Nucor Corporation (NUE) Receives New Coverage from Analysts at Macquarie
Macquarie started coverage on shares of Nucor Corporation (NYSE:NUE) in a report issued on Wednesday morning. The firm issued a neutral rating and a $57.00 target price on the basic materials company’s stock.
Several other equities analysts have also recently weighed in on NUE. Longbow Research initiated coverage on shares of Nucor Corporation in a research note on Tuesday, May 9th. They set a neutral rating for the company. Barclays PLC reaffirmed a buy rating and set a $73.00 target price on shares of Nucor Corporation in a research note on Monday, May 15th. Zacks Investment Research lowered shares of Nucor Corporation from a buy rating to a hold rating in a research report on Tuesday, May 16th. Credit Suisse Group upgraded shares of Nucor Corporation from a neutral rating to an outperform rating and increased their price objective for the company from $56.00 to $68.00 in a research report on Wednesday, May 24th. Finally, BidaskClub upgraded shares of Nucor Corporation from a sell rating to a hold rating in a research report on Tuesday, June 13th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $69.53.
Nucor Corporation (NYSE:NUE) opened at 55.31 on Wednesday. The stock’s 50 day moving average is $56.63 and its 200-day moving average is $58.85. The stock has a market capitalization of $17.67 billion, a price-to-earnings ratio of 15.53 and a beta of 1.53. Nucor Corporation has a 52-week low of $44.81 and a 52-week high of $68.00.
Nucor Corporation (NYSE:NUE) last posted its earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by $0.06. The company had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.08 billion. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The business’s revenue was up 21.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.73 earnings per share. Equities research analysts anticipate that Nucor Corporation will post $4.15 EPS for the current fiscal year.
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In other news, insider David A. Sumoski sold 2,537 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $61.66, for a total value of $156,431.42. Following the completion of the sale, the insider now owns 62,434 shares in the company, valued at approximately $3,849,680.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman John J. Ferriola sold 14,941 shares of the firm’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $60.17, for a total transaction of $898,999.97. Following the completion of the sale, the chairman now owns 361,847 shares of the company’s stock, valued at approximately $21,772,333.99. The disclosure for this sale can be found here. Insiders sold a total of 20,104 shares of company stock valued at $1,213,595 in the last 90 days. Company insiders own 0.70% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in NUE. Mckinley Capital Management LLC Delaware bought a new stake in Nucor Corporation during the 2nd quarter valued at about $100,000. Krilogy Financial LLC lifted its holdings in Nucor Corporation by 4,594.6% during the 2nd quarter. Krilogy Financial LLC now owns 1,737 shares of the basic materials company’s stock valued at $101,000 after buying an additional 1,700 shares in the last quarter. Washington Trust Bank lifted its holdings in Nucor Corporation by 60.2% during the 2nd quarter. Washington Trust Bank now owns 1,756 shares of the basic materials company’s stock valued at $102,000 after buying an additional 660 shares in the last quarter. Fiduciary Trust Co. bought a new stake in Nucor Corporation during the 2nd quarter valued at about $109,000. Finally, Advantage Investment Management LLC lifted its holdings in Nucor Corporation by 164.9% during the 1st quarter. Advantage Investment Management LLC now owns 1,854 shares of the basic materials company’s stock valued at $111,000 after buying an additional 1,154 shares in the last quarter. Hedge funds and other institutional investors own 74.99% of the company’s stock.
About Nucor Corporation
Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).
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