FY2018 EPS Estimates for Nucor Co. Raised by Jefferies Group (NUE)

Nucor Co. (NYSE:NUE) – Investment analysts at Jefferies Group lifted their FY2018 EPS estimates for Nucor in a research note issued on Tuesday. Jefferies Group analyst S. Rosenfeld now expects that the basic materials company will post earnings of $4.62 per share for the year, up from their previous forecast of $4.49. Jefferies Group currently has a “Buy” rating and a $77.00 target price on the stock. Jefferies Group also issued estimates for Nucor’s FY2019 earnings at $4.94 EPS.

Nucor (NYSE:NUE) last posted its quarterly earnings results on Thursday, October 19th. The basic materials company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.01. The firm had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.19 billion. Nucor had a return on equity of 12.78% and a net margin of 5.80%. Nucor’s quarterly revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.88 earnings per share.

Several other research analysts have also weighed in on NUE. Citigroup raised Nucor from a “neutral” rating to a “buy” rating and upped their price target for the company from $53.60 to $65.00 in a research report on Thursday, September 14th. BMO Capital Markets reissued a “market perform” rating and set a $62.00 price target (down from $70.00) on shares of Nucor in a research report on Monday, September 18th. KeyCorp reissued a “hold” rating on shares of Nucor in a research report on Tuesday, September 19th. Zacks Investment Research downgraded Nucor from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 26th. Finally, Credit Suisse Group lowered their target price on Nucor from $68.00 to $63.00 and set a “buy” rating on the stock in a research note on Thursday, September 28th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $68.19.

Nucor (NUE) traded up $1.24 during trading hours on Wednesday, reaching $70.18. The company had a trading volume of 2,027,453 shares, compared to its average volume of 3,095,100. The firm has a market capitalization of $22,060.00, a price-to-earnings ratio of 19.55, a price-to-earnings-growth ratio of 1.29 and a beta of 1.58. Nucor has a 52-week low of $51.67 and a 52-week high of $69.06. The company has a quick ratio of 1.12, a current ratio of 2.11 and a debt-to-equity ratio of 0.37.

Several institutional investors and hedge funds have recently added to or reduced their stakes in NUE. CI Investments Inc. bought a new stake in shares of Nucor during the 3rd quarter worth about $55,250,000. Northern Trust Corp boosted its stake in shares of Nucor by 15.0% during the 2nd quarter. Northern Trust Corp now owns 5,759,017 shares of the basic materials company’s stock worth $333,275,000 after acquiring an additional 750,796 shares in the last quarter. Balyasny Asset Management LLC boosted its stake in shares of Nucor by 55.4% during the 2nd quarter. Balyasny Asset Management LLC now owns 1,471,244 shares of the basic materials company’s stock worth $85,141,000 after acquiring an additional 524,476 shares in the last quarter. Prudential PLC lifted its position in shares of Nucor by 28.2% during the 2nd quarter. Prudential PLC now owns 2,260,300 shares of the basic materials company’s stock worth $130,804,000 after purchasing an additional 496,700 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its position in shares of Nucor by 384.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 509,772 shares of the basic materials company’s stock worth $28,568,000 after purchasing an additional 404,622 shares during the last quarter. Institutional investors own 74.31% of the company’s stock.

In other news, insider Ladd R. Hall sold 17,583 shares of the company’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $57.94, for a total transaction of $1,018,759.02. Following the completion of the sale, the insider now owns 206,406 shares in the company, valued at approximately $11,959,163.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Robert J. Stratman sold 39,037 shares of the company’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $63.88, for a total value of $2,493,683.56. Following the sale, the executive vice president now owns 233,824 shares of the company’s stock, valued at approximately $14,936,677.12. The disclosure for this sale can be found here. Insiders sold 80,754 shares of company stock worth $4,964,014 in the last 90 days. Corporate insiders own 0.70% of the company’s stock.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 9th. Shareholders of record on Friday, December 29th will be paid a $0.38 dividend. The ex-dividend date is Thursday, December 28th. This represents a $1.52 dividend on an annualized basis and a yield of 2.17%. This is an increase from Nucor’s previous quarterly dividend of $0.38. Nucor’s payout ratio is 42.34%.

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About Nucor

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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