th. Berenberg Bank upgraded Nucor Corp. from a hold rating to a buy rating and lowered their price target for the stock from $57.50 to $57.00 in a research report on Wednesday, November 2nd. Argus reiterated a buy rating and set a $65.00 price target (up previously from $58.00) on shares of Nucor Corp. in a research report on Monday, November 21st. Finally, Zacks Investment Research upgraded Nucor Corp. from a strong sell rating to a hold rating in a research report on Friday, November 11th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. Nucor Corp. has a consensus rating of Hold and a consensus target price of $53.75.
Nucor Corp. (NYSE:NUE) opened at 61.63 on Tuesday. The company’s 50-day moving average price is $52.56 and its 200-day moving average price is $50.70. Nucor Corp. has a 12-month low of $33.90 and a 12-month high of $62.90. The stock has a market cap of $19.63 billion, a PE ratio of 38.66 and a beta of 1.38.
Nucor Corp. (NYSE:NUE) last issued its quarterly 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 business had revenue of $4.29 billion for the quarter, compared to analysts’ expectations of $3.77 billion. Nucor Corp. had a return on equity of 9.27% and a net margin of 3.26%. The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.71 EPS. On average, equities analysts expect that Nucor Corp. will post $2.34 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Friday, September 30th were issued a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date was Wednesday, September 28th. Nucor Corp.’s dividend payout ratio (DPR) is 93.75%.
Institutional investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. boosted its position in shares of Nucor Corp. by 51.4% in the first quarter. Envestnet Asset Management Inc. now owns 44,070 shares of the company’s stock worth $2,085,000 after buying an additional 14,954 shares during the period. Arizona State Retirement System boosted its position in shares of Nucor Corp. by 1.3% in the first quarter. Arizona State Retirement System now owns 86,172 shares of the company’s stock worth $4,076,000 after buying an additional 1,100 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Nucor Corp. by 12.3% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 35,545 shares of the company’s stock worth $1,683,000 after buying an additional 3,898 shares during the period. Euclid Advisors LLC purchased a new position in shares of Nucor Corp. during the first quarter worth approximately $639,000. Finally, BlueMountain Capital Management LLC purchased a new position in shares of Nucor Corp. during the first quarter worth approximately $493,000. Institutional investors own 76.77% of the company’s stock.
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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