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

Nucor (NYSE:NUE) had its price target cut by Morgan Stanley from $170.00 to $166.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the basic materials company’s stock.

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

Nucor Trading Up 0.1 %

NYSE NUE opened at $141.47 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.59. 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 firm has a 50 day simple moving average of $147.66 and a 200-day simple moving average of $158.85. Nucor has a one year low of $133.42 and a one year high of $203.00.

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

Nucor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Shareholders 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 yield of 1.53%. Nucor’s payout ratio is currently 20.87%.

Insider Transactions at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total value 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.46% of the company’s stock.

Institutional Trading of Nucor

A number of large investors have recently made changes to their positions in the company. McClarren Financial Advisors Inc. boosted its stake in Nucor by 129.0% during the 2nd 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. Chilton Capital Management LLC boosted its stake in shares of Nucor by 94.2% during the first quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock worth $27,000 after buying an additional 65 shares during the period. Central Pacific Bank Trust Division purchased a new position in shares of Nucor during the first quarter worth about $28,000. Brown Lisle Cummings Inc. acquired a new position in Nucor in the 3rd quarter valued at about $30,000. Finally, Salomon & Ludwin LLC purchased a new stake in Nucor during the 1st quarter valued at approximately $31,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Company Profile

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.