Nucor (NYSE:NUE) Upgraded to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Nucor (NYSE:NUE) from a buy rating to a strong-buy rating in a research report released on Sunday morning,Wall Street Zen reports.

Several other analysts have also commented on the stock. JPMorgan Chase & Co. increased their target price on shares of Nucor from $294.00 to $308.00 and gave the company an “overweight” rating in a research note on Wednesday, September 9th. Barclays lifted their price target on shares of Nucor from $272.00 to $295.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. BMO Capital Markets upped their price target on Nucor from $285.00 to $295.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. Zacks Research downgraded Nucor from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 29th. Finally, Freedom Broker lowered Nucor from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $305.00 to $285.00 in a research note on Friday, September 18th. Thirteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $276.07.

Nucor Price Performance

NYSE:NUE opened at $240.31 on Friday. The business’s 50-day moving average price is $256.08 and its 200 day moving average price is $232.25. The firm has a market cap of $54.52 billion, a P/E ratio of 19.16, a PEG ratio of 0.85 and a beta of 1.84. Nucor has a 52-week low of $131.32 and a 52-week high of $280.11. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 EPS for the quarter, topping the consensus estimate of $4.46 by $0.38. Nucor had a net margin of 7.99% and a return on equity of 12.73%. The firm had revenue of $10.40 billion for the quarter, compared to analysts’ expectations of $10.15 billion. During the same period in the previous year, the business earned $2.60 earnings per share. Nucor’s revenue for the quarter was up 23.0% compared to the same quarter last year. As a group, sell-side analysts predict that Nucor will post 18.89 earnings per share for the current fiscal year.

Nucor Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Wednesday, September 30th will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Nucor’s dividend payout ratio (DPR) is 17.86%.

Insider Buying and Selling

In related news, COO Stephen D. Laxton sold 3,968 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $256.96, for a total value of $1,019,617.28. Following the completion of the transaction, the chief operating officer owned 77,867 shares of the company’s stock, valued at approximately $20,008,704.32. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Thomas J. Batterbee sold 4,000 shares of Nucor stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the transaction, the executive vice president owned 16,138 shares in the company, valued at approximately $4,212,340.76. The trade was a 19.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.62% of the stock is owned by insiders.

Institutional Trading of Nucor

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in Nucor during the 2nd quarter worth about $4,452,563,000. Bank of America Corp DE acquired a new position in shares of Nucor in the 2nd quarter valued at about $462,886,000. Berkshire Hathaway Inc acquired a new position in shares of Nucor in the 2nd quarter valued at about $413,814,000. Bank of New York Mellon Corp purchased a new stake in shares of Nucor in the second quarter worth approximately $330,902,000. Finally, Legal & General Group Plc acquired a new stake in shares of Nucor during the second quarter worth approximately $324,154,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.

Nucor Company Profile

Nucor Corporation is a Charlotte, North Carolina-based steel producer and one of the largest steel companies in North America. The company operates electric arc furnace (EAF) steel mills that use recycled scrap steel as a primary raw material, along with facilities that manufacture and process steel products for construction, manufacturing, transportation, energy and other industrial markets.

Nucor’s product portfolio includes carbon and alloy steel in sheet, plate, bar and structural forms, as well as reinforcing steel, wire and wire mesh.