Citigroup Inc. set a $66.00 price objective on Nucor Corporation (NYSE:NUE) in a research report sent to investors on Friday. The brokerage currently has a buy rating on the basic materials company’s stock.
Several other brokerages have also recently issued reports on NUE. Jefferies Group LLC reiterated a buy rating on shares of Nucor Corporation in a research note on Friday, June 30th. Bank of America Corporation reiterated a buy rating and issued a $73.00 price objective on shares of Nucor Corporation in a research note on Wednesday, September 6th. Cowen and Company reiterated a market perform rating and issued a $63.00 price objective (up from $62.00) on shares of Nucor Corporation in a research note on Tuesday, July 25th. Berenberg Bank reiterated a buy rating and issued a $77.50 price objective on shares of Nucor Corporation in a research note on Wednesday, July 19th. Finally, BidaskClub cut Nucor Corporation from a hold rating to a sell rating in a research note on Monday, July 31st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company. Nucor Corporation presently has an average rating of Hold and an average target price of $67.32.
Shares of Nucor Corporation (NUE) traded up 2.35% during midday trading on Friday, reaching $60.00. The company’s stock had a trading volume of 3,982,224 shares. The stock’s 50-day moving average is $55.65 and its 200-day moving average is $57.50. Nucor Corporation has a one year low of $46.52 and a one year high of $68.00. The company has a market capitalization of $19.17 billion, a P/E ratio of 16.84 and a beta of 1.54.
Nucor Corporation (NYSE:NUE) last announced its quarterly earnings data on Thursday, October 19th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.01. The business had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.19 billion. Nucor Corporation had a return on equity of 12.91% and a net margin of 5.80%. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period last year, the firm earned $0.88 earnings per share. On average, equities analysts expect that Nucor Corporation will post $3.77 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Friday, September 29th will be paid a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend is Thursday, September 28th. Nucor Corporation’s dividend payout ratio is presently 43.90%.
In other news, insider Leon J. Topalian sold 2,626 shares of Nucor Corporation stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $60.23, for a total transaction of $158,163.98. Following the sale, the insider now owns 19,610 shares in the company, valued at $1,181,110.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Victoria F. Haynes sold 2,500 shares of Nucor Corporation stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $55.16, for a total value of $137,900.00. Following the sale, the director now owns 33,573 shares in the company, valued at approximately $1,851,886.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,604 shares of company stock worth $1,351,495. 0.70% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Nucor Corporation by 1.3% during the second quarter. Vanguard Group Inc. now owns 25,573,754 shares of the basic materials company’s stock worth $1,479,954,000 after purchasing an additional 319,596 shares in the last quarter. BlackRock Inc. increased its position in shares of Nucor Corporation by 1,900.5% during the first quarter. BlackRock Inc. now owns 21,654,414 shares of the basic materials company’s stock worth $1,293,202,000 after purchasing an additional 20,571,970 shares in the last quarter. Northern Trust Corp increased its position in shares of Nucor Corporation by 15.0% during the second quarter. Northern Trust Corp now owns 5,759,017 shares of the basic materials company’s stock worth $333,275,000 after purchasing an additional 750,796 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Nucor Corporation by 8.6% during the second quarter. Dimensional Fund Advisors LP now owns 4,471,347 shares of the basic materials company’s stock worth $258,776,000 after purchasing an additional 352,694 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Nucor Corporation by 11.7% during the first quarter. Geode Capital Management LLC now owns 3,715,181 shares of the basic materials company’s stock worth $221,600,000 after purchasing an additional 389,241 shares in the last quarter. Institutional investors and hedge funds own 74.83% of the company’s stock.
Nucor Corporation 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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