Nucor (NUE) Raised to “Buy” at Longbow Research
Longbow Research upgraded shares of Nucor (NYSE:NUE) from a neutral rating to a buy rating in a research note published on Wednesday morning, Marketbeat.com reports.
Several other research analysts have also recently weighed in on NUE. BMO Capital Markets set a $70.00 price objective on Nucor and gave the stock a hold rating in a research report on Saturday, August 26th. ValuEngine cut Nucor from a buy rating to a hold rating in a research report on Friday, September 1st. Bank of America reissued a buy rating and issued a $73.00 price objective on shares of Nucor in a research report on Wednesday, September 6th. Macquarie started coverage on Nucor in a research report on Wednesday, September 6th. They set a neutral rating and a $57.00 price target on the stock. Finally, Morgan Stanley cut Nucor from an overweight rating to an equal weight rating and dropped their price target for the company from $78.00 to $60.00 in a research report on Tuesday, September 12th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. Nucor has a consensus rating of Buy and an average price target of $66.80.
Nucor (NYSE NUE) traded up $0.03 during mid-day trading on Wednesday, reaching $64.56. The company’s stock had a trading volume of 2,236,503 shares, compared to its average volume of 3,494,618. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.12 and a current ratio of 2.11. Nucor has a twelve month low of $51.67 and a twelve month high of $66.00. The stock has a market capitalization of $20,515.17, a PE ratio of 18.77, a P/E/G ratio of 1.49 and a beta of 1.58.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 9th. Stockholders of record on Friday, December 29th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Thursday, December 28th. This is a boost from Nucor’s previous quarterly dividend of $0.38. Nucor’s dividend payout ratio is currently 43.90%.
In related news, Chairman John J. Ferriola sold 15,131 shares of the business’s stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $60.40, for a total transaction of $913,912.40. Following the sale, the chairman now directly owns 349,506 shares in the company, valued at approximately $21,110,162.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ladd R. Hall sold 17,583 shares of the business’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $57.94, for a total value of $1,018,759.02. Following the sale, the insider now owns 206,406 shares in the company, valued at $11,959,163.64. The disclosure for this sale can be found here. Insiders have sold a total of 41,717 shares of company stock worth $2,470,331 in the last ninety days. Insiders own 0.70% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Boys Arnold & Co. Inc. raised its stake in shares of Nucor by 0.3% during the 2nd quarter. Boys Arnold & Co. Inc. now owns 16,679 shares of the basic materials company’s stock valued at $965,000 after purchasing an additional 50 shares during the period. Chartwell Investment Partners LLC increased its stake in Nucor by 0.5% in the 2nd quarter. Chartwell Investment Partners LLC now owns 12,180 shares of the basic materials company’s stock worth $705,000 after acquiring an additional 55 shares during the last quarter. Security National Bank of Sioux City Iowa IA increased its stake in Nucor by 0.4% in the 2nd quarter. Security National Bank of Sioux City Iowa IA now owns 21,597 shares of the basic materials company’s stock worth $1,249,000 after acquiring an additional 77 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Nucor by 1.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 7,278 shares of the basic materials company’s stock worth $421,000 after acquiring an additional 97 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in Nucor by 1.4% in the 2nd quarter. Jennison Associates LLC now owns 7,140 shares of the basic materials company’s stock worth $413,000 after acquiring an additional 99 shares during the last quarter. Institutional investors own 74.30% of the company’s stock.
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Nucor Company Profile
Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).
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