Nucor (NYSE:NUE) Shares Gap Up – Should You Buy?

Nucor Co. (NYSE:NUE)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $144.61, but opened at $164.69. Nucor shares last traded at $165.13, with a volume of 731,493 shares changing hands.

Analyst Ratings Changes

Several equities analysts have issued reports on NUE shares. Argus upgraded Nucor to a “strong-buy” rating in a research report on Monday, August 26th. JPMorgan Chase & Co. dropped their price objective on Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Morgan Stanley reduced their target price on Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Finally, BMO Capital Markets decreased their target price on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. Three research 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 stock. Based on data from MarketBeat, Nucor has a consensus rating of “Moderate Buy” and an average target price of $190.57.

Nucor Price Performance

The company has a market cap of $39.81 billion, a price-to-earnings ratio of 16.21 and a beta of 1.55. The company has a fifty day simple moving average of $147.68 and a two-hundred day simple moving average of $155.96. The company has a quick ratio of 1.61, a current ratio of 2.59 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, October 21st. The basic materials company reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.09. The firm had revenue of $7.44 billion for the quarter, compared to analysts’ expectations of $7.28 billion. Nucor had a net margin of 8.05% and a return on equity of 12.06%. The firm’s revenue was down 15.2% on a year-over-year basis. During the same period in the prior year, the company earned $4.57 EPS. On average, equities research analysts anticipate that Nucor Co. will post 8.65 earnings per share for the current fiscal year.

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be given a $0.54 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.16 annualized dividend and a dividend yield of 1.29%. Nucor’s dividend payout ratio is currently 20.87%.

Insider Buying and Selling

In other Nucor news, EVP Kenneth Rex Query sold 9,000 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $146.80, for a total value of $1,321,200.00. Following the transaction, the executive vice president now directly owns 98,770 shares in the company, valued at approximately $14,499,436. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.64% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Chilton Capital Management LLC increased its stake in Nucor by 94.2% in the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 65 shares during the last quarter. Central Pacific Bank Trust Division acquired a new stake in Nucor during the 1st quarter worth approximately $28,000. McClarren Financial Advisors Inc. raised its holdings in Nucor by 129.0% in the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after buying an additional 89 shares during the period. Ashton Thomas Securities LLC acquired a new position in Nucor during the third quarter valued at approximately $26,000. Finally, Coastline Trust Co purchased a new stake in Nucor during the third quarter worth approximately $29,000. 76.48% of the stock is currently 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.