Nucor Co. (NYSE:NUE) to Issue $0.41 Quarterly Dividend

Nucor Co. (NYSE:NUE) declared a quarterly dividend on Tuesday, June 8th, RTT News reports. Stockholders of record on Wednesday, June 30th will be given a dividend of 0.405 per share by the basic materials company on Wednesday, August 11th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.47%.

NUE stock opened at $109.99 on Wednesday. Nucor has a twelve month low of $38.51 and a twelve month high of $110.96. The company has a quick ratio of 2.04, a current ratio of 3.50 and a debt-to-equity ratio of 0.44. The firm has a 50 day moving average of $91.34. The company has a market capitalization of $32.91 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 0.74 and a beta of 1.38.

Nucor (NYSE:NUE) last posted its earnings results on Thursday, April 22nd. The basic materials company reported $3.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.14 by ($0.04). Nucor had a net margin of 7.63% and a return on equity of 14.90%. The company had revenue of $7.02 billion during the quarter, compared to the consensus estimate of $7.39 billion. During the same quarter in the prior year, the business earned $0.99 EPS. The firm’s revenue for the quarter was up 24.8% compared to the same quarter last year. On average, research analysts expect that Nucor will post 12.02 EPS for the current year.

Nucor announced that its Board of Directors has approved a share buyback program on Thursday, May 13th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the basic materials company to repurchase up to 9.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

A number of analysts recently commented on NUE shares. Bank of America upgraded Nucor from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $56.00 to $80.00 in a report on Tuesday, April 20th. Morgan Stanley lifted their price target on Nucor from $71.00 to $95.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 11th. Argus upgraded Nucor from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a report on Friday, March 19th. The Goldman Sachs Group started coverage on Nucor in a report on Friday, April 9th. They set a “buy” rating and a $86.00 price target on the stock. Finally, BMO Capital Markets lifted their price target on Nucor from $86.00 to $110.00 and gave the stock a “market perform” rating in a report on Friday, May 14th. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Nucor presently has an average rating of “Buy” and a consensus price target of $69.50.

In other news, EVP Raymond S. Napolitan, Jr. sold 65,789 shares of Nucor stock in a transaction on Monday, May 10th. The stock was sold at an average price of $103.02, for a total value of $6,777,582.78. Following the completion of the transaction, the executive vice president now directly owns 197,703 shares in the company, valued at $20,367,363.06. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Douglas J. Jellison sold 5,995 shares of Nucor stock in a transaction on Wednesday, May 5th. The shares were sold at an average price of $92.62, for a total value of $555,256.90. Following the completion of the transaction, the executive vice president now owns 82,985 shares of the company’s stock, valued at $7,686,070.70. The disclosure for this sale can be found here. Insiders sold 288,865 shares of company stock valued at $24,093,738 over the last three months. Company insiders own 0.71% of the company’s stock.

About Nucor

Nucor Corporation manufactures and sells steel and steel products. It operates through 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 products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and special bar quality products.

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Dividend History for Nucor (NYSE:NUE)

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