Nucor Corporation (NUE) Upgraded to “Buy” at Citigroup Inc.
Nucor Corporation (NYSE:NUE) was upgraded by research analysts at Citigroup Inc. from a “neutral” rating to a “buy” rating in a research report issued on Thursday.
NUE has been the subject of a number of other research reports. BidaskClub raised shares of Nucor Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Zacks Investment Research lowered shares of Nucor Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. KeyCorp restated an “overweight” rating and set a $66.00 price target (down from $72.00) on shares of Nucor Corporation in a research report on Monday, June 26th. ValuEngine lowered shares of Nucor Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Credit Suisse Group upgraded shares of Nucor Corporation from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $56.00 to $68.00 in a research report on Wednesday, May 24th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $68.47.
Nucor Corporation (NYSE:NUE) opened at 53.60 on Thursday. The company has a 50 day moving average of $55.92 and a 200-day moving average of $58.60. The company has a market cap of $17.12 billion, a P/E ratio of 15.05 and a beta of 1.53. Nucor Corporation has a one year low of $44.81 and a one year high of $68.00.
Nucor Corporation (NYSE:NUE) last released its earnings results 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). The company had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.08 billion. Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The firm’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.73 EPS. On average, equities analysts expect that Nucor Corporation will post $4.14 earnings per share for the current fiscal year.
In other news, 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 sale, the chairman now owns 361,847 shares of the company’s stock, valued at $21,772,333.99. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider David A. Sumoski sold 2,537 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total value of $156,431.42. Following the sale, the insider now directly owns 62,434 shares in the company, valued at approximately $3,849,680.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,104 shares of company stock worth $1,213,595. Company insiders own 0.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in NUE. Chicago Equity Partners LLC acquired a new stake in shares of Nucor Corporation during the first quarter worth about $201,000. Elkfork Partners LLC raised its position in shares of Nucor Corporation by 1.1% during the first quarter. Elkfork Partners LLC now owns 39,060 shares of the basic materials company’s stock worth $2,333,000 after purchasing an additional 420 shares during the period. Point View Wealth Management Inc. raised its position in shares of Nucor Corporation by 10.0% during the first quarter. Point View Wealth Management Inc. now owns 4,399 shares of the basic materials company’s stock worth $263,000 after purchasing an additional 400 shares during the period. Wellington Shields Capital Management LLC acquired a new stake in shares of Nucor Corporation during the first quarter worth about $1,283,000. Finally, Suntrust Banks Inc. raised its position in shares of Nucor Corporation by 5.3% during the first quarter. Suntrust Banks Inc. now owns 148,786 shares of the basic materials company’s stock worth $8,884,000 after purchasing an additional 7,440 shares during the period. 75.00% of the stock is currently owned by institutional investors.
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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