Nucor (NUE) Price Target Cut to $68.00 by Analysts at Morgan Stanley

Nucor (NYSE:NUE) had its price objective lowered by Morgan Stanley from $70.00 to $68.00 in a report published on Tuesday morning. The brokerage currently has a hold rating on the basic materials company’s stock.

Several other research firms have also commented on NUE. Bank of America set a $75.00 price target on shares of Nucor and gave the company a buy rating in a research report on Monday, January 8th. Zacks Investment Research upgraded shares of Nucor from a sell rating to a hold rating and set a $76.00 price objective on the stock in a report on Monday, January 8th. Jefferies Group restated a buy rating and set a $77.00 price objective on shares of Nucor in a report on Tuesday, January 9th. Credit Suisse Group upped their price objective on shares of Nucor from $67.00 to $73.00 and gave the company an outperform rating in a report on Wednesday, January 31st. Finally, BMO Capital Markets upped their price objective on shares of Nucor to $72.00 and gave the company a market perform rating in a report on Wednesday, January 31st. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company. Nucor has a consensus rating of Buy and an average price target of $69.90.

Shares of Nucor (NYSE NUE) opened at $61.77 on Tuesday. The company has a market cap of $20,090.00, a PE ratio of 15.07, a price-to-earnings-growth ratio of 1.07 and a beta of 1.56. Nucor has a 1 year low of $51.67 and a 1 year high of $70.48. The company has a current ratio of 2.42, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36.

Nucor (NYSE:NUE) last released its quarterly earnings results on Tuesday, January 30th. The basic materials company reported $0.65 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.10. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.86 billion. Nucor had a net margin of 6.58% and a return on equity of 13.03%. The company’s quarterly revenue was up 28.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.50 earnings per share. equities research analysts predict that Nucor will post 4.92 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 9th. Stockholders of record on Friday, December 29th were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, December 28th. This represents a $1.52 annualized dividend and a dividend yield of 2.46%. This is an increase from Nucor’s previous quarterly dividend of $0.38. Nucor’s dividend payout ratio is 37.07%.

In related news, EVP Robert J. Stratman sold 39,037 shares of the stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $63.88, for a total value of $2,493,683.56. Following the transaction, the executive vice president now owns 233,824 shares in the company, valued at approximately $14,936,677.12. The sale was disclosed in a filing with the SEC, which is available through this link. 0.70% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of NUE. Thrivent Financial For Lutherans increased its holdings in Nucor by 1.6% in the 2nd quarter. Thrivent Financial For Lutherans now owns 12,170 shares of the basic materials company’s stock worth $704,000 after buying an additional 195 shares during the period. Numeric Investors LLC acquired a new position in Nucor in the 2nd quarter worth approximately $498,000. Janus Henderson Group PLC increased its holdings in Nucor by 429.3% in the 2nd quarter. Janus Henderson Group PLC now owns 213,636 shares of the basic materials company’s stock worth $12,363,000 after buying an additional 173,276 shares during the period. BlueCrest Capital Management Ltd acquired a new position in Nucor in the 2nd quarter worth approximately $372,000. Finally, Cubist Systematic Strategies LLC increased its holdings in Nucor by 43.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 23,888 shares of the basic materials company’s stock worth $1,382,000 after buying an additional 7,229 shares during the period. Institutional investors own 74.33% of the company’s stock.

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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).

Analyst Recommendations for Nucor (NYSE:NUE)

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