Nucor (NYSE:NUE) Sets New 52-Week Low – Time to Sell?

Nucor Co. (NYSE:NUE) hit a new 52-week low during trading on Wednesday . The company traded as low as $117.57 and last traded at $118.27, with a volume of 1729359 shares trading hands. The stock had previously closed at $120.98.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NUE. Argus raised Nucor to a “strong-buy” rating in a report on Monday, August 26th. Morgan Stanley dropped their price target on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. The Goldman Sachs Group initiated coverage on shares of Nucor in a research note on Monday, December 2nd. They issued a “buy” rating and a $190.00 price objective for the company. JPMorgan Chase & Co. dropped their target price on Nucor from $170.00 to $168.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Finally, BMO Capital Markets reduced their price target on Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research report on Wednesday, September 18th. Four 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $183.75.

Nucor Price Performance

The firm has a market capitalization of $27.70 billion, a P/E ratio of 11.40 and a beta of 1.55. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.61 and a current ratio of 2.59. The business has a 50 day simple moving average of $148.02 and a two-hundred day simple moving average of $150.65.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, October 21st. The basic materials company reported $1.49 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $7.28 billion. During the same period in the prior year, the business earned $4.57 earnings per share. Nucor’s revenue for the quarter was down 15.2% compared to the same quarter last year. On average, sell-side analysts expect that Nucor Co. will post 8.48 EPS for the current fiscal year.

Nucor Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 11th. Investors of record on Tuesday, December 31st will be paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from Nucor’s previous quarterly dividend of $0.54. Nucor’s dividend payout ratio is currently 21.26%.

Insider Buying and Selling at Nucor

In related news, CFO Stephen D. Laxton sold 4,712 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $169.53, for a total transaction of $798,825.36. Following the transaction, the chief financial officer now owns 82,132 shares of the company’s stock, valued at approximately $13,923,837.96. This trade represents a 5.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kenneth Rex Query sold 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The stock was 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 owns 98,770 shares in the company, valued at approximately $14,499,436. The trade was a 8.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,680 shares of company stock worth $4,773,724 over the last 90 days. Corporate insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Nucor

A number of large investors have recently made changes to their positions in NUE. McClarren Financial Advisors Inc. boosted its position in shares of Nucor by 129.0% during the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 89 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in Nucor in the 3rd quarter worth about $26,000. Coastline Trust Co purchased a new stake in Nucor during the 3rd quarter valued at about $29,000. Brown Lisle Cummings Inc. bought a new stake in Nucor during the 3rd quarter valued at about $30,000. Finally, HHM Wealth Advisors LLC raised its holdings in Nucor by 769.2% in the second quarter. HHM Wealth Advisors LLC now owns 226 shares of the basic materials company’s stock worth $36,000 after buying an additional 200 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors.

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.