Nucor (NYSE:NUE) Shares Gap Down to $142.96

Nucor Co. (NYSE:NUE)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $142.96, but opened at $139.45. Nucor shares last traded at $144.12, with a volume of 317,033 shares trading hands.

Wall Street Analysts Forecast Growth

NUE has been the subject of a number of research reports. Bank of America cut their target price on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. JPMorgan Chase & Co. raised Nucor from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $170.00 to $174.00 in a report on Monday, September 9th. BMO Capital Markets decreased their price objective on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a report on Wednesday. Argus raised Nucor to a “strong-buy” rating in a report on Monday, August 26th. Finally, Morgan Stanley decreased their price target on Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a research report on Wednesday. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $192.00.

Nucor Trading Up 0.6 %

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.85. The company has a market cap of $34.29 billion, a price-to-earnings ratio of 8.41 and a beta of 1.55. The business’s fifty day moving average price is $150.15 and its 200 day moving average price is $166.56.

Nucor (NYSE:NUE) last announced its earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, topping the consensus estimate of $2.31 by $0.37. The firm had revenue of $8.08 billion for the quarter, compared to the consensus estimate of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The business’s quarterly revenue was down 15.2% compared to the same quarter last year. During the same period in the previous year, the business earned $5.81 EPS. Research analysts anticipate that Nucor Co. will post 9.95 earnings per share for the current fiscal year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Friday, September 27th will be paid a dividend of $0.54 per share. The ex-dividend date is Friday, September 27th. This represents a $2.16 annualized dividend and a yield of 1.51%. Nucor’s dividend payout ratio is currently 12.71%.

Insider Buying and Selling at Nucor

In other news, EVP Daniel R. Needham sold 8,624 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the completion of the sale, the executive vice president now owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Nucor

Large investors have recently bought and sold shares of the stock. Gladstone Institutional Advisory LLC increased its position in Nucor by 5.4% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 4,014 shares of the basic materials company’s stock valued at $699,000 after buying an additional 207 shares in the last quarter. Corient Private Wealth LLC increased its holdings in shares of Nucor by 4.6% during the fourth quarter. Corient Private Wealth LLC now owns 82,955 shares of the basic materials company’s stock valued at $14,437,000 after acquiring an additional 3,653 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Nucor by 0.8% during the fourth quarter. Franklin Resources Inc. now owns 280,534 shares of the basic materials company’s stock worth $48,824,000 after purchasing an additional 2,301 shares during the period. Dai ichi Life Insurance Company Ltd lifted its holdings in shares of Nucor by 83.2% in the 4th quarter. Dai ichi Life Insurance Company Ltd now owns 13,210 shares of the basic materials company’s stock worth $2,299,000 after purchasing an additional 6,000 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Nucor by 6.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 865 shares of the basic materials company’s stock valued at $151,000 after purchasing an additional 54 shares in the last quarter. 76.48% of the stock is currently owned by institutional investors and hedge funds.

Nucor Company Profile

Nucor Corporation engages in manufacture and sale of steel and steel products. 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 structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.