Nucor Corporation (NYSE:NUE) announced a quarterly dividend on Thursday, September 14th, RTT News reports. Shareholders of record on Friday, September 29th will be given a dividend of 0.3775 per share by the basic materials company on Thursday, November 9th. This represents a $1.51 annualized dividend and a yield of 2.82%.
Nucor Corporation has decreased its dividend payment by an average of 8.5% per year over the last three years and has raised its dividend every year for the last 43 years. Nucor Corporation has a dividend payout ratio of 36.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Nucor Corporation to earn $4.77 per share next year, which means the company should continue to be able to cover its $1.51 annual dividend with an expected future payout ratio of 31.7%.
Nucor Corporation (NUE) traded up 0.60% during mid-day trading on Thursday, reaching $53.92. The company’s stock had a trading volume of 2,066,036 shares. The company has a market cap of $17.22 billion, a price-to-earnings ratio of 15.14 and a beta of 1.53. The stock’s 50 day moving average is $55.92 and its 200 day moving average is $58.60. Nucor Corporation has a 12 month low of $44.81 and a 12 month high of $68.00.
Nucor Corporation (NYSE:NUE) last issued its earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.06 by ($0.06). Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The company had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter last year, the business posted $0.73 EPS. Nucor Corporation’s quarterly revenue was up 21.9% on a year-over-year basis. Equities research analysts predict that Nucor Corporation will post $4.11 EPS for the current year.
In related news, insider David A. Sumoski sold 2,537 shares of Nucor Corporation stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total value of $156,431.42. Following the sale, the insider now owns 62,434 shares of the company’s stock, valued at approximately $3,849,680.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Leon J. Topalian sold 2,626 shares of Nucor Corporation stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $60.23, for a total value of $158,163.98. Following the completion of the sale, the insider now directly owns 19,610 shares in the company, valued at approximately $1,181,110.30. The disclosure for this sale can be found here. In the last three months, insiders sold 20,104 shares of company stock worth $1,213,595. 0.70% of the stock is owned by insiders.
A number of brokerages have issued reports on NUE. Cowen and Company restated a “market perform” rating and set a $63.00 target price (up previously from $62.00) on shares of Nucor Corporation in a report on Tuesday, July 25th. Morgan Stanley restated a “buy” rating on shares of Nucor Corporation in a report on Tuesday, July 18th. Citigroup Inc. upgraded Nucor Corporation from a “neutral” rating to a “buy” rating and raised their target price for the stock from $53.60 to $65.00 in a report on Thursday. Credit Suisse Group upgraded Nucor Corporation from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $56.00 to $68.00 in a report on Wednesday, May 24th. Finally, Jefferies Group LLC restated a “buy” rating on shares of Nucor Corporation in a report on Friday, June 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $68.47.
Nucor Corporation Company Profile
Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).
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