Nucor (NUE) Raised to Buy at ValuEngine

ValuEngine upgraded shares of Nucor (NYSE:NUE) from a hold rating to a buy rating in a research note issued to investors on Sunday.

Several other brokerages have also recently issued reports on NUE. Zacks Investment Research cut shares of Nucor from a hold rating to a sell rating in a research note on Tuesday, December 26th. Longbow Research raised shares of Nucor from a neutral rating to a buy rating in a research note on Wednesday, December 20th. Cowen lifted their price objective on shares of Nucor from $57.00 to $63.00 and gave the stock a market perform rating in a research note on Monday, October 23rd. Citigroup set a $66.00 price objective on shares of Nucor and gave the stock a buy rating in a research note on Friday, October 20th. Finally, KeyCorp reaffirmed a hold rating on shares of Nucor in a research note on Thursday, October 19th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $66.80.

Nucor (NYSE:NUE) opened at $66.52 on Friday. The stock has a market cap of $21,150.00, a P/E ratio of 18.53, a PEG ratio of 1.21 and a beta of 1.58. The company has a quick ratio of 1.12, a current ratio of 2.11 and a debt-to-equity ratio of 0.37. Nucor has a 52 week low of $51.67 and a 52 week high of $66.55.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Thursday, October 19th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.01. The company had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.19 billion. Nucor had a net margin of 5.80% and a return on equity of 12.78%. The business’s revenue was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.88 EPS. research analysts expect that Nucor will post 3.61 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 9th. Shareholders of record on Friday, December 29th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.29%. This is a boost from Nucor’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, December 28th. Nucor’s dividend payout ratio (DPR) is presently 42.34%.

In related news, insider Ladd R. Hall sold 17,583 shares of the firm’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $57.94, for a total transaction of $1,018,759.02. Following the completion of the sale, the insider now directly owns 206,406 shares in the company, valued at $11,959,163.64. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman John J. Ferriola sold 15,131 shares of the firm’s stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $60.40, for a total transaction of $913,912.40. Following the sale, the chairman now owns 349,506 shares of the company’s stock, valued at $21,110,162.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 80,754 shares of company stock valued at $4,964,014. Corporate insiders own 0.70% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. CWA Asset Management Group LLC boosted its holdings in shares of Nucor by 7.1% during the second quarter. CWA Asset Management Group LLC now owns 35,994 shares of the basic materials company’s stock worth $2,083,000 after purchasing an additional 2,380 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Nucor by 8.9% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 46,237 shares of the basic materials company’s stock valued at $2,676,000 after acquiring an additional 3,792 shares during the last quarter. Flippin Bruce & Porter Inc. lifted its stake in Nucor by 1,802.0% in the third quarter. Flippin Bruce & Porter Inc. now owns 82,298 shares of the basic materials company’s stock valued at $4,612,000 after acquiring an additional 77,971 shares during the last quarter. CI Investments Inc. acquired a new stake in Nucor in the third quarter valued at approximately $55,250,000. Finally, Chicago Equity Partners LLC lifted its stake in Nucor by 478.8% in the second quarter. Chicago Equity Partners LLC now owns 19,505 shares of the basic materials company’s stock valued at $1,129,000 after acquiring an additional 16,135 shares during the last quarter. Institutional investors and hedge funds own 74.30% of the company’s stock.

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About Nucor

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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Analyst Recommendations for Nucor (NYSE:NUE)

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