Nucor Corporation (NUE) Downgraded by Longbow Research to “Neutral”
Longbow Research lowered shares of Nucor Corporation (NYSE:NUE) from a buy rating to a neutral rating in a report published on Monday, Marketbeat.com reports. Longbow Research currently has $56.04 price objective on the basic materials company’s stock, up from their previous price objective of $55.01.
NUE has been the topic of several other research reports. Jefferies Group LLC reiterated a buy rating on shares of Nucor Corporation in a research note on Friday, June 30th. Bank of America Corporation reiterated a buy rating and issued a $73.00 target price on shares of Nucor Corporation in a research note on Wednesday, September 6th. ValuEngine downgraded shares of Nucor Corporation from a buy rating to a hold rating in a research note on Friday, June 16th. Cowen and Company reiterated a market perform rating and issued a $63.00 target price (up previously from $62.00) on shares of Nucor Corporation in a research note on Tuesday, July 25th. Finally, Berenberg Bank reiterated a buy rating and issued a $77.50 target price on shares of Nucor Corporation in a research note on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $67.13.
Nucor Corporation (NYSE NUE) opened at 56.67 on Monday. The company has a market cap of $18.10 billion, a PE ratio of 15.91 and a beta of 1.54. Nucor Corporation has a 12 month low of $45.30 and a 12 month high of $68.00. The company has a 50-day moving average of $54.83 and a 200 day moving average of $57.78.
Nucor Corporation (NYSE:NUE) last posted its quarterly earnings data on Thursday, July 20th. The basic materials company reported $1.00 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.06). Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The business had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $5.08 billion. During the same period in the previous year, the firm earned $0.73 EPS. The company’s revenue was up 21.9% on a year-over-year basis. On average, equities analysts forecast that Nucor Corporation will post $3.91 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.3775 per share. The ex-dividend date is Thursday, September 28th. This represents a $1.51 annualized dividend and a dividend yield of 2.66%. Nucor Corporation’s payout ratio is 43.77%.
In other news, insider Leon J. Topalian sold 2,626 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $60.23, for a total transaction of $158,163.98. Following the completion of the transaction, the insider now directly owns 19,610 shares of the company’s stock, valued at $1,181,110.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Victoria F. Haynes sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $55.16, for a total transaction of $137,900.00. Following the transaction, the director now directly owns 33,573 shares of the company’s stock, valued at $1,851,886.68. The disclosure for this sale can be found here. Insiders have sold 22,604 shares of company stock valued at $1,351,495 over the last three months. 0.70% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC raised its holdings in shares of Nucor Corporation by 1.4% during the second quarter. Jennison Associates LLC now owns 7,140 shares of the basic materials company’s stock valued at $413,000 after purchasing an additional 99 shares during the last quarter. Achmea Investment Management B.V. purchased a new stake in Nucor Corporation during the first quarter valued at approximately $4,047,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Nucor Corporation by 8.9% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 46,237 shares of the basic materials company’s stock valued at $2,676,000 after buying an additional 3,792 shares during the last quarter. CWA Asset Management Group LLC increased its holdings in Nucor Corporation by 7.1% during the second quarter. CWA Asset Management Group LLC now owns 35,994 shares of the basic materials company’s stock valued at $2,083,000 after buying an additional 2,380 shares during the last quarter. Finally, Swiss National Bank increased its holdings in Nucor Corporation by 3.1% during the second quarter. Swiss National Bank now owns 1,163,561 shares of the basic materials company’s stock valued at $67,335,000 after buying an additional 35,100 shares during the last quarter. 74.86% of the stock is owned by hedge funds and other institutional investors.
About Nucor Corporation
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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