Nucor (NYSE:NUE) Reaches New 52-Week High - Here's What Happened

Key Points

• Nucor shares reached a new 52-week high, trading as high as $272.68 and gaining 4.8% from the prior close.
• The company reported a strong quarterly performance, with EPS of $4.84 beating estimates of $4.46 and revenue of $10.40 billion exceeding forecasts; revenue rose 23% year over year.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $273.31 price target. Nucor also declared a quarterly dividend of $0.56 per share, equal to a 0.8% yield.

Nucor Corporation (NYSE:NUE - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $272.68 and last traded at $272.4680, with a volume of 689350 shares trading hands. The stock had previously closed at $261.28.

Analyst Ratings Changes

Several research analysts have recently issued reports on NUE shares. BNP Paribas Exane upped their price target on shares of Nucor from $210.00 to $248.00 and gave the stock an "outperform" rating in a report on Monday, May 4th. Weiss Ratings upgraded Nucor from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, May 14th. Argus raised their price objective on shares of Nucor from $200.00 to $262.00 and gave the company a "buy" rating in a report on Friday, May 15th. JPMorgan Chase & Co. boosted their target price on shares of Nucor from $240.00 to $282.00 and gave the stock an "overweight" rating in a report on Wednesday, June 10th. Finally, Bank of America cut their price target on shares of Nucor from $290.00 to $280.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $273.31.

Nucor Trading Up 4.8%

The firm has a 50-day moving average of $243.52 and a 200 day moving average of $208.26. The company has a market cap of $62.39 billion, a P/E ratio of 21.85, a price-to-earnings-growth ratio of 0.58 and a beta of 1.91. The company has a current ratio of 2.51, a quick ratio of 1.36 and a debt-to-equity ratio of 0.27.

Nucor (NYSE:NUE - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.38. The firm had revenue of $10.40 billion for the quarter, compared to analyst estimates of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%.The company's revenue was up 23.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.60 earnings per share. On average, analysts predict that Nucor Corporation will post 17.84 earnings per share for the current fiscal year.

Nucor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.24 annualized dividend and a yield of 0.8%. Nucor's dividend payout ratio is currently 17.86%.

Insider Buying and Selling at Nucor

In related news, EVP John J. Hollatz sold 10,560 shares of the business's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $258.46, for a total value of $2,729,337.60. Following the completion of the sale, the executive vice president directly owned 97,865 shares of the company's stock, valued at $25,294,187.90. The trade was a 9.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Stephen D. Laxton sold 3,968 shares of the business's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the sale, the chief operating officer owned 77,867 shares of the company's stock, valued at $20,008,704.32. This trade represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 17,028 shares of company stock valued at $4,311,455. Corporate insiders own 0.62% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. RKL Wealth Management LLC boosted its stake in Nucor by 0.9% during the 1st quarter. RKL Wealth Management LLC now owns 5,318 shares of the basic materials company's stock valued at $899,000 after purchasing an additional 48 shares during the period. Focus Financial Network Inc. increased its stake in shares of Nucor by 3.6% in the second quarter. Focus Financial Network Inc. now owns 1,417 shares of the basic materials company's stock valued at $316,000 after purchasing an additional 49 shares during the period. Empirical Asset Management LLC raised its holdings in shares of Nucor by 2.6% during the fourth quarter. Empirical Asset Management LLC now owns 2,130 shares of the basic materials company's stock valued at $347,000 after buying an additional 54 shares during the last quarter. Krilogy Financial LLC boosted its position in shares of Nucor by 4.1% during the fourth quarter. Krilogy Financial LLC now owns 1,531 shares of the basic materials company's stock worth $272,000 after buying an additional 61 shares during the period. Finally, Moody National Bank Trust Division boosted its position in shares of Nucor by 4.6% during the second quarter. Moody National Bank Trust Division now owns 1,396 shares of the basic materials company's stock worth $311,000 after buying an additional 62 shares during the period. Institutional investors own 76.48% of the company's stock.

Nucor Company Profile

Nucor Corporation NYSE: NUE is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor's operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.

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