Nucor Corp. (NYSE:NUE) was upgraded by stock analysts at Berenberg Bank from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $57.00 target price on the stock, down from their prior target price of $57.50. Berenberg Bank’s price objective points to a potential downside of 9.31% from the stock’s current price.
Other equities analysts have also issued research reports about the company. Deutsche Bank AG raised Nucor Corp. from a “hold” rating to a “buy” rating and upped their price target for the company from $52.00 to $60.00 in a research note on Wednesday, July 6th. Zacks Investment Research raised Nucor Corp. from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a research note on Tuesday, July 5th. JPMorgan Chase & Co. reissued a “buy” rating and set a $59.50 target price on shares of Nucor Corp. in a research note on Friday, July 22nd. Jefferies Group decreased their target price on Nucor Corp. from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Thursday, September 15th. Finally, BMO Capital Markets set a $51.00 target price on Nucor Corp. and gave the stock a “hold” rating in a research note on Wednesday, September 14th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $53.75.
Nucor Corp. (NYSE:NUE) traded up 0.54% during trading on Wednesday, reaching $62.85. The company’s stock had a trading volume of 855,138 shares. The stock has a 50 day moving average price of $52.14 and a 200 day moving average price of $50.56. Nucor Corp. has a 1-year low of $33.90 and a 1-year high of $62.90. The stock has a market capitalization of $20.02 billion, a PE ratio of 39.43 and a beta of 1.38.
Nucor Corp. (NYSE:NUE) last announced its quarterly earnings results on Thursday, October 20th. The company reported $0.84 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.90 by $0.06. Nucor Corp. had a net margin of 3.26% and a return on equity of 9.27%. The business earned $4.29 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same period last year, the company earned $0.71 EPS. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. Analysts anticipate that Nucor Corp. will post $2.34 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Friday, September 30th were given a $0.375 dividend. The ex-dividend date was Wednesday, September 28th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 2.39%. Nucor Corp.’s dividend payout ratio (DPR) is presently 93.75%.
Several hedge funds have recently made changes to their positions in NUE. Acadian Asset Management LLC boosted its stake in shares of Nucor Corp. by 759.7% in the second quarter. Acadian Asset Management LLC now owns 478,296 shares of the company’s stock worth $23,633,000 after buying an additional 422,661 shares during the period. Renaissance Technologies LLC boosted its stake in Nucor Corp. by 1,678.3% in the first quarter. Renaissance Technologies LLC now owns 1,063,400 shares of the company’s stock worth $50,299,000 after buying an additional 1,003,600 shares during the last quarter. Rainier Investment Management LLC boosted its stake in Nucor Corp. by 31.4% in the second quarter. Rainier Investment Management LLC now owns 223,510 shares of the company’s stock worth $11,044,000 after buying an additional 53,460 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in Nucor Corp. by 29.0% in the third quarter. BNP Paribas Arbitrage SA now owns 208,674 shares of the company’s stock worth $10,319,000 after buying an additional 46,947 shares during the last quarter. Finally, Retirement Systems of Alabama boosted its stake in Nucor Corp. by 98.2% in the second quarter. Retirement Systems of Alabama now owns 516,759 shares of the company’s stock worth $25,533,000 after buying an additional 256,096 shares during the last quarter. 78.96% of the stock is owned by hedge funds and other institutional investors.
Nucor Corp. Company Profile