Nucor Co. (NYSE:NUE) – Investment analysts at KeyCorp upped their FY2018 earnings per share estimates for shares of Nucor in a research report issued on Sunday, September 9th, Zacks Investment Research reports. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings of $7.42 per share for the year, up from their prior estimate of $7.19. KeyCorp has a “Overweight” rating and a $77.00 price target on the stock.
Nucor (NYSE:NUE) last issued its quarterly earnings data on Thursday, July 19th. The basic materials company reported $2.07 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.10 by ($0.03). Nucor had a return on equity of 16.22% and a net margin of 7.58%. The company had revenue of $6.46 billion for the quarter, compared to the consensus estimate of $6.47 billion. During the same period in the prior year, the company earned $1.00 EPS. The firm’s revenue was up 24.9% on a year-over-year basis.
Other research analysts also recently issued research reports about the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $80.00 target price on shares of Nucor in a research report on Friday, July 13th. Zacks Investment Research raised shares of Nucor from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research report on Thursday, July 12th. Deutsche Bank downgraded shares of Nucor to a “buy” rating in a research report on Tuesday. Finally, ValuEngine raised shares of Nucor from a “sell” rating to a “hold” rating in a research report on Thursday, September 13th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Nucor has a consensus rating of “Buy” and a consensus target price of $72.25.
Shares of NUE stock traded down $0.71 during trading hours on Wednesday, hitting $64.29. 1,785,172 shares of the company were exchanged, compared to its average volume of 2,503,249. The company has a market capitalization of $20.07 billion, a price-to-earnings ratio of 18.32, a P/E/G ratio of 0.69 and a beta of 1.51. Nucor has a 52 week low of $53.71 and a 52 week high of $70.48. The company has a quick ratio of 1.55, a current ratio of 3.05 and a debt-to-equity ratio of 0.43.
Institutional investors and hedge funds have recently made changes to their positions in the company. Signaturefd LLC acquired a new stake in shares of Nucor during the 1st quarter worth about $106,000. Almanack Investment Partners LLC. acquired a new stake in shares of Nucor during the 2nd quarter worth about $106,000. Parallel Advisors LLC lifted its stake in shares of Nucor by 120.0% during the 2nd quarter. Parallel Advisors LLC now owns 2,231 shares of the basic materials company’s stock worth $139,000 after buying an additional 1,217 shares during the last quarter. Centaurus Financial Inc. acquired a new stake in shares of Nucor during the 1st quarter worth about $146,000. Finally, Transamerica Financial Advisors Inc. acquired a new stake in shares of Nucor during the 2nd quarter worth about $153,000. 77.28% of the stock is owned by institutional investors.
In other news, CEO John J. Ferriola sold 14,607 shares of Nucor stock in a transaction dated Tuesday, July 24th. The shares were sold at an average price of $68.25, for a total value of $996,927.75. Following the completion of the transaction, the chief executive officer now owns 374,542 shares of the company’s stock, valued at approximately $25,562,491.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP D. Chad Utermark sold 53,483 shares of Nucor stock in a transaction dated Tuesday, July 24th. The shares were sold at an average price of $68.49, for a total transaction of $3,663,050.67. Following the completion of the transaction, the executive vice president now directly owns 155,140 shares of the company’s stock, valued at approximately $10,625,538.60. The disclosure for this sale can be found here. In the last three months, insiders sold 119,328 shares of company stock valued at $8,074,991. Insiders own 0.80% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Friday, September 28th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date is Thursday, September 27th. Nucor’s dividend payout ratio (DPR) is presently 43.30%.
Nucor announced that its board has initiated a share repurchase program on Thursday, September 6th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the basic materials company to reacquire up to 10% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
Nucor Company Profile
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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