Nucor Corp. (NUE) Stock Rating Lowered by Macquarie
Nucor Corp. (NYSE:NUE) was downgraded by analysts at Macquarie from a “neutral” rating to an “underperform” rating in a research note issued on Tuesday.
NUE has been the subject of a number of other research reports. Zacks Investment Research upgraded Nucor Corp. from a “strong sell” rating to a “hold” rating in a research note on Friday, November 11th. Citigroup Inc. initiated coverage on Nucor Corp. in a research note on Monday, August 22nd. They issued a “neutral” rating and a $55.00 price target for the company. Argus reiterated a “buy” rating and issued a $65.00 price target (up previously from $58.00) on shares of Nucor Corp. in a research note on Monday, November 21st. Berenberg Bank reiterated a “hold” rating and issued a $57.50 price target on shares of Nucor Corp. in a research note on Tuesday, September 20th. Finally, BMO Capital Markets set a $51.00 price target on Nucor Corp. and gave the stock a “hold” rating in a research note on Wednesday, September 14th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $54.31.
Shares of Nucor Corp. (NYSE:NUE) opened at 62.19 on Tuesday. The company has a market cap of $19.81 billion, a price-to-earnings ratio of 39.02 and a beta of 1.38. Nucor Corp. has a 1-year low of $33.90 and a 1-year high of $63.27. The stock has a 50 day moving average price of $53.38 and a 200-day moving average price of $50.89.
Nucor Corp. (NYSE:NUE) last issued its quarterly earnings results on Thursday, October 20th. The company reported $0.84 earnings per share (EPS) for the quarter, missing the Zacks’ 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 earned $4.29 billion during the quarter, compared to analysts’ expectations of $3.77 billion. During the same quarter in the previous year, the company posted $0.71 EPS. The company’s quarterly revenue was up 1.5% on a year-over-year basis. Equities research analysts forecast that Nucor Corp. will post $2.34 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 10th. Shareholders of record on Friday, December 30th will be paid a $0.3775 dividend. This represents a $1.51 annualized dividend and a yield of 2.43%. This is an increase from Nucor Corp.’s previous quarterly dividend of $0.38. Nucor Corp.’s dividend payout ratio (DPR) is presently 93.75%.
A number of hedge funds have recently made changes to their positions in NUE. Blue Chip Partners Inc. bought a new stake in Nucor Corp. during the second quarter valued at $102,000. TCI Wealth Advisors Inc. increased its stake in Nucor Corp. by 3.5% in the third quarter. TCI Wealth Advisors Inc. now owns 2,070 shares of the company’s stock valued at $102,000 after buying an additional 70 shares in the last quarter. NEXT Financial Group Inc increased its stake in Nucor Corp. by 4.5% in the second quarter. NEXT Financial Group Inc now owns 2,310 shares of the company’s stock valued at $114,000 after buying an additional 100 shares in the last quarter. SevenBridge Financial Group LLC bought a new stake in Nucor Corp. during the second quarter valued at $114,000. Finally, Tuttle Tactical Management LLC bought a new stake in Nucor Corp. during the second quarter valued at $116,000. 76.77% of the stock is owned by institutional investors and hedge funds.
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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