Nucor Corporation (NYSE:NUE) Short Interest Update

Nucor Corporation (NYSE:NUE - Get Free Report) was the target of a significant increase in short interest in May. As of May 31st, there was short interest totalling 7,280,000 shares, an increase of 26.4% from the May 15th total of 5,760,000 shares. Approximately 3.2% of the company's stock are sold short. Based on an average daily trading volume, of 2,610,000 shares, the days-to-cover ratio is currently 2.8 days.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. cut their price objective on shares of Nucor from $156.00 to $140.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. The Goldman Sachs Group dropped their price objective on Nucor from $175.00 to $169.00 and set a "buy" rating on the stock in a report on Monday, April 7th. UBS Group reduced their target price on Nucor from $153.00 to $147.00 and set a "buy" rating for the company in a report on Thursday, May 29th. Argus set a $155.00 target price on Nucor in a research report on Wednesday, March 5th. Finally, Morgan Stanley set a $164.00 price target on Nucor in a research report on Monday, March 24th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Nucor presently has an average rating of "Moderate Buy" and an average target price of $157.22.

Insider Transactions at Nucor

In related news, CEO Leon J. Topalian sold 34,238 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $120.19, for a total value of $4,115,065.22. Following the transaction, the chief executive officer now owns 162,993 shares of the company's stock, valued at $19,590,128.67. This represents a 17.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.71% of the company's stock.

Institutional Trading of Nucor

A number of institutional investors have recently modified their holdings of NUE. Vontobel Holding Ltd. grew its stake in shares of Nucor by 12.5% during the 4th quarter. Vontobel Holding Ltd. now owns 9,013 shares of the basic materials company's stock worth $1,052,000 after purchasing an additional 1,001 shares during the period. Allworth Financial LP increased its holdings in Nucor by 65.9% in the fourth quarter. Allworth Financial LP now owns 1,375 shares of the basic materials company's stock valued at $168,000 after buying an additional 546 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Nucor by 10.0% in the fourth quarter. Principal Financial Group Inc. now owns 314,037 shares of the basic materials company's stock valued at $36,651,000 after buying an additional 28,622 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of Nucor by 2.3% during the 4th quarter. CIBC Asset Management Inc now owns 35,988 shares of the basic materials company's stock valued at $4,200,000 after acquiring an additional 809 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund boosted its stake in shares of Nucor by 60.4% during the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 11,269 shares of the basic materials company's stock worth $1,315,000 after acquiring an additional 4,242 shares in the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Stock Performance

Shares of NUE stock traded up $4.01 during midday trading on Wednesday, hitting $126.21. The company had a trading volume of 3,971,430 shares, compared to its average volume of 2,219,363. Nucor has a 52-week low of $97.59 and a 52-week high of $170.52. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.52 and a quick ratio of 1.48. The company's 50 day simple moving average is $115.51 and its 200 day simple moving average is $123.13. The stock has a market cap of $29.12 billion, a price-to-earnings ratio of 22.46, a PEG ratio of 0.77 and a beta of 1.67.

Nucor (NYSE:NUE - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The basic materials company reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.15). Nucor had a net margin of 4.40% and a return on equity of 6.82%. The firm had revenue of $7.83 billion during the quarter, compared to analyst estimates of $7.25 billion. During the same period in the prior year, the firm posted $3.46 earnings per share. The business's quarterly revenue was down 3.8% compared to the same quarter last year. Research analysts anticipate that Nucor will post 7.64 earnings per share for the current fiscal year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Monday, June 30th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Monday, June 30th. Nucor's payout ratio is 39.15%.

About Nucor

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.

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