Zacks Investment Research upgraded shares of Nucor (NYSE:NUE) from a hold rating to a strong-buy rating in a research note published on Wednesday. Zacks Investment Research currently has $70.00 price objective on the basic materials company’s stock.
According to Zacks, “Earnings estimates for Nucor for the current year have been going up of late. Nucor remains committed to expand its production capabilities, which should drive profitable growth and strengthen its position as a low-cost producer. It is also seeing continued momentum in the automotive market. The company remains focused on expanding its foothold in the automotive space driven by strong demand. Nucor also remains focused on growing its business through strategic acquisitions.”
Other research analysts have also issued research reports about the stock. ValuEngine upgraded shares of Nucor from a hold rating to a buy rating in a report on Thursday, March 1st. Morgan Stanley dropped their price objective on shares of Nucor from $70.00 to $68.00 and set a hold rating for the company in a report on Tuesday, February 6th. Credit Suisse Group raised their price target on shares of Nucor from $67.00 to $73.00 and gave the stock an outperform rating in a report on Wednesday, January 31st. Longbow Research upgraded shares of Nucor from a neutral rating to a buy rating in a report on Wednesday, December 20th. Finally, Goldman Sachs assumed coverage on shares of Nucor in a report on Tuesday, March 20th. They set a buy rating and a $78.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $69.32.
Nucor (NYSE:NUE) last issued its quarterly earnings data on Tuesday, January 30th. The basic materials company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.10. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.86 billion. Nucor had a net margin of 6.58% and a return on equity of 13.03%. The firm’s quarterly revenue was up 28.7% on a year-over-year basis. During the same quarter last year, the business earned $0.50 EPS. analysts forecast that Nucor will post 5.53 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 11th. Shareholders of record on Thursday, March 29th will be issued a dividend of $0.38 per share. The ex-dividend date is Wednesday, March 28th. This represents a $1.52 annualized dividend and a yield of 2.49%. Nucor’s payout ratio is 43.30%.
In other news, Director Victoria F. Haynes sold 3,000 shares of the firm’s 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 completion of the sale, the director now owns 30,573 shares of the company’s stock, valued at approximately $2,113,205.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman John J. Ferriola sold 14,313 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $64.12, for a total transaction of $917,749.56. Following the sale, the chairman now directly owns 333,775 shares of the company’s stock, valued at approximately $21,401,653. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 64,350 shares of company stock valued at $4,312,607. Insiders own 0.70% of the company’s stock.
Several hedge funds have recently made changes to their positions in NUE. Russell Investments Group Ltd. grew its position in shares of Nucor by 152.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 68,148 shares of the basic materials company’s stock worth $3,819,000 after buying an additional 41,168 shares during the period. Beacon Investment Advisory Services Inc. acquired a new stake in shares of Nucor during the 3rd quarter worth approximately $326,000. Point72 Asset Management L.P. grew its position in shares of Nucor by 384.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 509,772 shares of the basic materials company’s stock worth $28,568,000 after buying an additional 404,622 shares during the period. Janney Montgomery Scott LLC grew its position in shares of Nucor by 11.2% during the 3rd quarter. Janney Montgomery Scott LLC now owns 107,208 shares of the basic materials company’s stock worth $6,008,000 after buying an additional 10,797 shares during the period. Finally, California Public Employees Retirement System grew its position in shares of Nucor by 5.8% during the 3rd quarter. California Public Employees Retirement System now owns 704,698 shares of the basic materials company’s stock worth $39,491,000 after buying an additional 38,937 shares during the period. 80.08% of the stock is owned by institutional investors.
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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