Key Points
- Nucor EVP Noah Hanners sold 5,190 shares at an average price of $275.03, generating approximately $1.43 million and reducing his ownership by 10.54% to 44,073 shares.
- Nucor reported quarterly EPS of $5.80, narrowly missing estimates, while revenue rose 32% year over year to $11.25 billion. The company declared a quarterly dividend of $0.56 per share, representing a 0.8% yield.
- Analysts maintain a “Moderate Buy” consensus with an average price target of $284, while institutional investors own 76.48% of Nucor’s outstanding stock.
Nucor Corporation (NYSE:NUE - Get Free Report) EVP Noah Hanners sold 5,190 shares of the company's stock in a transaction that occurred on Thursday, October 29th. The stock was sold at an average price of $275.03, for a total transaction of $1,427,405.70. Following the sale, the executive vice president owned 44,073 shares in the company, valued at $12,121,397.19. The trade was a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.
Nucor Stock Down 0.7%
Shares of Nucor stock opened at $273.47 on Friday. Nucor Corporation has a 52-week low of $140.93 and a 52-week high of $280.11. The company has a 50 day moving average of $253.79 and a 200 day moving average of $223.43. The company has a quick ratio of 1.36, a current ratio of 2.46 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $62.04 billion, a P/E ratio of 17.41, a P/E/G ratio of 0.68 and a beta of 1.84.
Nucor (NYSE:NUE - Get Free Report) last posted its quarterly earnings results on Monday, October 26th. The basic materials company reported $5.80 EPS for the quarter, missing the consensus estimate of $5.84 by ($0.04). Nucor had a return on equity of 15.53% and a net margin of 9.26%. The firm had revenue of $11.25 billion for the quarter, compared to analyst estimates of $10.84 billion. During the same quarter last year, the firm earned $2.63 EPS. The company's revenue was up 32.0% on a year-over-year basis. As a group, research analysts forecast that Nucor Corporation will post 19.61 EPS for the current fiscal year.
Nucor Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, September 30th. Nucor's payout ratio is 14.26%.
Institutional Investors Weigh In On Nucor
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sound Financial Strategies Group LLC raised its position in Nucor by 16.5% in the 3rd quarter. Sound Financial Strategies Group LLC now owns 1,840 shares of the basic materials company's stock valued at $430,000 after purchasing an additional 261 shares during the last quarter. Ascent Group LLC grew its position in Nucor by 13.4% during the 3rd quarter. Ascent Group LLC now owns 1,124 shares of the basic materials company's stock worth $263,000 after purchasing an additional 133 shares during the last quarter. Rakuten Investment Management Inc. raised its holdings in shares of Nucor by 9.4% in the third quarter. Rakuten Investment Management Inc. now owns 40,407 shares of the basic materials company's stock valued at $9,546,000 after buying an additional 3,483 shares during the last quarter. Provenance Wealth Advisors LLC purchased a new stake in shares of Nucor in the third quarter valued at about $47,000. Finally, Putney Financial Group LLC boosted its stake in shares of Nucor by 8.2% during the third quarter. Putney Financial Group LLC now owns 3,050 shares of the basic materials company's stock worth $713,000 after buying an additional 231 shares during the period. Hedge funds and other institutional investors own 76.48% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have recently commented on NUE. Morgan Stanley set a $270.00 price objective on Nucor in a report on Wednesday, July 29th. Wells Fargo & Company boosted their target price on Nucor from $280.00 to $305.00 and gave the stock an "overweight" rating in a research note on Wednesday. Bank of America lowered their price target on Nucor from $290.00 to $280.00 and set a "buy" rating for the company in a report on Thursday, July 9th. Freedom Broker lowered shares of Nucor from a "buy" rating to a "hold" rating and dropped their price target for the company from $305.00 to $285.00 in a research note on Friday, September 18th. Finally, KeyCorp dropped their price target on shares of Nucor from $288.00 to $286.00 and set an "overweight" rating on the stock in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $284.00.
View Our Latest Report on Nucor
About Nucor
(
Get Free Report)
Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.
Nucor's operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.
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