Nucor (NUE) Receives Buy Rating from KeyCorp

KeyCorp restated their buy rating on shares of Nucor (NYSE:NUE) in a research report report published on Friday. The brokerage currently has a $72.00 target price on the basic materials company’s stock.

NUE has been the topic of several other reports. Zacks Investment Research raised shares of Nucor from a hold rating to a buy rating and set a $72.00 target price on the stock in a research note on Tuesday, October 9th. BMO Capital Markets cut their target price on shares of Nucor from $75.00 to $70.00 and set a market perform rating on the stock in a research note on Friday, October 19th. ValuEngine cut shares of Nucor from a hold rating to a sell rating in a report on Tuesday, September 4th. Argus reiterated a buy rating on shares of Nucor in a report on Tuesday, October 23rd. Finally, Citigroup lowered their price target on shares of Nucor from $78.00 to $70.00 and set a buy rating for the company in a report on Friday, October 19th. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $73.00.

Shares of NUE opened at $61.19 on Friday. Nucor has a fifty-two week low of $55.55 and a fifty-two week high of $70.48. The company has a market cap of $18.96 billion, a P/E ratio of 17.43, a price-to-earnings-growth ratio of 0.67 and a beta of 1.47. The company has a current ratio of 3.15, a quick ratio of 1.69 and a debt-to-equity ratio of 0.42.

Nucor (NYSE:NUE) last announced its earnings results on Thursday, October 18th. The basic materials company reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.35 by ($0.02). Nucor had a return on equity of 20.72% and a net margin of 8.79%. The business had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.64 billion. During the same period in the previous year, the company earned $0.83 earnings per share. Nucor’s quarterly revenue was up 30.4% on a year-over-year basis. On average, research analysts forecast that Nucor will post 7.56 earnings per share for the current fiscal year.

Nucor declared that its board has approved a stock repurchase program on Thursday, September 6th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the basic materials company to reacquire up to 10% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Monday, February 11th. Shareholders of record on Monday, December 31st will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend is Friday, December 28th. This is a boost from Nucor’s previous quarterly dividend of $0.38. Nucor’s payout ratio is 43.30%.

Hedge funds and other institutional investors have recently bought and sold shares of the business. HM Payson & Co. boosted its holdings in shares of Nucor by 6.9% in the 3rd quarter. HM Payson & Co. now owns 3,525 shares of the basic materials company’s stock valued at $224,000 after buying an additional 229 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Nucor by 4.4% in the 3rd quarter. Vanguard Group Inc. now owns 28,321,567 shares of the basic materials company’s stock valued at $1,797,003,000 after buying an additional 1,186,099 shares in the last quarter. WealthPLAN Partners LLC boosted its holdings in shares of Nucor by 9.3% in the 3rd quarter. WealthPLAN Partners LLC now owns 80,536 shares of the basic materials company’s stock valued at $4,847,000 after buying an additional 6,821 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Nucor by 3.3% in the 3rd quarter. Legal & General Group Plc now owns 1,635,181 shares of the basic materials company’s stock valued at $103,749,000 after buying an additional 52,219 shares in the last quarter. Finally, Kepos Capital LP acquired a new position in shares of Nucor in the 3rd quarter valued at $6,361,000. Institutional investors own 76.59% of the company’s stock.

About Nucor

Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. It operates in three segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; hollow structural section steel tubing, steel electrical conduit, plate steel, and structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, wire rods, and special bar quality; and tubular and plate steel products.

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Analyst Recommendations for Nucor (NYSE:NUE)

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