Nucor Co. (NYSE:NUE) declared a quarterly dividend on Monday, December 4th, Wall Street Journal reports. Stockholders of record on Friday, December 29th will be paid a dividend of 0.38 per share by the basic materials company on Friday, February 9th. This represents a $1.52 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Thursday, December 28th. This is an increase from Nucor’s previous quarterly dividend of $0.38.
Nucor has decreased its dividend by an average of 8.5% per year over the last three years and has increased its dividend every year for the last 43 years. Nucor has a dividend payout ratio of 41.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Nucor to earn $4.45 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 34.2%.
Shares of Nucor (NYSE:NUE) traded up $1.52 during trading on Tuesday, hitting $58.82. 3,643,600 shares of the stock traded hands, compared to its average volume of 2,678,714. The stock has a market cap of $18,380.00, a PE ratio of 16.85, a PEG ratio of 1.29 and a beta of 1.58. Nucor has a 1-year low of $51.67 and a 1-year high of $68.00. The company has a quick ratio of 1.12, a current ratio of 2.11 and a debt-to-equity ratio of 0.37.
In other Nucor news, insider Ladd R. Hall sold 17,583 shares of Nucor stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $57.94, for a total value of $1,018,759.02. Following the sale, the insider now directly owns 206,406 shares in the company, valued at approximately $11,959,163.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider D. Chad Utermark sold 9,003 shares of Nucor stock in a transaction on Friday, October 27th. The shares were sold at an average price of $59.72, for a total transaction of $537,659.16. Following the completion of the sale, the insider now owns 73,883 shares in the company, valued at $4,412,292.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,217 shares of company stock worth $2,608,231. 0.70% of the stock is currently owned by insiders.
Several brokerages have recently weighed in on NUE. Credit Suisse Group dropped their price target on shares of Nucor from $68.00 to $63.00 and set a “buy” rating on the stock in a research note on Thursday, September 28th. KeyCorp restated a “hold” rating on shares of Nucor in a research note on Tuesday, September 19th. ValuEngine cut shares of Nucor from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Cowen lifted their target price on shares of Nucor from $57.00 to $63.00 and gave the company a “market perform” rating in a research note on Monday, October 23rd. Finally, Morgan Stanley cut shares of Nucor from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $78.00 to $60.00 in a research note on Tuesday, September 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $67.32.
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Nucor 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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