KeyCorp Reiterates “Hold” Rating for Nucor Corporation (NUE)
Nucor Corporation (NYSE:NUE)‘s stock had its “hold” rating restated by analysts at KeyCorp in a research note issued on Thursday.
Several other research analysts also recently weighed in on the stock. Morgan Stanley reiterated a “buy” rating on shares of Nucor Corporation in a research report on Tuesday, July 18th. BMO Capital Markets set a $70.00 price target on shares of Nucor Corporation and gave the stock a “hold” rating in a research report on Saturday, August 26th. Macquarie initiated coverage on shares of Nucor Corporation in a research report on Wednesday, September 6th. They issued a “neutral” rating and a $57.00 price target on the stock. Jefferies Group LLC reiterated a “buy” rating and issued a $68.00 price target on shares of Nucor Corporation in a research report on Wednesday, July 19th. Finally, Zacks Investment Research downgraded shares of Nucor Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. Nucor Corporation has a consensus rating of “Hold” and an average target price of $67.13.
Shares of Nucor Corporation (NYSE:NUE) opened at 58.62 on Thursday. The company has a 50 day moving average of $55.51 and a 200-day moving average of $57.50. Nucor Corporation has a 12-month low of $46.52 and a 12-month high of $68.00. The company has a market cap of $18.72 billion, a PE ratio of 16.46 and a beta of 1.54.
Nucor Corporation (NYSE:NUE) last released its quarterly earnings results on Thursday, October 19th. The basic materials company reported $0.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.05. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The business had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $5.19 billion. During the same period last year, the firm earned $0.88 earnings per share. The company’s quarterly revenue was up 20.5% on a year-over-year basis. Equities research analysts anticipate that Nucor Corporation will post $3.79 earnings per share for the current year.
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In related news, Director Victoria F. Haynes sold 2,500 shares of the firm’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $55.16, for a total transaction of $137,900.00. Following the completion of the transaction, the director now directly owns 33,573 shares of the company’s stock, valued at $1,851,886.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Leon J. Topalian sold 2,626 shares of the firm’s stock in a transaction 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 disclosure for this sale can be found here. Insiders have sold a total of 22,604 shares of company stock worth $1,351,495 over the last 90 days. Insiders own 0.70% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bonness Enterprises Inc. grew its stake in Nucor Corporation by 6.6% during the third quarter. Bonness Enterprises Inc. now owns 48,350 shares of the basic materials company’s stock valued at $2,709,000 after acquiring an additional 3,000 shares in the last quarter. Beacon Financial Group purchased a new position in Nucor Corporation during the third quarter valued at $386,000. Eqis Capital Management Inc. grew its stake in Nucor Corporation by 35.1% during the third quarter. Eqis Capital Management Inc. now owns 22,486 shares of the basic materials company’s stock valued at $1,260,000 after acquiring an additional 5,842 shares in the last quarter. Intl Fcstone Inc. purchased a new position in Nucor Corporation during the second quarter valued at $550,000. Finally, Griffin Asset Management Inc. purchased a new position in Nucor Corporation during the second quarter valued at $2,832,000. 74.83% of the stock is 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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