Nucor Co. (NYSE:NUE – Get Free Report) announced a quarterly dividend on Thursday, September 12th, RTT News reports. Stockholders of record on Friday, September 27th will be given a dividend of 0.54 per share by the basic materials company on Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date is Friday, September 27th.
Nucor has raised its dividend payment by an average of 8.7% per year over the last three years and has raised its dividend every year for the last 51 years. Nucor has a payout ratio of 19.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Nucor to earn $11.73 per share next year, which means the company should continue to be able to cover its $2.16 annual dividend with an expected future payout ratio of 18.4%.
Nucor Price Performance
NUE stock opened at $148.88 on Thursday. The company has a market cap of $35.70 billion, a PE ratio of 8.76 and a beta of 1.55. Nucor has a 12-month low of $133.42 and a 12-month high of $203.00. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26. The stock has a 50-day moving average price of $148.99 and a two-hundred day moving average price of $165.36.
Analyst Ratings Changes
Several research firms recently weighed in on NUE. Bank of America reduced their target price on shares of Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Argus upgraded Nucor to a “strong-buy” rating in a research note on Monday, August 26th. JPMorgan Chase & Co. upgraded Nucor from a “neutral” rating to an “overweight” rating and increased their target price for the company from $170.00 to $174.00 in a research note on Monday, September 9th. BMO Capital Markets reduced their price target on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. Finally, Morgan Stanley decreased their price target on Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a report on Wednesday, September 18th. Three research 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 company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $192.00.
Read Our Latest Stock Report on Nucor
Insider Activity at Nucor
In related news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total value of $1,379,840.00. Following the completion of the transaction, the executive vice president now directly owns 99,049 shares in the company, valued at $15,847,840. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is currently owned by corporate insiders.
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.
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