Brokerages Set Nucor Co. (NUE) Target Price at $70.38

Nucor Co. (NYSE:NUE) has been assigned an average rating of “Buy” from the fifteen research firms that are currently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $70.38.

NUE has been the topic of a number of recent research reports. Zacks Investment Research downgraded shares of Nucor from a “hold” rating to a “strong sell” rating in a research report on Friday, February 1st. ValuEngine raised shares of Nucor from a “sell” rating to a “hold” rating in a research report on Monday, February 4th. Longbow Research downgraded shares of Nucor from a “buy” rating to a “neutral” rating in a research report on Monday, March 11th. Standpoint Research raised shares of Nucor from a “hold” rating to a “buy” rating in a research report on Monday, March 18th. Finally, UBS Group set a $59.00 target price on shares of Nucor and gave the stock a “hold” rating in a research report on Wednesday, May 8th.

NYSE:NUE opened at $55.61 on Friday. The stock has a market capitalization of $17.24 billion, a PE ratio of 7.30, a price-to-earnings-growth ratio of 0.82 and a beta of 1.46. The company has a current ratio of 3.37, a quick ratio of 1.64 and a debt-to-equity ratio of 0.40. Nucor has a 1-year low of $49.79 and a 1-year high of $68.84.

Nucor (NYSE:NUE) last released its earnings results on Tuesday, April 23rd. The basic materials company reported $1.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.50 by $0.05. The firm had revenue of $6.10 billion for the quarter, compared to the consensus estimate of $6.05 billion. Nucor had a net margin of 9.80% and a return on equity of 24.86%. The company’s revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.17 EPS. On average, analysts forecast that Nucor will post 5.75 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 10th. Investors of record on Friday, March 29th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.88%. The ex-dividend date was Thursday, March 28th. Nucor’s dividend payout ratio (DPR) is 21.00%.

In related news, EVP Leon J. Topalian sold 1,253 shares of the stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $56.99, for a total transaction of $71,408.47. Following the sale, the executive vice president now directly owns 46,593 shares of the company’s stock, valued at approximately $2,655,335.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman John J. Ferriola sold 65,061 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $56.20, for a total transaction of $3,656,428.20. Following the sale, the chairman now directly owns 403,735 shares in the company, valued at $22,689,907. The disclosure for this sale can be found here. Insiders have sold a total of 76,314 shares of company stock worth $4,310,637 over the last three months. 0.96% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund lifted its stake in Nucor by 5,010.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,498,507 shares of the basic materials company’s stock valued at $87,000 after acquiring an additional 4,410,481 shares during the period. Norges Bank bought a new position in Nucor during the 4th quarter valued at about $176,620,000. Millennium Management LLC lifted its stake in Nucor by 269.4% during the 4th quarter. Millennium Management LLC now owns 2,073,142 shares of the basic materials company’s stock valued at $107,409,000 after acquiring an additional 1,511,854 shares during the period. Vanguard Group Inc lifted its stake in Nucor by 4.4% during the 3rd quarter. Vanguard Group Inc now owns 28,321,567 shares of the basic materials company’s stock valued at $1,797,003,000 after acquiring an additional 1,186,099 shares during the period. Finally, PGGM Investments lifted its stake in Nucor by 365.9% during the 1st quarter. PGGM Investments now owns 1,039,812 shares of the basic materials company’s stock valued at $60,673,000 after acquiring an additional 816,634 shares during the period. 79.02% of the stock is currently owned by institutional investors.

About Nucor

Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. It operates in three segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.

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Analyst Recommendations for Nucor (NYSE:NUE)

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