Nucor (NYSE:NUE – Free Report) had its target price lowered by Jefferies Financial Group from $150.00 to $125.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a hold rating on the basic materials company’s stock.
NUE has been the topic of a number of other research reports. Morgan Stanley decreased their target price on Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. BMO Capital Markets decreased their price objective on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a report on Wednesday, September 18th. JPMorgan Chase & Co. cut their target price on shares of Nucor from $170.00 to $168.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. The Goldman Sachs Group assumed coverage on shares of Nucor in a research note on Monday, December 2nd. They issued a “buy” rating and a $190.00 price target on the stock. Finally, UBS Group reiterated a “neutral” rating and issued a $156.00 price objective (down from $171.00) on shares of Nucor in a report on Thursday, December 12th. Four research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $165.63.
Nucor Stock Down 2.6 %
Nucor (NYSE:NUE – Get Free Report) last released its quarterly earnings results on Monday, October 21st. The basic materials company reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.09. The company had revenue of $7.44 billion during the quarter, compared to analysts’ expectations of $7.28 billion. Nucor had a return on equity of 12.06% and a net margin of 8.05%. Nucor’s quarterly revenue was down 15.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.57 EPS. On average, research analysts expect that Nucor will post 8.48 earnings per share for the current year.
Nucor Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 11th. Investors of record on Tuesday, December 31st will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.86%. The ex-dividend date is Tuesday, December 31st. This is a boost from Nucor’s previous quarterly dividend of $0.54. Nucor’s dividend payout ratio (DPR) is currently 21.26%.
Insiders Place Their Bets
In related news, EVP Allen C. Behr sold 4,968 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $159.72, for a total value of $793,488.96. Following the transaction, the executive vice president now directly owns 85,376 shares in the company, valued at approximately $13,636,254.72. This represents a 5.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kenneth Rex Query sold 9,000 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $146.80, for a total value of $1,321,200.00. Following the sale, the executive vice president now directly owns 98,770 shares of the company’s stock, valued at approximately $14,499,436. This trade represents a 8.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,680 shares of company stock valued at $4,773,724. Insiders own 0.46% of the company’s stock.
Hedge Funds Weigh In On Nucor
A number of hedge funds have recently modified their holdings of NUE. Ashton Thomas Securities LLC acquired a new position in Nucor in the third quarter valued at about $26,000. Coastline Trust Co acquired a new position in shares of Nucor in the 3rd quarter worth approximately $29,000. Brown Lisle Cummings Inc. purchased a new position in shares of Nucor during the 3rd quarter worth approximately $30,000. Salomon & Ludwin LLC increased its holdings in Nucor by 45.6% in the 3rd quarter. Salomon & Ludwin LLC now owns 230 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 72 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in Nucor by 60.3% during the fourth quarter. Versant Capital Management Inc now owns 303 shares of the basic materials company’s stock worth $35,000 after purchasing an additional 114 shares in the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.
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.
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