Nucor (NYSE:NUE) Trading Down 7.2% – Here’s Why

Shares of Nucor Co. (NYSE:NUE) were down 7.2% on Tuesday . The stock traded as low as $144.57 and last traded at $144.85. Approximately 890,201 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 1,468,526 shares. The stock had previously closed at $156.11.

Analyst Upgrades and Downgrades

NUE has been the subject of several research reports. JPMorgan Chase & Co. lowered their price target on shares of Nucor from $174.00 to $170.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Bank of America decreased their price target on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. BMO Capital Markets cut their price objective on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. Argus upgraded shares of Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Finally, Morgan Stanley reduced their price target on Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 18th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $191.43.

Nucor Stock Down 5.4 %

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.85. The business’s fifty day moving average price is $147.74 and its two-hundred day moving average price is $159.90. The stock has a market capitalization of $35.41 billion, a PE ratio of 8.52 and a beta of 1.55.

Nucor (NYSE:NUE) last issued its earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.09. The firm had revenue of $7.44 billion during the quarter, compared to analysts’ expectations of $7.28 billion. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The firm’s revenue was down 15.2% compared to the same quarter last year. During the same quarter last year, the company posted $4.57 earnings per share. On average, equities research analysts forecast that Nucor Co. will post 9.08 EPS for the current fiscal year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.46%. Nucor’s payout ratio is 12.71%.

Insider Buying and Selling

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total value of $1,379,840.00. Following the completion of the transaction, the executive vice president now directly owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.46% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CX Institutional raised its holdings in Nucor by 52.8% in the 2nd quarter. CX Institutional now owns 17,245 shares of the basic materials company’s stock worth $2,726,000 after purchasing an additional 5,960 shares during the period. Norden Group LLC acquired a new position in shares of Nucor during the 1st quarter worth approximately $1,847,000. Banco Santander S.A. lifted its position in shares of Nucor by 86.2% during the 1st quarter. Banco Santander S.A. now owns 12,895 shares of the basic materials company’s stock valued at $2,552,000 after buying an additional 5,971 shares in the last quarter. Ascension Asset Management LLC acquired a new stake in Nucor in the 2nd quarter valued at $885,000. Finally, Kimelman & Baird LLC purchased a new stake in Nucor in the 2nd quarter worth $6,655,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Nucor Company Profile

Nucor Corporation engages in manufacture and sale of steel and steel products. 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 structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.