Morgan Stanley Boosts Nucor (NUE) Price Target to $73.00

Nucor (NYSE:NUE) had its target price raised by Morgan Stanley from $68.00 to $73.00 in a report published on Tuesday morning. The brokerage currently has an equal weight rating on the basic materials company’s stock.

NUE has been the topic of several other reports. ValuEngine upgraded shares of Nucor from a hold rating to a buy rating in a research report on Sunday, December 31st. Zacks Investment Research cut shares of Nucor from a hold rating to a sell rating in a research report on Tuesday, December 26th. Jefferies Group restated a buy rating and issued a $76.00 price objective on shares of Nucor in a research report on Wednesday, January 31st. Bank of America set a $75.00 price objective on shares of Nucor and gave the stock a buy rating in a research report on Monday, January 8th. Finally, BMO Capital Markets upped their price objective on shares of Nucor to $72.00 and gave the stock a market perform rating in a research report on Wednesday, January 31st. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $69.37.

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NUE stock opened at $65.13 on Tuesday. The company has a current ratio of 2.42, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $20,799.42, a P/E ratio of 18.43, a P/E/G ratio of 0.96 and a beta of 1.54. Nucor has a 1-year low of $51.67 and a 1-year high of $70.48.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Thursday, April 19th. The basic materials company reported $1.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.07. The company had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.50 billion. Nucor had a net margin of 6.58% and a return on equity of 13.03%. Nucor’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.13 earnings per share. sell-side analysts predict that Nucor will post 5.7 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 11th. Shareholders of record on Thursday, March 29th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Wednesday, March 28th. Nucor’s payout ratio is currently 43.30%.

In other Nucor news, Chairman John J. Ferriola sold 14,313 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $64.12, for a total transaction of $917,749.56. Following the transaction, the chairman now directly owns 333,775 shares in the company, valued at $21,401,653. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Victoria F. Haynes sold 3,000 shares of the stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $69.12, for a total transaction of $207,360.00. Following the transaction, the director now owns 30,573 shares in the company, valued at $2,113,205.76. The disclosure for this sale can be found here. Insiders have sold 64,350 shares of company stock worth $4,312,607 over the last quarter. Company insiders own 0.70% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Independence Bank of Kentucky purchased a new stake in shares of Nucor during the fourth quarter valued at approximately $100,000. Barrett Asset Management LLC purchased a new stake in shares of Nucor during the fourth quarter valued at approximately $101,000. Cerebellum GP LLC purchased a new stake in shares of Nucor during the fourth quarter valued at approximately $131,000. Financial Gravity Companies Inc. purchased a new stake in shares of Nucor during the fourth quarter valued at approximately $140,000. Finally, Woodard & Co. Asset Management Group Inc. ADV purchased a new stake in shares of Nucor during the fourth quarter valued at approximately $147,000. Institutional investors and hedge funds own 80.08% of the company’s stock.

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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).

Analyst Recommendations for Nucor (NYSE:NUE)

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