Nucor (NYSE:NUE) Sets New 12-Month High – Should You Buy?

Shares of Nucor Corporation (NYSE:NUE) hit a new 52-week high during trading on Tuesday . The stock traded as high as $272.68 and last traded at $272.4680, with a volume of 689350 shares changing hands. The stock had previously closed at $261.28.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group lifted their target price on shares of Nucor from $225.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. CICC Research initiated coverage on Nucor in a research note on Monday, May 25th. They issued an “outperform” rating on the stock. Barclays upped their target price on Nucor from $272.00 to $295.00 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Citigroup reiterated a “buy” rating on shares of Nucor in a report on Wednesday, July 29th. Finally, Bank of America cut their price target on Nucor from $290.00 to $280.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Twelve research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $273.31.

Nucor Stock Down 1.0%

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.36 and a current ratio of 2.51. The stock’s 50 day simple moving average is $244.76 and its 200 day simple moving average is $209.68. The firm has a market cap of $61.95 billion, a P/E ratio of 21.72, a price-to-earnings-growth ratio of 0.61 and a beta of 1.89.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.46 by $0.38. Nucor had a net margin of 7.99% and a return on equity of 12.73%. The firm had revenue of $10.40 billion during the quarter, compared to analysts’ expectations of $10.15 billion. During the same period last year, the company earned $2.60 earnings per share. The business’s revenue was up 23.0% on a year-over-year basis. Research analysts anticipate that Nucor Corporation will post 18.02 EPS for the current year.

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 11th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Nucor’s payout ratio is currently 17.86%.

Insider Buying and Selling

In related news, EVP Randy J. Spicer sold 2,500 shares of Nucor stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $225.00, for a total transaction of $562,500.00. Following the transaction, the executive vice president owned 20,510 shares of the company’s stock, valued at $4,614,750. The trade was a 10.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Thomas J. Batterbee sold 4,000 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $261.02, for a total value of $1,044,080.00. Following the transaction, the executive vice president owned 16,138 shares in the company, valued at approximately $4,212,340.76. This trade represents a 19.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 21,028 shares of company stock valued at $5,355,535. 0.62% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nucor

Several hedge funds have recently modified their holdings of NUE. Bank of New York Mellon Corp purchased a new stake in shares of Nucor during the second quarter valued at approximately $330,902,000. Private Advisory Group LLC purchased a new position in Nucor in the second quarter worth $1,058,000. Focus Partners Advisor Solutions LLC bought a new position in Nucor in the 2nd quarter valued at $671,000. State of Wyoming bought a new position in Nucor in the 2nd quarter valued at $214,000. Finally, Summit Asset Management LLC purchased a new stake in shares of Nucor during the 2nd quarter valued at $256,000. Institutional investors own 76.48% of the company’s stock.

About Nucor

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.