Nucor Corporation (NUE) Coverage Initiated by Analysts at Macquarie
Equities research analysts at Macquarie assumed coverage on shares of Nucor Corporation (NYSE:NUE) in a research note issued on Wednesday, MarketBeat.com reports. The brokerage set a “neutral” rating and a $57.00 price target on the basic materials company’s stock. Macquarie’s target price indicates a potential upside of 4.49% from the stock’s previous close.
Several other equities research analysts have also recently issued reports on the stock. Bank of America Corporation reissued a “buy” rating and issued a $73.00 price objective on shares of Nucor Corporation in a research report on Wednesday. ValuEngine cut shares of Nucor Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. 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. Jefferies Group LLC set a $68.00 price target on shares of Nucor Corporation and gave the stock a “buy” rating in a research report on Monday, August 21st. Finally, BidaskClub cut 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 issued a hold rating and twelve have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $69.53.
Shares of Nucor Corporation (NYSE:NUE) traded up 0.53% during mid-day trading on Wednesday, reaching $54.55. 2,552,697 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $56.30 and a 200 day moving average price of $58.78. The firm has a market capitalization of $17.42 billion, a price-to-earnings ratio of 15.31 and a beta of 1.53. Nucor Corporation has a 12-month low of $44.81 and a 12-month high of $68.00.
Nucor Corporation (NYSE:NUE) last released its quarterly earnings data on Thursday, July 20th. The basic materials company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by $0.06. The company had revenue of $5.17 billion during the quarter, compared to analysts’ expectations of $5.08 billion. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. Nucor Corporation’s quarterly revenue was up 21.9% on a year-over-year basis. During the same period last year, the firm earned $0.73 earnings per share. Analysts anticipate that Nucor Corporation will post $4.14 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 company’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $60.17, for a total transaction of $898,999.97. Following the transaction, the chairman now owns 361,847 shares in the company, valued at approximately $21,772,333.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David A. Sumoski sold 2,537 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $61.66, for a total transaction of $156,431.42. Following the transaction, the insider now owns 62,434 shares in the company, valued at approximately $3,849,680.44. The disclosure for this sale can be found here. Insiders have sold a total of 20,104 shares of company stock worth $1,213,595 in the last 90 days. 0.70% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in NUE. Mckinley Capital Management LLC Delaware acquired a new stake in shares of Nucor Corporation in the second quarter worth $100,000. Krilogy Financial LLC increased its stake in shares of Nucor Corporation by 4,594.6% in the second quarter. Krilogy Financial LLC now owns 1,737 shares of the basic materials company’s stock worth $101,000 after acquiring an additional 1,700 shares during the period. Washington Trust Bank increased its stake in shares of Nucor Corporation by 60.2% in the second quarter. Washington Trust Bank now owns 1,756 shares of the basic materials company’s stock worth $102,000 after acquiring an additional 660 shares during the period. Fiduciary Trust Co. acquired a new stake in shares of Nucor Corporation in the second quarter worth $109,000. Finally, Advantage Investment Management LLC increased its stake in shares of Nucor Corporation by 164.9% in the first quarter. Advantage Investment Management LLC now owns 1,854 shares of the basic materials company’s stock worth $111,000 after acquiring an additional 1,154 shares during the period. Hedge funds and other institutional investors own 74.99% 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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