Nucor Corporation (NUE) Stock Rating Reaffirmed by BMO Capital Markets
Nucor Corporation (NYSE:NUE)‘s stock had its “market perform” rating reiterated by equities researchers at BMO Capital Markets in a report issued on Monday. They presently have a $62.00 target price on the basic materials company’s stock, down from their prior target price of $70.00. BMO Capital Markets’ price target suggests a potential upside of 14.24% from the company’s current price.
NUE has been the topic of a number of other research reports. Macquarie began coverage on shares of Nucor Corporation in a report on Wednesday, September 6th. They set a “neutral” rating and a $57.00 target price on the stock. ValuEngine lowered shares of Nucor Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Jefferies Group LLC set a $68.00 target price on shares of Nucor Corporation and gave the company a “buy” rating in a report on Monday, August 21st. Longbow Research reaffirmed a “buy” rating and set a $66.00 target price on shares of Nucor Corporation in a report on Thursday, July 27th. Finally, KeyCorp reaffirmed an “overweight” rating and set a $66.00 target price (down previously from $72.00) on shares of Nucor Corporation in a report on Monday, June 26th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $68.00.
Shares of Nucor Corporation (NYSE NUE) traded up 1.44% during mid-day trading on Monday, hitting $54.27. The company’s stock had a trading volume of 2,479,313 shares. Nucor Corporation has a 1-year low of $45.18 and a 1-year high of $68.00. The stock has a market cap of $17.34 billion, a PE ratio of 15.24 and a beta of 1.53. The company has a 50-day moving average price of $55.44 and a 200-day moving average price of $58.47.
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 Zacks’ consensus estimate of $1.06 by ($0.06). The firm had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $5.08 billion. Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The business’s revenue was up 21.9% on a year-over-year basis. During the same period last year, the company posted $0.73 EPS. Analysts predict that Nucor Corporation will post $4.08 EPS for the current fiscal year.
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In other Nucor Corporation news, Chairman John J. Ferriola sold 14,941 shares of the firm’s stock in a transaction dated Monday, July 24th. The shares were 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 directly owns 361,847 shares in the company, valued at approximately $21,772,333.99. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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 shares were sold at an average price of $61.66, for a total transaction of $156,431.42. Following the sale, the insider now owns 62,434 shares of the company’s stock, valued at $3,849,680.44. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,104 shares of company stock valued at $1,213,595. 0.70% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in NUE. Chicago Equity Partners LLC bought a new stake in shares of Nucor Corporation in the first quarter worth approximately $201,000. UBS Asset Management Americas Inc. grew its stake in shares of Nucor Corporation by 12.7% in the first quarter. UBS Asset Management Americas Inc. now owns 1,016,735 shares of the basic materials company’s stock worth $60,719,000 after acquiring an additional 114,617 shares during the period. British Columbia Investment Management Corp grew its stake in shares of Nucor Corporation by 30.6% in the first quarter. British Columbia Investment Management Corp now owns 256,656 shares of the basic materials company’s stock worth $15,327,000 after acquiring an additional 60,126 shares during the period. RNC Capital Management LLC bought a new stake in shares of Nucor Corporation in the first quarter worth approximately $4,790,000. Finally, Meadow Creek Investment Management LLC grew its stake in shares of Nucor Corporation by 1.1% in the first quarter. Meadow Creek Investment Management LLC now owns 47,430 shares of the basic materials company’s stock worth $2,833,000 after acquiring an additional 510 shares during the period. Hedge funds and other institutional investors own 74.86% 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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