Nucor (NYSE:NUE) Shares Gap Up to $51.68

Shares of Nucor Co. (NYSE:NUE) gapped up prior to trading on Monday . The stock had previously closed at $50.64, but opened at $51.68. Nucor shares last traded at $51.79, with a volume of 2,526,070 shares trading hands.

Several equities research analysts recently issued reports on the company. Credit Suisse Group set a $61.00 price target on Nucor and gave the company a “buy” rating in a research note on Friday, July 19th. ValuEngine upgraded Nucor from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. KeyCorp cut their price target on Nucor from $61.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. Finally, Bank of America cut their price target on Nucor from $50.00 to $46.00 and set an “underperform” rating for the company in a research note on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. Nucor currently has a consensus rating of “Hold” and an average target price of $58.14.

The firm has a 50 day simple moving average of $51.20 and a two-hundred day simple moving average of $53.17. The company has a quick ratio of 1.76, a current ratio of 3.56 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $15.95 billion, a P/E ratio of 6.80, a PEG ratio of 0.99 and a beta of 1.63.

Nucor (NYSE:NUE) last released its earnings results on Thursday, July 18th. The basic materials company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. Nucor had a return on equity of 21.65% and a net margin of 8.84%. The firm had revenue of $5.90 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same period in the prior year, the company earned $2.07 earnings per share. The company’s quarterly revenue was down 8.7% on a year-over-year basis. On average, research analysts predict that Nucor Co. will post 4.34 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.09%. The ex-dividend date is Thursday, September 26th. Nucor’s payout ratio is presently 21.00%.

In other Nucor news, EVP Leon J. Topalian sold 5,798 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $56.47, for a total transaction of $327,413.06. Following the completion of the sale, the executive vice president now directly owns 93,559 shares in the company, valued at $5,283,276.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman John J. Ferriola sold 19,193 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $56.37, for a total value of $1,081,909.41. Following the sale, the chairman now owns 475,921 shares of the company’s stock, valued at $26,827,666.77. The disclosure for this sale can be found here. Insiders have sold 32,205 shares of company stock valued at $1,815,615 over the last 90 days. Corporate insiders own 0.96% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Independence Bank of Kentucky lifted its stake in shares of Nucor by 17.6% in the 3rd quarter. Independence Bank of Kentucky now owns 2,633 shares of the basic materials company’s stock valued at $134,000 after acquiring an additional 395 shares during the last quarter. KAMES CAPITAL plc lifted its stake in shares of Nucor by 6.5% in the 3rd quarter. KAMES CAPITAL plc now owns 166,925 shares of the basic materials company’s stock valued at $8,499,000 after acquiring an additional 10,198 shares during the last quarter. Whittier Trust Co. lifted its stake in shares of Nucor by 11.3% in the 3rd quarter. Whittier Trust Co. now owns 2,561 shares of the basic materials company’s stock valued at $130,000 after acquiring an additional 260 shares during the last quarter. Stephens Inc. AR lifted its stake in shares of Nucor by 1.2% in the 3rd quarter. Stephens Inc. AR now owns 23,025 shares of the basic materials company’s stock valued at $1,172,000 after acquiring an additional 284 shares during the last quarter. Finally, Kistler Tiffany Companies LLC bought a new position in shares of Nucor in the 3rd quarter valued at $46,000. Hedge funds and other institutional investors own 77.51% of the company’s stock.

Nucor Company Profile (NYSE:NUE)

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; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.

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