Nucor Co. (NUE) Rating Increased to Outperform at Credit Suisse Group AG
Nucor Co. (NYSE:NUE) was upgraded by analysts at Credit Suisse Group AG from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday.
Several other research analysts also recently issued reports on the stock. Barclays PLC restated a “buy” rating and set a $68.00 price objective (up previously from $67.00) on shares of Nucor in a report on Thursday, April 20th. JPMorgan Chase & Co. boosted their price objective on shares of Nucor from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, March 22nd. Zacks Investment Research downgraded shares of Nucor from a “buy” rating to a “hold” rating in a report on Monday, February 6th. BMO Capital Markets restated a “hold” rating and set a $68.00 price objective on shares of Nucor in a report on Monday, April 3rd. Finally, Morgan Stanley upgraded shares of Nucor from an “equal weight” rating to an “overweight” rating and set a $78.00 price objective on the stock in a report on Monday, February 13th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $68.22.
Shares of Nucor (NYSE:NUE) traded up 0.44% during mid-day trading on Wednesday, hitting $58.90. The stock had a trading volume of 1,959,920 shares. Nucor has a 52 week low of $44.81 and a 52 week high of $68.00. The stock has a market cap of $18.79 billion, a P/E ratio of 17.75 and a beta of 1.45. The stock has a 50-day moving average price of $59.21 and a 200 day moving average price of $60.65.
Nucor (NYSE:NUE) last announced its earnings results on Thursday, April 20th. The basic materials company reported $1.11 EPS for the quarter, missing the consensus estimate of $1.14 by $0.03. The firm had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.67 billion. Nucor had a return on equity of 9.32% and a net margin of 4.53%. The business’s revenue was up 29.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.27 EPS. On average, equities analysts forecast that Nucor will post $4.53 EPS for the current fiscal year.
In related news, Director Victoria F. Haynes sold 3,000 shares of the company’s stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $61.52, for a total value of $184,560.00. Following the sale, the director now owns 33,703 shares of the company’s stock, valued at $2,073,408.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman John J. Ferriola sold 12,232 shares of the company’s stock in a transaction dated Tuesday, April 25th. The shares were sold at an average price of $61.60, for a total transaction of $753,491.20. Following the completion of the sale, the chairman now directly owns 349,855 shares in the company, valued at approximately $21,551,068. The disclosure for this sale can be found here. In the last three months, insiders sold 67,863 shares of company stock worth $4,231,173. 0.63% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in Nucor by 1,900.5% in the first quarter. BlackRock Inc. now owns 21,654,414 shares of the basic materials company’s stock worth $1,293,202,000 after buying an additional 20,571,970 shares during the last quarter. Norges Bank acquired a new stake in Nucor during the fourth quarter worth $492,657,000. Vanguard Group Inc. boosted its stake in Nucor by 17.3% in 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 buying an additional 3,729,281 shares during the last quarter. FMR LLC boosted its stake in Nucor by 905.2% in the fourth quarter. FMR LLC now owns 2,715,677 shares of the basic materials company’s stock worth $161,637,000 after buying an additional 2,445,520 shares during the last quarter. Finally, State Street Corp boosted its stake in Nucor by 7.0% in the fourth quarter. State Street Corp now owns 19,873,453 shares of the basic materials company’s stock worth $1,182,877,000 after buying an additional 1,301,263 shares during the last quarter. 76.41% of the stock is currently owned by institutional investors and hedge funds.
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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