Time New York: Sun 11 Dec 03:00 am  |  Save 15% on H&R Block Online

  
caticonslite_bm_alt

Nucor (NUE) Raises Quarterly Dividend Payout to 37.75 Cents

Zacks

Nucor Corporation’s NUE board has hiked the regular quarterly cash dividend on its common stock by 0.7% to 37.75 cents. This cash dividend is payable on Feb 10, 2017, to stockholders of record as of Dec 30, 2016, and is Nucor's 175th straight quarterly cash dividend.

Nucor has raised its regular, or base, dividend for 44 consecutive years. The company has returned more than $6 billion in capital to its stockholders in the form of base dividends, supplemental dividends and share repurchases since 1973.

Price

Nucor’s share price has gained 29.16% compared with the Zacks categorized steel industry rate of 23.48% in the past one month. During the last month, the company completed its purchase of Chicago-based Independence Tube Corporation (ITC) for $435 million. ITC is a leading independent producer of hollow structural section (HSS) steel tubing.


ITC operates four state-of-the-art facilities across Illinois and Alabama that annually make roughly 600,000 tons of HSS. Its plants are located in close proximity to Nucor's sheet mills in Decatur, AL; Crawfordsville, IN; and Ghent, KY.

HSS is used in a vast range of applications including commercial construction, infrastructure, agricultural and construction equipment end-use markets. ITC purchases hot-rolled coil from suppliers to make its HSS steel tubing. It has the second biggest market share in HSS.

The acquisition is a strategic fit and highly complementary for Nucor and is in sync with its strategy to expand the number of value-added product offerings to its customers.

Nucor currently carries a Zacks Rank #3 (Hold).

Some better-ranked companies in the steel space include AK Steel Holding Corp. AKS, ArcelorMittal MT and POSCO PKX.

AK Steel has an expected earnings growth of around 194.1% for the current year. The company carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

ArcelorMittal has an expected earnings growth of around 350% for the current year and also carries a Zacks Rank #2.

POSCO, another Zacks Rank #2 stock, has an expected earnings growth of around 852.4% for the current year.

Confidential from Zacks

Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

To read this article on Zacks.com click here.

Zacks Investment Research
<-- You can share this post with your network,
or give us your opinion and leave a comment.
Be sure to check our RSS feeds for updates.