Nucor (NUE) Upgraded by ValuEngine to Buy
ValuEngine upgraded shares of Nucor (NYSE:NUE) from a hold rating to a buy rating in a research report sent to investors on Friday.
Other research analysts have also recently issued reports about the company. BMO Capital Markets reaffirmed a market perform rating and issued a $62.00 target price (down from $70.00) on shares of Nucor in a research report on Monday, September 18th. KeyCorp reiterated a hold rating on shares of Nucor in a research note on Thursday, October 19th. Morgan Stanley lowered Nucor from an overweight rating to an equal weight rating and dropped their price objective for the stock from $78.00 to $60.00 in a research note on Tuesday, September 12th. Bank of America reiterated a buy rating and set a $73.00 price objective on shares of Nucor in a research note on Wednesday, September 6th. Finally, Jefferies Group reiterated a buy rating on shares of Nucor in a research note on Saturday, September 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company’s stock. Nucor has an average rating of Buy and a consensus target price of $67.32.
Shares of Nucor (NYSE:NUE) traded down $0.20 during mid-day trading on Friday, reaching $57.30. The company had a trading volume of 3,614,842 shares, compared to its average volume of 1,817,283. The company has a market capitalization of $18,280.21, a PE ratio of 16.91, a P/E/G ratio of 1.30 and a beta of 1.58. Nucor has a 52-week low of $51.67 and a 52-week high of $68.00. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.12 and a current ratio of 2.11.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 9th. Shareholders of record on Friday, September 29th were paid a dividend of $0.3775 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.51 annualized dividend and a yield of 2.64%. Nucor’s dividend payout ratio is currently 43.90%.
In other news, Director Victoria F. Haynes sold 2,500 shares of the firm’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $55.16, for a total value of $137,900.00. Following the completion of the sale, the director now directly owns 33,573 shares in the company, valued at $1,851,886.68. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider D. Chad Utermark sold 9,003 shares of the firm’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $59.72, for a total value of $537,659.16. Following the completion of the sale, the insider now owns 73,883 shares of the company’s stock, valued at $4,412,292.76. The disclosure for this sale can be found here. Insiders have sold 44,217 shares of company stock valued at $2,608,231 over the last quarter. Corporate insiders own 0.70% of the company’s stock.
Several large investors have recently made changes to their positions in NUE. Investment Counselors of Maryland LLC increased its stake in shares of Nucor by 1.9% in the second quarter. Investment Counselors of Maryland LLC now owns 21,725 shares of the basic materials company’s stock valued at $1,257,000 after buying an additional 400 shares in the last quarter. Daiwa Securities Group Inc. increased its position in Nucor by 6.4% in the second quarter. Daiwa Securities Group Inc. now owns 280,050 shares of the basic materials company’s stock worth $16,206,000 after purchasing an additional 16,900 shares during the period. River Wealth Advisors LLC increased its position in Nucor by 3.8% in the second quarter. River Wealth Advisors LLC now owns 18,307 shares of the basic materials company’s stock worth $1,059,000 after purchasing an additional 668 shares during the period. Stratos Wealth Partners LTD. increased its position in Nucor by 37.0% in the second quarter. Stratos Wealth Partners LTD. now owns 12,449 shares of the basic materials company’s stock worth $720,000 after purchasing an additional 3,364 shares during the period. Finally, Cullen Frost Bankers Inc. acquired a new stake in Nucor in the second quarter worth about $7,042,000. Institutional investors own 74.56% of the company’s stock.
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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