Nucor Corporation (NUE) Stock Rating Upgraded by Citigroup Inc.
Nucor Corporation (NYSE:NUE) was upgraded by research analysts at Citigroup Inc. from a “neutral” rating to a “buy” rating in a note issued to investors on Thursday, The Fly reports.
A number of other research firms also recently commented on NUE. Jefferies Group LLC restated a “buy” rating on shares of Nucor Corporation in a research report on Friday, June 30th. Bank of America Corporation restated a “buy” rating and set a $73.00 price target on shares of Nucor Corporation in a research report on Wednesday, September 6th. ValuEngine downgraded shares of Nucor Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 16th. Cowen and Company restated a “market perform” rating and set a $63.00 price target (up from $62.00) on shares of Nucor Corporation in a research report on Tuesday, July 25th. Finally, Berenberg Bank restated a “buy” rating and set a $77.50 price target on shares of Nucor Corporation in a research report on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $68.47.
Nucor Corporation (NUE) opened at 53.60 on Thursday. The firm has a market capitalization of $17.12 billion, a price-to-earnings ratio of 15.05 and a beta of 1.53. Nucor Corporation has a 52 week low of $44.81 and a 52 week high of $68.00. The stock’s 50 day moving average is $55.92 and its 200-day moving average is $58.60.
Nucor Corporation (NYSE:NUE) last released its quarterly 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). Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The company had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter last year, the firm posted $0.73 earnings per share. The firm’s quarterly revenue was up 21.9% compared to the same quarter last year. On average, equities research analysts expect that Nucor Corporation will post $4.14 EPS for the current year.
In other news, insider David A. Sumoski sold 2,537 shares of Nucor Corporation stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total transaction of $156,431.42. Following the completion of the sale, the insider now owns 62,434 shares of the company’s stock, valued at $3,849,680.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman John J. Ferriola sold 14,941 shares of Nucor Corporation stock in a transaction on Monday, July 24th. The stock was sold at an average price of $60.17, for a total value of $898,999.97. Following the sale, the chairman now directly owns 361,847 shares of the company’s stock, valued at approximately $21,772,333.99. The disclosure for this sale can be found here. Insiders have sold 20,104 shares of company stock valued at $1,213,595 in the last three months. Insiders own 0.70% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of NUE. Mckinley Capital Management LLC Delaware bought a new position in shares of Nucor Corporation in the second quarter worth $100,000. Krilogy Financial LLC increased its position 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 purchasing an additional 1,700 shares during the period. Washington Trust Bank increased its position 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 purchasing an additional 660 shares during the period. Advantage Investment Management LLC increased its position 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 purchasing an additional 1,154 shares during the period. Finally, Fiduciary Trust Co. bought a new position in shares of Nucor Corporation in the second quarter worth $109,000. 75.00% 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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