Nucor Co. (NYSE:NUE) – KeyCorp reduced their FY2018 EPS estimates for shares of Nucor in a research note issued on Sunday. KeyCorp analyst P. Gibbs now expects that the basic materials company will earn $4.15 per share for the year, down from their prior estimate of $4.55. KeyCorp has a “Hold” rating on the stock.
Several other research firms have also recently issued reports on NUE. Bank of America set a $75.00 price target on shares of Nucor and gave the company a “buy” rating in a report on Monday, January 8th. Jefferies Group reaffirmed a “buy” rating and issued a $77.00 price target on shares of Nucor in a report on Tuesday, January 9th. Zacks Investment Research raised shares of Nucor from a “sell” rating to a “hold” rating and set a $76.00 price target on the stock in a report on Monday, January 8th. Credit Suisse Group upped their price target on shares of Nucor from $67.00 to $73.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. Finally, BMO Capital Markets upped their price target on shares of Nucor to $72.00 and gave the company a “market perform” rating in a report on Wednesday, January 31st. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Nucor presently has a consensus rating of “Buy” and an average price target of $69.70.
Nucor (NYSE:NUE) last posted its quarterly earnings results on Tuesday, January 30th. The basic materials company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.10. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $4.86 billion. Nucor had a net margin of 6.58% and a return on equity of 13.03%. The firm’s quarterly revenue was up 28.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.50 earnings per share.
The firm also recently announced a quarterly dividend, which was paid on Friday, February 9th. Shareholders of record on Friday, December 29th were paid a dividend of $0.38 per share. This is a positive change from Nucor’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, December 28th. This represents a $1.52 annualized dividend and a yield of 2.34%. Nucor’s payout ratio is presently 36.72%.
In other news, Chairman John J. Ferriola sold 14,313 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $64.12, for a total transaction of $917,749.56. Following the completion of the transaction, the chairman now owns 333,775 shares in the company, valued at $21,401,653. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert J. Stratman sold 39,037 shares of the company’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $63.88, for a total transaction of $2,493,683.56. Following the transaction, the executive vice president now owns 233,824 shares of the company’s stock, valued at approximately $14,936,677.12. The disclosure for this sale can be found here. 0.70% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Independence Bank of Kentucky bought a new position in shares of Nucor during the fourth quarter worth about $100,000. Barrett Asset Management LLC bought a new position in shares of Nucor during the fourth quarter worth about $101,000. Cerebellum GP LLC bought a new position in shares of Nucor during the fourth quarter worth about $131,000. Financial Gravity Companies Inc. bought a new position in shares of Nucor during the fourth quarter worth about $140,000. Finally, Benjamin F. Edwards & Company Inc. grew its position in shares of Nucor by 791.0% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,673 shares of the basic materials company’s stock worth $150,000 after acquiring an additional 2,373 shares during the last quarter. Institutional investors and hedge funds own 74.10% of the company’s stock.
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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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