Nucor Corporation (NUE) Downgraded by ValuEngine
ValuEngine lowered shares of Nucor Corporation (NYSE:NUE) from a buy rating to a hold rating in a research report released on Friday.
Other equities research analysts have also recently issued research reports about the stock. Berenberg Bank reissued a buy rating and set a $77.50 target price on shares of Nucor Corporation in a research report on Wednesday, July 19th. Jefferies Group LLC reissued a buy rating and set a $68.00 target price on shares of Nucor Corporation in a research report on Wednesday, July 19th. Morgan Stanley reissued a buy rating on shares of Nucor Corporation in a research report on Tuesday, July 18th. Barclays PLC reissued a buy rating and set a $73.00 target price on shares of Nucor Corporation in a research report on Monday, May 15th. Finally, Longbow Research raised shares of Nucor Corporation from a neutral rating to a buy rating in a research report on Monday, June 19th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company’s stock. Nucor Corporation currently has a consensus rating of Buy and a consensus price target of $68.88.
Shares of Nucor Corporation (NYSE NUE) traded up 0.71% during trading on Friday, reaching $55.50. 1,935,082 shares of the company were exchanged. The firm has a market capitalization of $17.73 billion, a PE ratio of 15.58 and a beta of 1.53. Nucor Corporation has a 1-year low of $44.81 and a 1-year high of $68.00. The company’s 50-day moving average is $56.98 and its 200 day moving average is $59.04.
Nucor Corporation (NYSE:NUE) last posted its earnings results on Thursday, July 20th. The basic materials company reported $1.00 EPS for the quarter, missing the Zacks’ consensus estimate of $1.06 by $0.06. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The firm had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same period in the previous year, the company earned $0.73 EPS. The company’s revenue was up 21.9% on a year-over-year basis. Equities research analysts expect that Nucor Corporation will post $4.15 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 11th. Investors of record on Friday, June 30th were issued a dividend of $0.3775 per share. The ex-dividend date was Wednesday, June 28th. This represents a $1.51 annualized dividend and a dividend yield of 2.72%. Nucor Corporation’s dividend payout ratio (DPR) is presently 43.77%.
In related news, Chairman John J. Ferriola sold 14,941 shares of the firm’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $60.17, for a total transaction of $898,999.97. Following the completion of the transaction, the chairman now owns 361,847 shares of the company’s stock, valued at $21,772,333.99. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider David A. Sumoski sold 2,537 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total transaction of $156,431.42. Following the transaction, the insider now directly owns 62,434 shares of the company’s stock, valued at approximately $3,849,680.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,104 shares of company stock valued at $1,213,595. 0.70% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Achmea Investment Management B.V. acquired a new stake in Nucor Corporation during the first quarter valued at $4,047,000. Main Street Research LLC grew its position in Nucor Corporation by 1.4% during the first quarter. Main Street Research LLC now owns 184,720 shares of the basic materials company’s stock valued at $11,031,000 after buying an additional 2,489 shares during the period. Suntrust Banks Inc. grew its position in Nucor Corporation by 5.3% during the first quarter. Suntrust Banks Inc. now owns 148,786 shares of the basic materials company’s stock valued at $8,884,000 after buying an additional 7,440 shares during the period. Legal & General Group Plc grew its position in Nucor Corporation by 2.5% during the first quarter. Legal & General Group Plc now owns 1,590,410 shares of the basic materials company’s stock valued at $94,975,000 after buying an additional 38,454 shares during the period. Finally, Savant Capital LLC grew its position in Nucor Corporation by 1.3% during the first quarter. Savant Capital LLC now owns 4,281 shares of the basic materials company’s stock valued at $256,000 after buying an additional 55 shares during the period. Institutional investors own 74.99% of the company’s stock.
Nucor Corporation 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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