Nucor Corporation (NUE) Receives “Buy” Rating from Jefferies Group LLC
Jefferies Group LLC restated their buy rating on shares of Nucor Corporation (NYSE:NUE) in a report issued on Friday. The firm currently has a $68.00 price target on the basic materials company’s stock.
Several other research firms have also commented on NUE. Bank of America Corporation reissued a buy rating and issued a $73.00 price objective on shares of Nucor Corporation in a research report on Wednesday, September 6th. ValuEngine lowered Nucor Corporation from a buy rating to a hold rating in a research report on Friday, June 16th. Cowen and Company reissued a market perform rating and issued a $63.00 price objective (up from $62.00) on shares of Nucor Corporation in a research report on Tuesday, July 25th. Berenberg Bank reissued a buy rating and issued a $77.50 price objective on shares of Nucor Corporation in a research report on Wednesday, July 19th. Finally, BidaskClub lowered Nucor Corporation from a hold rating to a sell rating in a research report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $67.13.
Shares of Nucor Corporation (NYSE NUE) traded down 0.92% during midday trading on Friday, reaching $56.15. The company’s stock had a trading volume of 1,433,781 shares. Nucor Corporation has a 52 week low of $45.30 and a 52 week high of $68.00. The firm’s 50 day moving average is $54.88 and its 200 day moving average is $57.72. The firm has a market capitalization of $17.94 billion, a price-to-earnings ratio of 15.76 and a beta of 1.54.
Nucor Corporation (NYSE:NUE) last released its quarterly earnings data on Thursday, July 20th. The basic materials company reported $1.00 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.06). Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The company had revenue of $5.17 billion during the quarter, compared to analysts’ expectations of $5.08 billion. During the same period last year, the business earned $0.73 earnings per share. The company’s revenue for the quarter was up 21.9% compared to the same quarter last year. Equities analysts forecast that Nucor Corporation will post $3.91 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Friday, September 29th will be issued a $0.3775 dividend. This represents a $1.51 annualized dividend and a yield of 2.69%. The ex-dividend date is Thursday, September 28th. Nucor Corporation’s dividend payout ratio is currently 43.77%.
In related news, Director Victoria F. Haynes sold 2,500 shares of the business’s 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 completion of the sale, the director now directly owns 33,573 shares of the company’s stock, valued at $1,851,886.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman John J. Ferriola sold 14,941 shares of the business’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $60.17, for a total value of $898,999.97. Following the completion of the sale, the chairman now directly owns 361,847 shares of the company’s stock, valued at $21,772,333.99. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,604 shares of company stock valued at $1,351,495. 0.70% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in NUE. Mckinley Capital Management LLC Delaware bought a new stake in Nucor Corporation in the second quarter valued at about $100,000. Krilogy Financial LLC increased its holdings in Nucor Corporation by 4,594.6% in the second quarter. Krilogy Financial LLC now owns 1,737 shares of the basic materials company’s stock valued at $101,000 after buying an additional 1,700 shares during the last quarter. Washington Trust Bank increased its holdings in Nucor Corporation by 60.2% in the second quarter. Washington Trust Bank now owns 1,756 shares of the basic materials company’s stock valued at $102,000 after buying an additional 660 shares during the last quarter. Fiduciary Trust Co. bought a new stake in Nucor Corporation in the second quarter valued at about $109,000. Finally, Sun Life Financial INC increased its holdings in Nucor Corporation by 23,290.0% in the second quarter. Sun Life Financial INC now owns 2,339 shares of the basic materials company’s stock valued at $135,000 after buying an additional 2,329 shares during the last quarter. 74.86% of the stock is owned by hedge funds and other institutional investors.
About Nucor Corporation
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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