|Bid||102.51 x 800|
|Ask||102.81 x 1000|
|Day's Range||99.38 - 102.93|
|52 Week Range||38.51 - 103.98|
|Beta (5Y Monthly)||1.42|
|PE Ratio (TTM)||19.03|
|Earnings Date||Jul 21, 2021 - Jul 26, 2021|
|Forward Dividend & Yield||1.62 (1.58%)|
|Ex-Dividend Date||Mar 30, 2021|
|1y Target Est||85.18|
Nucor Corp. (NUE) announced a stock repurchase program of up to $3 billion. Following the announcement, shares of the steel producer rose 5% on May 13 to close at $100.80. Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada, and Mexico. This new program, which has no expiration date, replaces the earlier-authorized stock buyback program worth $2 billion. Approximately $1.55 billion of the stock had already been repurchased under the company’s old program. Under the new repurchase program, share repurchases are expected to be made in the open market at the prevailing market price or even through private transactions or block trades. On April 22, Nucor reported Q1 results. Earnings of $3.10 per share outpaced the Street’s estimates of $3.09. However, total revenues of $7.02 billion missed consensus estimates of $7.19 billion. (See Nucor Corp stock analysis on TipRanks) Following the Q1 results, BMO Capital analyst David Gagliano maintained the stock’s price target of $86 (14.7% downside potential) and a Hold rating. Gagliano said, “Nucor is positioned to capitalize on incremental volume growth, while continuing to fund its upcoming growth investments with internal cash generation.” Consensus on the Street is that Nucor Corp. is a Moderate Buy based on 3 Buys and 3 Holds. The average analyst price target of $93.33 implies downside potential of 7.4% to current levels. Shares have climbed 85.6% over the past six months. Related News: Alaska Air Expanding Fleet With 30 Mainline And Regional Aircraft HEXO Teams Up With REQ On Brand Expansion In U.S. XPeng’s Quarterly Revenue Jumps 6X, Vehicle Deliveries Up Almost 5X More recent articles from Smarter Analyst: Floor & Decor Inks $90M Deal To Snap Up Spartan Surfaces Selecta Biosciences Swings to a Q1 Loss; Shares Fall 2% Disney Delivers Mixed Results In Second Quarter; Street Says Buy Trulieve Beats on Revenue, Misses on Earnings in Q1
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Nucor Corp. said Thursday it has set a new $3.0 billion stock repurchase program. Based on the previous session's stock closing price of $95.99, the steel products company could buy back about 10.4% of the shares outstanding. The company said the new program replaces the $2.0 billion program that was authorized in September 2018, of which $1.55 billion of common stock had been repurchased. The new program has no expiration date. The stock, which slipped 0.3% in premarket trading, has soared 80.5% year to date through Wednesday, as continuous HRC Steel Futures have run up 66.2% and the S&P 500 has gained 8.2%.