Longbow Research upgraded shares of Nucor (NYSE:NUE) from a neutral rating to a buy rating in a research note released on Wednesday, Marketbeat.com reports.
A number of other analysts have also recently commented on NUE. BMO Capital Markets set a $70.00 target price on Nucor and gave the stock a hold rating in a research report on Saturday, August 26th. ValuEngine cut Nucor from a buy rating to a hold rating in a research report on Friday, September 1st. Bank of America reiterated a buy rating and set a $73.00 target price on shares of Nucor in a research report on Wednesday, September 6th. Macquarie initiated coverage on Nucor in a research report on Wednesday, September 6th. They set a neutral rating and a $57.00 target price on the stock. Finally, Morgan Stanley cut Nucor from an overweight rating to an equal weight rating and cut their target price for the stock from $78.00 to $60.00 in a research report on Tuesday, September 12th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $66.80.
Shares of Nucor (NYSE NUE) opened at $64.56 on Wednesday. The stock has a market capitalization of $20,515.17, a PE ratio of 18.77, a price-to-earnings-growth ratio of 1.49 and a beta of 1.58. The company has a current ratio of 2.11, a quick ratio of 1.12 and a debt-to-equity ratio of 0.37. Nucor has a fifty-two week low of $51.67 and a fifty-two week high of $66.00.
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 $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Thursday, December 28th. This is a boost from Nucor’s previous quarterly dividend of $0.38. Nucor’s payout ratio is 43.90%.
In related news, insider D. Chad Utermark sold 9,003 shares of the business’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $59.72, for a total value of $537,659.16. Following the transaction, the insider now owns 73,883 shares in the company, valued at approximately $4,412,292.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman John J. Ferriola sold 15,131 shares of the business’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $60.40, for a total value of $913,912.40. Following the completion of the transaction, the chairman now owns 349,506 shares in the company, valued at approximately $21,110,162.40. The disclosure for this sale can be found here. Insiders sold a total of 41,717 shares of company stock worth $2,470,331 in the last 90 days. 0.70% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Nucor by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 25,573,754 shares of the basic materials company’s stock valued at $1,479,954,000 after purchasing an additional 319,596 shares in the last quarter. Northern Trust Corp boosted its holdings in Nucor by 15.0% in the 2nd quarter. Northern Trust Corp now owns 5,759,017 shares of the basic materials company’s stock valued at $333,275,000 after purchasing an additional 750,796 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Nucor by 3.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,621,566 shares of the basic materials company’s stock valued at $258,974,000 after purchasing an additional 150,219 shares in the last quarter. Prudential PLC boosted its holdings in Nucor by 28.2% in the 2nd quarter. Prudential PLC now owns 2,260,300 shares of the basic materials company’s stock valued at $130,804,000 after purchasing an additional 496,700 shares in the last quarter. Finally, Boston Partners boosted its holdings in Nucor by 3.7% in the 3rd quarter. Boston Partners now owns 1,961,046 shares of the basic materials company’s stock valued at $109,897,000 after purchasing an additional 70,358 shares in the last quarter. 74.30% of the stock is currently owned by institutional investors.
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Nucor Company Profile
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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