Bank of America Corporation reaffirmed their buy rating on shares of Nucor Corporation (NYSE:NUE) in a report issued on Wednesday. The brokerage currently has a $73.00 price target on the basic materials company’s stock.

A number of other research firms have also commented on NUE. Jefferies Group LLC restated a buy rating on shares of Nucor Corporation in a research report on Friday, June 30th. ValuEngine lowered shares of Nucor Corporation from a buy rating to a hold rating in a research report on Friday, June 16th. Berenberg Bank reiterated a buy rating and set a $77.50 target price on shares of Nucor Corporation in a research report on Wednesday, July 19th. Cowen and Company reiterated a market perform rating and set a $63.00 target price (up from $62.00) on shares of Nucor Corporation in a research report on Tuesday, July 25th. Finally, BidaskClub lowered shares of Nucor Corporation from a hold rating to a sell rating in a research report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Nucor Corporation presently has an average rating of Buy and an average target price of $69.53.

Shares of Nucor Corporation (NUE) traded up 0.53% during mid-day trading on Wednesday, hitting $54.55. 2,552,697 shares of the stock were exchanged. Nucor Corporation has a 52 week low of $44.81 and a 52 week high of $68.00. The stock’s 50-day moving average is $56.30 and its 200-day moving average is $58.78. The stock has a market capitalization of $17.42 billion, a price-to-earnings ratio of 15.31 and a beta of 1.53.

Nucor Corporation (NYSE:NUE) last released its quarterly earnings data on Thursday, July 20th. The basic materials company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by $0.06. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The firm had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter last year, the business posted $0.73 earnings per share. Nucor Corporation’s revenue was up 21.9% compared to the same quarter last year. Analysts forecast that Nucor Corporation will post $4.14 earnings per share for the current fiscal year.

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In other Nucor Corporation news, insider Leon J. Topalian sold 2,626 shares of Nucor Corporation stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $60.23, for a total transaction of $158,163.98. Following the transaction, the insider now directly owns 19,610 shares of the company’s stock, valued at $1,181,110.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David A. Sumoski sold 2,537 shares of Nucor Corporation stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total transaction of $156,431.42. Following the transaction, the insider now directly owns 62,434 shares in the company, valued at $3,849,680.44. The disclosure for this sale can be found here. Insiders have sold 20,104 shares of company stock worth $1,213,595 over the last three months. Insiders own 0.70% of the company’s stock.

Several hedge funds have recently bought and sold shares of NUE. BlackRock Inc. raised its stake in shares of Nucor Corporation by 1,900.5% during the first quarter. BlackRock Inc. now owns 21,654,414 shares of the basic materials company’s stock worth $1,293,202,000 after acquiring an additional 20,571,970 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Nucor Corporation by 17.3% during the first quarter. Vanguard Group Inc. now owns 25,254,158 shares of the basic materials company’s stock worth $1,508,179,000 after acquiring an additional 3,729,281 shares in the last quarter. Pioneer Investment Management Inc. raised its stake in shares of Nucor Corporation by 437.2% during the second quarter. Pioneer Investment Management Inc. now owns 1,813,506 shares of the basic materials company’s stock worth $104,947,000 after acquiring an additional 1,475,935 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Nucor Corporation by 1,351.9% during the first quarter. PNC Financial Services Group Inc. now owns 1,207,726 shares of the basic materials company’s stock worth $72,124,000 after acquiring an additional 1,124,541 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Nucor Corporation by 53.6% during the first quarter. AQR Capital Management LLC now owns 2,513,579 shares of the basic materials company’s stock worth $150,111,000 after acquiring an additional 877,194 shares in the last quarter. 74.99% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Corporation Company Profile

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).

Analyst Recommendations for Nucor Corporation (NYSE:NUE)

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