Nucor (NYSE:NUE) Price Target Cut to $160.00 by Analysts at BMO Capital Markets

Nucor (NYSE:NUE) had its target price reduced by BMO Capital Markets from $175.00 to $160.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a market perform rating on the basic materials company’s stock.

Several other equities analysts also recently issued reports on NUE. Morgan Stanley cut their price objective on shares of Nucor from $176.00 to $170.00 and set an overweight rating on the stock in a report on Wednesday. JPMorgan Chase & Co. raised Nucor from a neutral rating to an overweight rating and upped their target price for the company from $170.00 to $174.00 in a research report on Monday, September 9th. Bank of America lowered their price target on Nucor from $210.00 to $200.00 and set a buy rating for the company in a research report on Wednesday, June 26th. Finally, Argus upgraded Nucor to a strong-buy rating in a research note on Monday, August 26th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $192.00.

Nucor Stock Performance

Shares of Nucor stock opened at $146.31 on Wednesday. Nucor has a 12 month low of $133.42 and a 12 month high of $203.00. The stock’s fifty day moving average price is $149.66 and its 200-day moving average price is $166.02. The firm has a market cap of $35.08 billion, a P/E ratio of 8.61 and a beta of 1.55. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26.

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

Nucor Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.54 per share. The ex-dividend date is Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.48%. Nucor’s payout ratio is currently 12.71%.

Insider Buying and Selling at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of the company’s stock in a transaction dated 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 filing with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nucor

Several institutional investors and hedge funds have recently bought and sold shares of NUE. McClarren Financial Advisors Inc. lifted its position in Nucor by 129.0% in the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after buying an additional 89 shares during the last quarter. Rise Advisors LLC acquired a new position in shares of Nucor in the 1st quarter worth approximately $27,000. Chilton Capital Management LLC boosted its position in shares of Nucor by 94.2% during the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 65 shares during the period. Central Pacific Bank Trust Division acquired a new stake in Nucor in the 1st quarter valued at approximately $28,000. Finally, Tompkins Financial Corp increased its holdings in Nucor by 208.0% in the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 104 shares during 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.