Longbow Research started coverage on shares of Nucor Corporation (NYSE:NUE) in a report issued on Tuesday, May 9th, Marketbeat Ratings reports. The brokerage issued a neutral rating on the basic materials company’s stock.
NUE has been the topic of several other research reports. Barclays PLC reissued a buy rating and issued a $68.00 price target (up previously from $67.00) on shares of Nucor Corporation in a report on Thursday, April 20th. J P Morgan Chase & Co boosted their price target on shares of Nucor Corporation from $70.00 to $75.00 and gave the company an overweight rating in a report on Wednesday, March 22nd. Jefferies Group LLC restated a buy rating and issued a $77.00 target price on shares of Nucor Corporation in a research note on Tuesday, January 10th. Zacks Investment Research downgraded shares of Nucor Corporation from a buy rating to a hold rating in a research note on Monday, February 6th. Finally, BMO Capital Markets restated a hold rating and issued a $68.00 target price on shares of Nucor Corporation in a research note on Monday, April 3rd. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Nucor Corporation presently has an average rating of Buy and an average target price of $68.97.
Shares of Nucor Corporation (NYSE NUE) traded down 2.8198% during trading on Tuesday, reaching $58.7843. 881,689 shares of the company traded hands. The firm has a market capitalization of $18.76 billion, a PE ratio of 17.7115 and a beta of 1.52. Nucor Corporation has a 12 month low of $44.81 and a 12 month high of $68.00. The firm has a 50-day moving average price of $59.00 and a 200-day moving average price of $60.65. Nucor Corporation also was the target of unusually large options trading activity on Tuesday. Investors purchased 9,184 put options on the company. This is an increase of approximately 752% compared to the typical daily volume of 1,078 put options.
Nucor Corporation (NYSE:NUE) last announced its earnings results on Thursday, April 20th. The basic materials company reported $1.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.14 by $0.03. The company had revenue of $4.82 billion for the quarter, compared to the consensus estimate of $4.67 billion. Nucor Corporation had a return on equity of 12.63% and a net margin of 5.90%. The company’s revenue was up 29.6% compared to the same quarter last year. During the same period last year, the firm posted $0.27 EPS. Equities research analysts anticipate that Nucor Corporation will post $4.48 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 11th. Shareholders of record on Friday, June 30th will be issued a dividend of $0.3775 per share. The ex-dividend date is Wednesday, June 28th. This represents a $1.51 annualized dividend and a yield of 2.50%. Nucor Corporation’s dividend payout ratio is currently 47.48%.
In other Nucor Corporation news, Director Victoria F. Haynes sold 3,000 shares of the business’s stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $61.52, for a total transaction of $184,560.00. Following the completion of the sale, the director now directly owns 33,703 shares of the company’s stock, valued at approximately $2,073,408.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman John J. Ferriola sold 12,232 shares of the business’s stock in a transaction dated Tuesday, April 25th. The stock was sold at an average price of $61.60, for a total value of $753,491.20. Following the sale, the chairman now directly owns 349,855 shares of the company’s stock, valued at $21,551,068. The disclosure for this sale can be found here. Insiders own 0.70% of the company’s stock.
Several hedge funds have recently made changes to their positions in NUE. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in shares of Nucor Corporation by 2.9% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 48,752 shares of the basic materials company’s stock worth $2,411,000 after buying an additional 1,354 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Nucor Corporation by 41.3% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,453,926 shares of the basic materials company’s stock worth $71,897,000 after buying an additional 424,880 shares during the period. DnB Asset Management AS boosted its stake in shares of Nucor Corporation by 14.7% in the third quarter. DnB Asset Management AS now owns 31,998 shares of the basic materials company’s stock worth $1,582,000 after buying an additional 4,100 shares during the period. Capital One National Association boosted its stake in shares of Nucor Corporation by 11.1% in the third quarter. Capital One National Association now owns 57,380 shares of the basic materials company’s stock worth $2,837,000 after buying an additional 5,735 shares during the period. Finally, Nikko Asset Management Americas Inc. boosted its stake in shares of Nucor Corporation by 6.5% in the third quarter. Nikko Asset Management Americas Inc. now owns 426,962 shares of the basic materials company’s stock worth $21,109,000 after buying an additional 25,900 shares during the period. 77.43% of the stock is owned by 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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