Nucor (NYSE:NUE) Price Target Lowered to $166.00 at Morgan Stanley

Nucor (NYSE:NUE) had its target price reduced by Morgan Stanley from $170.00 to $166.00 in a report issued on Wednesday, Benzinga reports. Morgan Stanley currently has an overweight rating on the basic materials company’s stock.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. reduced their price objective on Nucor from $174.00 to $170.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. BMO Capital Markets reduced their target price on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research report on Wednesday, September 18th. Argus upgraded shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Finally, Bank of America cut their price objective on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $190.57.

Nucor Stock Up 0.1 %

Shares of NYSE NUE opened at $141.47 on Wednesday. The firm has a market cap of $33.58 billion, a price-to-earnings ratio of 13.67 and a beta of 1.55. The company’s 50-day simple moving average is $147.66 and its 200-day simple moving average is $158.85. The company has a quick ratio of 1.85, a current ratio of 2.59 and a debt-to-equity ratio of 0.26. Nucor has a 52-week low of $133.42 and a 52-week high of $203.00.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.09. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The company had revenue of $7.44 billion for the quarter, compared to analysts’ expectations of $7.28 billion. During the same period in the previous year, the firm posted $4.57 EPS. Nucor’s revenue was down 15.2% compared to the same quarter last year. Equities analysts predict that Nucor will post 9.08 EPS for the current fiscal year.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.53%. Nucor’s dividend payout ratio is currently 20.87%.

Insider Activity

In related news, EVP Daniel R. Needham sold 8,624 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total value of $1,379,840.00. Following the completion of the transaction, the executive vice president now directly owns 99,049 shares in the company, valued at approximately $15,847,840. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Nucor

Large investors have recently modified their holdings of the business. GPS Wealth Strategies Group LLC raised its holdings in Nucor by 4.1% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 1,630 shares of the basic materials company’s stock valued at $258,000 after buying an additional 64 shares during the period. Chilton Capital Management LLC raised its stake in shares of Nucor by 94.2% in the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 65 shares during the period. Aptus Capital Advisors LLC lifted its holdings in shares of Nucor by 2.1% in the 2nd quarter. Aptus Capital Advisors LLC now owns 3,457 shares of the basic materials company’s stock worth $546,000 after acquiring an additional 71 shares during the last quarter. Brighton Jones LLC boosted its position in shares of Nucor by 3.3% during the 2nd quarter. Brighton Jones LLC now owns 2,218 shares of the basic materials company’s stock worth $351,000 after purchasing an additional 71 shares during the period. Finally, Salomon & Ludwin LLC increased its holdings in Nucor by 45.6% in the 3rd quarter. Salomon & Ludwin LLC now owns 230 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 72 shares during the last quarter. Institutional investors and hedge funds own 76.48% of the company’s stock.

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.