Nucor Corp. (NUE) Given New $70.00 Price Target at JPMorgan Chase & Co.
Nucor Corp. (NYSE:NUE) had its target price upped by JPMorgan Chase & Co. from $59.00 to $70.00 in a research note published on Wednesday morning. The firm currently has an overweight rating on the stock.
Several other research analysts have also weighed in on the stock. Macquarie lowered shares of Nucor Corp. from a neutral rating to an underperform rating in a research note on Tuesday. Argus reissued a buy rating and set a $65.00 price objective (up previously from $58.00) on shares of Nucor Corp. in a research note on Monday, November 21st. Berenberg Bank lowered shares of Nucor Corp. from a buy rating to a hold rating and lifted their price objective for the stock from $57.00 to $61.00 in a research note on Monday, November 14th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Nucor Corp. from a strong sell rating to a hold rating in a research note on Friday, November 11th. Finally, Jefferies Group reissued a buy rating on shares of Nucor Corp. in a research note on Wednesday, November 9th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $54.31.
Nucor Corp. (NYSE:NUE) opened at 62.19 on Wednesday. The firm has a market cap of $19.81 billion, a price-to-earnings ratio of 39.02 and a beta of 1.38. The firm has a 50-day moving average of $52.56 and a 200 day moving average of $50.70. Nucor Corp. has a 1-year low of $33.90 and a 1-year high of $63.27.
Nucor Corp. (NYSE:NUE) last issued its quarterly earnings results on Thursday, October 20th. The company reported $0.84 EPS for the quarter, missing the consensus estimate of $0.90 by $0.06. Nucor Corp. had a return on equity of 9.27% and a net margin of 3.26%. The business had revenue of $4.29 billion for the quarter, compared to analyst estimates of $3.77 billion. During the same quarter in the prior year, the firm earned $0.71 EPS. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. Analysts expect that Nucor Corp. will post $2.34 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 10th. Shareholders of record on Friday, December 30th will be issued a $0.3775 dividend. This is an increase from Nucor Corp.’s previous quarterly dividend of $0.38. This represents a $1.51 annualized dividend and a dividend yield of 2.43%. Nucor Corp.’s payout ratio is currently 93.75%.
Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Nucor Corp. by 2.6% in the second quarter. Vanguard Group Inc. now owns 20,341,406 shares of the company’s stock valued at $1,005,070,000 after buying an additional 507,208 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Nucor Corp. by 2.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 8,776,292 shares of the company’s stock valued at $433,988,000 after buying an additional 242,300 shares in the last quarter. BlackRock Fund Advisors increased its position in Nucor Corp. by 4.6% in the third quarter. BlackRock Fund Advisors now owns 5,679,748 shares of the company’s stock valued at $280,864,000 after buying an additional 248,989 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Nucor Corp. by 7.9% in the second quarter. Dimensional Fund Advisors LP now owns 4,064,357 shares of the company’s stock valued at $200,778,000 after buying an additional 297,602 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in Nucor Corp. by 8.0% in the third quarter. Wells Fargo & Company MN now owns 3,882,130 shares of the company’s stock valued at $191,972,000 after buying an additional 286,265 shares in the last quarter. Hedge funds and other institutional investors own 76.77% of the company’s stock.
About Nucor Corp.
Nucor Corporation (Nucor) manufactures steel and steel products. The Company also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI. Nucor operates in three segments: steel mills, steel products and raw materials.
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