ValuEngine upgraded shares of Nucor (NYSE:NUE) from a sell rating to a hold rating in a research note issued to investors on Thursday, September 13th.
A number of other research analysts also recently commented on the stock. Macquarie raised shares of Nucor from a neutral rating to an outperform rating and set a $75.00 target price on the stock in a research report on Thursday, May 17th. Zacks Investment Research raised shares of Nucor from a hold rating to a buy rating and set a $72.00 price objective on the stock in a research report on Thursday, July 12th. KeyCorp raised shares of Nucor from a sector weight rating to an overweight rating and set a $77.00 price objective on the stock in a research report on Tuesday, July 24th. Finally, Jefferies Financial Group reissued a buy rating and set a $80.00 price objective on shares of Nucor in a research report on Friday, July 13th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Nucor presently has an average rating of Buy and an average price target of $72.25.
Nucor stock traded down $0.71 during mid-day trading on Thursday, reaching $64.29. 1,785,172 shares of the company’s stock were exchanged, compared to its average volume of 2,503,249. The firm has a market cap of $20.07 billion, a PE ratio of 18.32, a price-to-earnings-growth ratio of 0.69 and a beta of 1.51. Nucor has a twelve month low of $53.71 and a twelve month 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.
Nucor (NYSE:NUE) last released its earnings results on Thursday, July 19th. The basic materials company reported $2.07 earnings per share (EPS) for the quarter, missing the Zacks’ 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 business had revenue of $6.46 billion for the quarter, compared to analyst estimates of $6.47 billion. During the same quarter last year, the company earned $1.00 earnings per share. Nucor’s quarterly revenue was up 24.9% compared to the same quarter last year. On average, equities research analysts anticipate that Nucor will post 7.64 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Friday, September 28th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Thursday, September 27th. Nucor’s payout ratio is 43.30%.
Nucor announced that its Board of Directors has authorized a stock buyback plan on Thursday, September 6th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 10% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, insider David A. Sumoski sold 51,238 shares of the firm’s stock in a transaction dated Monday, July 23rd. The shares were sold at an average price of $66.65, for a total value of $3,415,012.70. Following the completion of the sale, the insider now owns 139,839 shares in the company, valued at $9,320,269.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John J. Ferriola sold 14,607 shares of the firm’s stock in a transaction dated Tuesday, July 24th. The shares were sold at an average price of $68.25, for a total transaction of $996,927.75. Following the completion of the sale, the chief executive officer now owns 374,542 shares of the company’s stock, valued at approximately $25,562,491.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 119,328 shares of company stock worth $8,074,991. Insiders own 0.80% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Almanack Investment Partners LLC. purchased a new stake in Nucor in the second quarter valued at approximately $106,000. Signaturefd LLC purchased a new stake in Nucor in the first quarter valued at approximately $106,000. Parallel Advisors LLC grew its holdings in Nucor by 120.0% in the second quarter. Parallel Advisors LLC now owns 2,231 shares of the basic materials company’s stock valued at $139,000 after purchasing an additional 1,217 shares during the period. Transamerica Financial Advisors Inc. purchased a new stake in Nucor in the second quarter valued at approximately $153,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in Nucor in the second quarter valued at approximately $179,000. Hedge funds and other institutional investors own 77.28% of the company’s stock.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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