Nucor (NYSE:NUE) Shares Gap Down to $142.96

Nucor Co. (NYSE:NUE) gapped down prior to trading on Tuesday . The stock had previously closed at $142.96, but opened at $139.45. Nucor shares last traded at $144.12, with a volume of 317,033 shares.

Analyst Upgrades and Downgrades

NUE has been the topic of several recent research reports. JPMorgan Chase & Co. raised Nucor from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $170.00 to $174.00 in a research note on Monday, September 9th. BMO Capital Markets reduced their price target on Nucor from $185.00 to $175.00 and set a “market perform” rating for the company in a research report on Monday, June 17th. Jefferies Financial Group started coverage on shares of Nucor in a research report on Monday, May 20th. They issued a “hold” rating and a $190.00 price objective on the stock. Argus upgraded shares of Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Finally, Bank of America reduced their price objective on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Nucor currently has an average rating of “Moderate Buy” and an average target price of $195.00.

Nucor Price Performance

The company’s 50 day moving average is $150.52 and its 200-day moving average is $167.06. The firm has a market capitalization of $34.19 billion, a price-to-earnings ratio of 8.48 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 issued its earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, topping 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 company had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $7.69 billion. During the same period in the previous year, the company posted $5.81 EPS. The firm’s revenue for the quarter was down 15.2% compared to the same quarter last year. Equities research analysts anticipate that Nucor Co. will post 9.95 earnings per share for the current year.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors 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 annualized dividend and a yield of 1.51%. 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 firm’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 transaction, the executive vice president now directly owns 99,049 shares of the company’s stock, valued at $15,847,840. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Nucor

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. McClarren Financial Advisors Inc. increased its position in shares of Nucor by 129.0% in the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 89 shares during the period. Rise Advisors LLC bought a new stake in shares of Nucor during 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 acquiring an additional 65 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in Nucor in the first quarter valued at approximately $28,000. Finally, Tompkins Financial Corp lifted its stake in Nucor by 208.0% during the first quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 104 shares during the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

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.