Nucor Co. (NYSE:NUE) had its price target upped by stock analysts at JPMorgan Chase & Co. from $70.00 to $75.00 in a research report issued on Wednesday. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.’s target price suggests a potential upside of 25.50% from the company’s previous close.
A number of other brokerages have also recently issued reports on NUE. Berenberg Bank upgraded Nucor from a “hold” rating to a “buy” rating in a report on Tuesday, December 6th. Deutsche Bank AG raised their target price on Nucor from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, March 21st. Argus raised their target price on Nucor from $65.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, December 12th. Zacks Investment Research cut Nucor from a “buy” rating to a “hold” rating in a report on Monday, February 20th. Finally, Jefferies Group LLC restated a “buy” rating and set a $77.00 target price (up previously from $55.00) on shares of Nucor in a report on Tuesday, December 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $64.25.
Shares of Nucor (NYSE:NUE) traded down 0.879% during midday trading on Wednesday, hitting $59.235. 2,010,785 shares of the company’s stock were exchanged. Nucor has a 1-year low of $44.81 and a 1-year high of $68.00. The stock has a market cap of $18.89 billion, a PE ratio of 23.866 and a beta of 1.45. The stock’s 50 day moving average is $61.84 and its 200-day moving average is $56.97.
Nucor (NYSE:NUE) last issued its earnings results on Tuesday, January 31st. The company reported $0.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.16. Nucor had a return on equity of 9.32% and a net margin of 4.53%. The firm had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.78 billion. During the same quarter last year, the business earned $0.46 earnings per share. The company’s revenue was up 14.5% compared to the same quarter last year. Analysts predict that Nucor will post $3.86 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 11th. Stockholders of record on Friday, March 31st will be issued a dividend of $0.3775 per share. This represents a $1.51 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend is Wednesday, March 29th. Nucor’s dividend payout ratio (DPR) is presently 65.94%.
In related news, insider Raymond S. Napolitan, Jr. sold 12,400 shares of Nucor stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $63.74, for a total value of $790,376.00. Following the sale, the insider now owns 73,885 shares of the company’s stock, valued at approximately $4,709,429.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO James D. Frias sold 52,631 shares of Nucor stock in a transaction that occurred on Wednesday, March 15th. The shares were sold at an average price of $62.57, for a total value of $3,293,121.67. Following the completion of the sale, the chief financial officer now directly owns 174,037 shares in the company, valued at approximately $10,889,495.09. The disclosure for this sale can be found here. Insiders own 0.63% of the company’s stock.
A number of large investors have recently made changes to their positions in NUE. TCI Wealth Advisors Inc. raised its stake in shares of Nucor by 3.5% in the third quarter. TCI Wealth Advisors Inc. now owns 2,070 shares of the company’s stock worth $102,000 after buying an additional 70 shares in the last quarter. FNY Partners Fund LP purchased a new stake in shares of Nucor during the fourth quarter worth about $107,000. Massmutual Trust Co. FSB ADV purchased a new stake in shares of Nucor during the fourth quarter worth about $127,000. Parallel Advisors LLC purchased a new stake in shares of Nucor during the fourth quarter worth about $150,000. Finally, First Command Bank purchased a new stake in shares of Nucor during the fourth quarter worth about $170,000. 76.41% of the stock is currently owned by institutional investors and hedge funds.
Nucor Corporation (Nucor) manufactures steel and steel products. The Company also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI. Nucor operates in three segments: steel mills, steel products and raw materials.
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