KeyCorp Analysts Lower Earnings Estimates for Nucor Co. (NUE)
Nucor Co. (NYSE:NUE) – Analysts at KeyCorp cut their FY2018 earnings per share (EPS) estimates for Nucor in a research note issued on Sunday. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings of $3.75 per share for the year, down from their prior forecast of $3.83. KeyCorp currently has a “Hold” rating on the stock.
Other equities analysts also recently issued research reports about the company. Citigroup set a $66.00 target price on Nucor and gave the company a “buy” rating in a research report on Friday, October 20th. Jefferies Group reaffirmed a “buy” rating and issued a $68.00 target price on shares of Nucor in a research report on Friday, October 6th. Credit Suisse Group decreased their target price on Nucor from $68.00 to $63.00 and set a “buy” rating on the stock in a research report on Thursday, September 28th. Bank of America reaffirmed a “buy” rating and issued a $73.00 target price on shares of Nucor in a research report on Wednesday, September 6th. Finally, ValuEngine raised Nucor from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $66.80.
Nucor (NYSE:NUE) last released its quarterly earnings data on Thursday, October 19th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.01. Nucor had a return on equity of 12.78% and a net margin of 5.80%. The firm had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the prior year, the company earned $0.88 earnings per share. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 9th. Investors of record on Friday, December 29th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, December 28th. This represents a $1.52 dividend on an annualized basis and a yield of 2.43%. This is an increase from Nucor’s previous quarterly dividend of $0.38. Nucor’s dividend payout ratio is currently 42.06%.
In related news, insider D. Chad Utermark sold 9,003 shares of the stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $59.72, for a total transaction of $537,659.16. Following the sale, the insider now owns 73,883 shares of the company’s stock, valued at $4,412,292.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ladd R. Hall sold 17,583 shares of the stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $57.94, for a total value of $1,018,759.02. Following the sale, the insider now directly owns 206,406 shares in the company, valued at approximately $11,959,163.64. The disclosure for this sale can be found here. Insiders have sold 41,717 shares of company stock worth $2,470,331 in the last three months. 0.70% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of NUE. Mckinley Capital Management LLC Delaware bought a new stake in Nucor during the second quarter worth $100,000. Krilogy Financial LLC lifted its stake in Nucor by 4,594.6% during the second quarter. Krilogy Financial LLC now owns 1,737 shares of the basic materials company’s stock worth $101,000 after purchasing an additional 1,700 shares during the last quarter. Fiduciary Trust Co. bought a new stake in Nucor during the second quarter worth $109,000. Sun Life Financial INC lifted its stake in Nucor by 23,290.0% during the second quarter. Sun Life Financial INC now owns 2,339 shares of the basic materials company’s stock worth $135,000 after purchasing an additional 2,329 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in Nucor by 791.0% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,673 shares of the basic materials company’s stock worth $150,000 after purchasing an additional 2,373 shares during the last quarter. 74.30% of the stock is currently owned by institutional investors and hedge funds.
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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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