Steel products manufacturer Nucor Corporation (NUE) recently announced a quarterly dividend of $0.50 per share, an increase of about 23% from the previous dividend of $0.405.
The dividend will be paid on February 11, 2022, to shareholders of record as of December 31, 2021.
Dividend Yield
The company’s annual dividend of $2 per share now reflects a dividend yield of 1.81% based on Friday’s closing price.
The company has been raising its quarterly dividend consistently roughly over the past five decades, making it an attractive choice for investors.
New Share Repurchase Plan
The company’s board of directors has also approved an increase in its share repurchase program. Under the revised terms of the program, the company has been authorized to repurchase up to $4 billion of its common stock.
The new program replaces the previously authorized $3 billion repurchase program under which roughly $2.33 billion of the company’s common stock was repurchased from its authorization in May 2021 through December 1, 2021.
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Price Target
Recently, Wolfe Research analyst Timna Tanners initiated coverage on the stock with a price target of $104, which implies downside potential of 5.9% from current levels.
Consensus among analysts is a Hold based on 1 Buy and 6 Holds. The average Nucor price target of $117.29 implies upside potential of 6.1% from current levels.
Smart Score
Nucor scores a 9 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to outperform market expectations. Shares have gained 97.5% over the past year.
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