Nucor Co. (NYSE:NUE) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $56.35, but opened at $57.62. Nucor shares last traded at $60.35, with a volume of 5,915,516 shares traded.
The basic materials company reported $1.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by $0.03. Nucor had a return on equity of 9.32% and a net margin of 4.53%. The company had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same period last year, the business earned $0.27 earnings per share. The firm’s revenue was up 29.6% compared to the same quarter last year.
The business also recently announced a quarterly dividend, which was paid on Thursday, May 11th. Shareholders of record on Friday, March 31st were paid a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date was Wednesday, March 29th. Nucor’s dividend payout ratio (DPR) is presently 65.94%.
A number of analysts have issued reports on NUE shares. Berenberg Bank reaffirmed a “buy” rating and issued a $75.00 target price on shares of Nucor in a research note on Sunday, February 5th. Zacks Investment Research raised Nucor from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research note on Tuesday, February 7th. Deutsche Bank AG increased their price target on Nucor from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, March 21st. Jefferies Group LLC reiterated a “buy” rating and set a $75.00 price target (down from $77.00) on shares of Nucor in a report on Wednesday, April 19th. Finally, Barclays PLC reiterated a “buy” rating and set a $68.00 price target (up from $67.00) on shares of Nucor in a report on Thursday, April 20th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $68.22.
In other news, insider Raymond S. Napolitan, Jr. sold 12,400 shares of Nucor stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $63.74, for a total value of $790,376.00. Following the completion of the transaction, the insider now owns 73,885 shares in the company, valued at approximately $4,709,429.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Victoria F. Haynes sold 3,000 shares of Nucor stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $61.52, for a total value of $184,560.00. Following the completion of the transaction, the director now owns 33,703 shares of the company’s stock, valued at approximately $2,073,408.56. The disclosure for this sale can be found here. Insiders have sold a total of 80,263 shares of company stock valued at $5,021,549 over the last 90 days. 0.63% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in NUE. TCI Wealth Advisors Inc. boosted its position in shares of Nucor by 3.5% in the third quarter. TCI Wealth Advisors Inc. now owns 2,070 shares of the basic materials company’s stock valued at $102,000 after buying an additional 70 shares during the last quarter. FNY Partners Fund LP bought a new position in shares of Nucor during the fourth quarter valued at about $107,000. Advantage Investment Management LLC boosted its position in shares of Nucor by 164.9% in the first quarter. Advantage Investment Management LLC now owns 1,854 shares of the basic materials company’s stock valued at $111,000 after buying an additional 1,154 shares during the last quarter. Ledyard National Bank bought a new position in shares of Nucor during the first quarter valued at about $122,000. Finally, Massmutual Trust Co. FSB ADV bought a new position in shares of Nucor during the fourth quarter valued at about $127,000. Institutional investors and hedge funds own 76.41% of the company’s stock.
The company has a market capitalization of $18.08 billion, a price-to-earnings ratio of 17.07 and a beta of 1.45. The stock’s 50-day moving average is $59.34 and its 200 day moving average is $60.35.
Nucor Company Profile
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).
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