Nucor (NYSE:NUE) Earns Buy Rating from Analysts at The Goldman Sachs Group
by Danessa Lincoln · The Markets DailyThe Goldman Sachs Group assumed coverage on shares of Nucor (NYSE:NUE – Free Report) in a research note issued to investors on Wednesday morning, MarketBeat reports. The firm issued a buy rating and a $210.00 price target on the basic materials company’s stock.
Several other research analysts have also recently weighed in on NUE. BMO Capital Markets boosted their price target on shares of Nucor from $190.00 to $196.00 and gave the stock an “outperform” rating in a report on Tuesday, March 3rd. Jefferies Financial Group increased their price objective on shares of Nucor from $190.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, January 12th. Wall Street Zen raised shares of Nucor from a “hold” rating to a “buy” rating in a research report on Saturday, March 28th. Wells Fargo & Company upped their target price on Nucor from $194.00 to $197.00 and gave the company an “overweight” rating in a report on Friday, March 20th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $180.00 price target (up from $165.00) on shares of Nucor in a report on Friday, January 9th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Nucor has an average rating of “Moderate Buy” and an average target price of $190.30.
Read Our Latest Stock Analysis on Nucor
Nucor Trading Down 0.1%
NYSE NUE opened at $172.26 on Wednesday. The firm has a market capitalization of $39.21 billion, a P/E ratio of 22.85, a PEG ratio of 0.62 and a beta of 1.73. The business has a fifty day simple moving average of $175.10 and a 200 day simple moving average of $160.49. Nucor has a 12 month low of $97.59 and a 12 month high of $196.90. The company has a current ratio of 2.94, a quick ratio of 1.57 and a debt-to-equity ratio of 0.31.
Nucor (NYSE:NUE – Get Free Report) last issued its quarterly earnings data on Monday, January 26th. The basic materials company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.18). Nucor had a net margin of 5.37% and a return on equity of 8.26%. The company had revenue of $7.69 billion for the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter last year, the business posted $1.22 earnings per share. Nucor’s revenue was up 8.6% on a year-over-year basis. On average, analysts predict that Nucor will post 7.64 EPS for the current fiscal year.
Nucor declared that its board has authorized a share buyback plan on Friday, February 20th that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the basic materials company to repurchase up to 9.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
Nucor Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, May 11th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Tuesday, March 31st. Nucor’s dividend payout ratio is currently 29.71%.
Insider Buying and Selling
In related news, EVP Allen C. Behr sold 7,568 shares of Nucor stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $188.50, for a total value of $1,426,568.00. Following the sale, the executive vice president owned 67,711 shares of the company’s stock, valued at approximately $12,763,523.50. The trade was a 10.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Daniel R. Needham sold 3,881 shares of the company’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $178.00, for a total value of $690,818.00. Following the completion of the transaction, the executive vice president owned 88,298 shares in the company, valued at approximately $15,717,044. The trade was a 4.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 26,401 shares of company stock valued at $4,936,152. 0.46% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. Berkshire Hathaway Inc purchased a new stake in Nucor during the second quarter valued at about $856,792,000. Norges Bank purchased a new position in shares of Nucor in the fourth quarter worth about $609,002,000. AQR Capital Management LLC increased its stake in shares of Nucor by 580.9% in the second quarter. AQR Capital Management LLC now owns 653,845 shares of the basic materials company’s stock worth $84,699,000 after purchasing an additional 557,819 shares in the last quarter. Capital World Investors raised its position in shares of Nucor by 20.1% in the third quarter. Capital World Investors now owns 3,042,761 shares of the basic materials company’s stock valued at $412,081,000 after purchasing an additional 509,019 shares during the period. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Nucor by 169.0% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 779,940 shares of the basic materials company’s stock valued at $127,216,000 after purchasing an additional 489,950 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.