Nucor (NYSE:NUE) Sets New 12-Month High on Analyst Upgrade

Key Points

• Nucor shares reached a new 52-week high after Freedom Broker upgraded the stock from Hold to Buy and raised its price target from $285 to $304.
• Analyst sentiment remains favorable, with one Strong Buy, 14 Buy and two Hold ratings; the consensus rating is “Moderate Buy” with an average price target of $286.44.
• Nucor reported strong quarterly revenue growth of 32% year over year to $11.25 billion, though earnings of $5.80 per share slightly missed expectations. The company also declared a quarterly dividend of $0.56 per share.

Nucor Corporation (NYSE:NUE - Get Free Report) reached a new 52-week high during mid-day trading on Monday after Freedom Broker upgraded the stock from a hold rating to a buy rating. Freedom Broker now has a $304.00 price target on the stock, up from their previous price target of $285.00. Nucor traded as high as $280.22 and last traded at $280.5590, with a volume of 95,248 shares. The stock had previously closed at $273.87.

Other research analysts have also recently issued research reports about the company. Bank of America cut their price objective on Nucor from $290.00 to $280.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Barclays upped their price target on shares of Nucor from $306.00 to $320.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 28th. Piper Sandler set a $304.00 price target on shares of Nucor in a research note on Friday. Citigroup reiterated a "buy" rating on shares of Nucor in a report on Wednesday, July 29th. Finally, Weiss Ratings upgraded shares of Nucor from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $286.44.

Insider Activity

In related news, EVP Noah Hanners sold 5,190 shares of the business's stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $275.03, for a total value of $1,427,405.70. Following the sale, the executive vice president directly owned 44,073 shares in the company, valued at $12,121,397.19. The trade was a 10.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.62% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nucor

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cantor Fitzgerald Investment Advisors L.P. grew its position in shares of Nucor by 0.5% in the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 8,091 shares of the basic materials company's stock valued at $1,891,000 after purchasing an additional 40 shares during the last quarter. Signature Equity Partners LLC raised its position in shares of Nucor by 34.1% during the 3rd quarter. Signature Equity Partners LLC now owns 165 shares of the basic materials company's stock worth $39,000 after purchasing an additional 42 shares during the last quarter. Venture Visionary Partners LLC raised its position in shares of Nucor by 2.4% during the 3rd quarter. Venture Visionary Partners LLC now owns 1,932 shares of the basic materials company's stock worth $452,000 after purchasing an additional 46 shares during the last quarter. Smith Thornton Advisors LLC lifted its stake in Nucor by 3.1% in the 3rd quarter. Smith Thornton Advisors LLC now owns 1,545 shares of the basic materials company's stock valued at $361,000 after buying an additional 47 shares in the last quarter. Finally, Focus Financial Network Inc. lifted its stake in Nucor by 3.6% in the 2nd quarter. Focus Financial Network Inc. now owns 1,417 shares of the basic materials company's stock valued at $316,000 after buying an additional 49 shares in the last quarter. Institutional investors and hedge funds own 76.48% of the company's stock.

Nucor Trading Up 3.0%

The business has a 50 day moving average of $253.79 and a 200-day moving average of $223.43. The stock has a market cap of $64.01 billion, a PE ratio of 17.93, a price-to-earnings-growth ratio of 0.67 and a beta of 1.81. The company has a current ratio of 2.46, a quick ratio of 1.43 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share for the quarter, missing the consensus estimate of $5.84 by ($0.04). Nucor had a return on equity of 15.53% and a net margin of 9.26%. The company had revenue of $11.25 billion for the quarter, compared to analysts' expectations of $10.84 billion. During the same period in the previous year, the business posted $2.63 EPS. The business's quarterly revenue was up 32.0% on a year-over-year basis. On average, analysts anticipate that Nucor Corporation will post 19.61 EPS for the current year.

Nucor Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Wednesday, September 30th. Nucor's dividend payout ratio (DPR) is currently 14.26%.

Nucor Company Profile

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor's operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.

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