Nucor Corporation (NYSE:NUE) Stock Rating Reaffirmed by Longbow Research

Longbow Research reaffirmed their buy rating on shares of Nucor Corporation (NYSE:NUE) in a report released on Thursday. The firm currently has a $66.00 price target on the basic materials company’s stock.

NUE has been the topic of several other research reports. Jefferies Group LLC reissued a buy rating and set a $68.00 target price on shares of Nucor Corporation in a research note on Wednesday, July 19th. Zacks Investment Research raised Nucor Corporation from a hold rating to a buy rating and set a $67.00 target price on the stock in a research note on Tuesday, April 11th. ValuEngine downgraded Nucor Corporation from a buy rating to a hold rating in a research note on Friday, June 16th. KeyCorp reissued an overweight rating and set a $66.00 target price (down previously from $72.00) on shares of Nucor Corporation in a research note on Monday, June 26th. Finally, Barclays PLC reaffirmed a buy rating and issued a $73.00 price objective on shares of Nucor Corporation in a research note on Friday, May 5th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the stock. Nucor Corporation presently has a consensus rating of Buy and an average price target of $68.76.

Nucor Corporation (NYSE NUE) traded down 2.06% on Thursday, hitting $57.46. 2,966,060 shares of the company traded hands. The firm has a market capitalization of $18.41 billion, a PE ratio of 16.13 and a beta of 1.52. Nucor Corporation has a 1-year low of $44.81 and a 1-year high of $68.00. The firm’s 50 day moving average price is $58.49 and its 200 day moving average price is $59.77.

Nucor Corporation (NYSE:NUE) last issued its earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by $0.06. The business had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $5.08 billion. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The firm’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period last year, the business posted $0.73 EPS. Equities research analysts predict that Nucor Corporation will post $4.18 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Friday, August 11th. Stockholders of record on Friday, June 30th will be issued a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date is Wednesday, June 28th. Nucor Corporation’s dividend payout ratio (DPR) is 43.77%.

In other news, Chairman John J. Ferriola sold 14,941 shares of Nucor Corporation stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $60.17, for a total value of $898,999.97. Following the completion of the transaction, the chairman now owns 361,847 shares in the company, valued at approximately $21,772,333.99. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider David A. Sumoski sold 2,537 shares of Nucor Corporation stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total value of $156,431.42. Following the completion of the transaction, the insider now owns 62,434 shares of the company’s stock, valued at approximately $3,849,680.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,104 shares of company stock valued at $1,213,595. Company insiders own 0.70% of the company’s stock.

Several institutional investors have recently made changes to their positions in NUE. BlackRock Inc. boosted its position in shares of Nucor Corporation by 1,900.5% in the first quarter. BlackRock Inc. now owns 21,654,414 shares of the basic materials company’s stock worth $1,293,202,000 after buying an additional 20,571,970 shares during the period. Vanguard Group Inc. boosted its position in shares of Nucor Corporation by 17.3% in the first quarter. Vanguard Group Inc. now owns 25,254,158 shares of the basic materials company’s stock worth $1,508,179,000 after buying an additional 3,729,281 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Nucor Corporation by 1,351.9% in the first quarter. PNC Financial Services Group Inc. now owns 1,207,726 shares of the basic materials company’s stock worth $72,124,000 after buying an additional 1,124,541 shares during the period. AQR Capital Management LLC boosted its position in shares of Nucor Corporation by 53.6% in the first quarter. AQR Capital Management LLC now owns 2,513,579 shares of the basic materials company’s stock worth $150,111,000 after buying an additional 877,194 shares during the period. Finally, Prudential Financial Inc. boosted its position in shares of Nucor Corporation by 69.2% in the first quarter. Prudential Financial Inc. now owns 1,866,961 shares of the basic materials company’s stock worth $111,495,000 after buying an additional 763,540 shares during the period. Hedge funds and other institutional investors own 76.45% of the company’s stock.

About Nucor Corporation

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).