Zacks Investment Research upgraded shares of Nucor Corporation (NYSE:NUE) from a hold rating to a buy rating in a research note issued to investors on Tuesday. They currently have $65.00 price target on the stock.
According to Zacks, “Nucor swung to a profit in fourth-quarter 2016. Earnings and sales for the quarter topped the respective Zacks Consensus Estimate. The company sees higher profits for full-year 2017. Nucor remains committed to expand its production capabilities and grow its business through strategic acquisitions. The company is also seeing continued momentum in the automotive market. The company's diversified consumer base is also expected to benefit it by preventing it from being highly dependent on a particular end market sector. However, Nucor has underperformed the Zacks categorized ‘Steel-Producers’ industry over the past three months.”
Other research analysts have also issued research reports about the stock. Jefferies Group LLC reissued a buy rating on shares of Nucor Corporation in a research report on Wednesday, November 9th. Bank of America Corporation raised shares of Nucor Corporation from a neutral rating to a buy rating and boosted their target price for the stock from $50.00 to $57.00 in a research report on Wednesday, November 9th. Berenberg Bank raised shares of Nucor Corporation from a hold rating to a buy rating and cut their target price for the stock from $57.50 to $57.00 in a research report on Wednesday, November 2nd. Argus reissued a buy rating and set a $65.00 target price (up previously from $58.00) on shares of Nucor Corporation in a research report on Monday, November 21st. Finally, Deutsche Bank AG boosted their target price on shares of Nucor Corporation from $55.00 to $73.00 and gave the stock a buy rating in a research report on Monday, December 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company. The company presently has an average rating of Buy and an average price target of $62.14.
Nucor Corporation (NYSE:NUE) opened at 60.99 on Tuesday. Nucor Corporation has a 52 week low of $37.77 and a 52 week high of $68.00. The firm has a market capitalization of $19.51 billion, a P/E ratio of 24.59 and a beta of 1.45. The firm has a 50-day moving average price of $60.05 and a 200-day moving average price of $54.65.
Nucor Corporation (NYSE:NUE) last released its earnings results on Tuesday, January 31st. The company reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.16. The firm earned $3.96 billion during the quarter, compared to analyst estimates of $3.78 billion. Nucor Corporation had a net margin of 4.53% and a return on equity of 9.32%. The business’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.46 EPS. Equities analysts forecast that Nucor Corporation will post $3.58 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which was paid on Friday, February 10th. Shareholders of record on Friday, December 30th were paid a dividend of $0.3775 per share. This represents a $1.51 annualized dividend and a yield of 2.48%. This is a boost from Nucor Corporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Wednesday, December 28th. Nucor Corporation’s dividend payout ratio is currently 65.94%.
Hedge funds have recently modified their holdings of the company. FNY Partners Fund LP purchased a new stake in shares of Nucor Corporation during the fourth quarter worth $107,000. Blue Chip Partners Inc. purchased a new stake in shares of Nucor Corporation during the second quarter worth $102,000. TCI Wealth Advisors Inc. boosted its stake in shares of Nucor Corporation by 3.5% in the third quarter. TCI Wealth Advisors Inc. now owns 2,070 shares of the company’s stock worth $102,000 after buying an additional 70 shares during the last quarter. Tuttle Tactical Management LLC purchased a new stake in shares of Nucor Corporation during the second quarter worth $116,000. Finally, First Command Bank purchased a new stake in shares of Nucor Corporation during the fourth quarter worth $170,000. 76.41% of the stock is currently owned by hedge funds and other institutional investors.
Nucor Corporation Company Profile
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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