Nucor Corporation’s (NUE) “Buy” Rating Reaffirmed at Jefferies Group LLC
Nucor Corporation (NYSE:NUE)‘s stock had its “buy” rating reaffirmed by research analysts at Jefferies Group LLC in a research report issued on Saturday.
Other analysts also recently issued reports about the company. Morgan Stanley restated a “buy” rating on shares of Nucor Corporation in a report on Tuesday, July 18th. Cowen and Company restated a “market perform” rating and issued a $63.00 price objective (up from $62.00) on shares of Nucor Corporation in a report on Tuesday, July 25th. Credit Suisse Group upgraded Nucor Corporation from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $56.00 to $68.00 in a report on Wednesday, May 24th. Berenberg Bank restated a “buy” rating and issued a $77.50 price objective on shares of Nucor Corporation in a report on Wednesday, July 19th. Finally, Bank of America Corporation restated a “buy” rating and issued a $73.00 price objective on shares of Nucor Corporation in a report on Wednesday, September 6th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the stock. Nucor Corporation presently has an average rating of “Buy” and a consensus price target of $68.47.
Shares of Nucor Corporation (NYSE NUE) opened at 53.50 on Friday. The stock has a 50 day moving average of $55.44 and a 200-day moving average of $58.47. The stock has a market capitalization of $17.09 billion, a P/E ratio of 15.02 and a beta of 1.53. Nucor Corporation has a 52-week low of $45.30 and a 52-week 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 for the quarter, missing the consensus estimate of $1.06 by ($0.06). The firm had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.08 billion. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The business’s revenue was up 21.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.73 earnings per share. Analysts predict that Nucor Corporation will post $4.08 EPS for the current fiscal year.
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In other news, Chairman John J. Ferriola sold 14,941 shares of the business’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $60.17, for a total transaction of $898,999.97. Following the sale, the chairman now owns 361,847 shares in the company, valued at $21,772,333.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David A. Sumoski sold 2,537 shares of the business’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $61.66, for a total value of $156,431.42. Following the sale, 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 20,104 shares of company stock worth $1,213,595 in the last 90 days. Insiders own 0.70% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Nucor Corporation by 1.3% during the second quarter. Vanguard Group Inc. now owns 25,573,754 shares of the basic materials company’s stock worth $1,479,954,000 after acquiring an additional 319,596 shares during the last quarter. BlackRock Inc. grew its stake in shares of Nucor Corporation by 1,900.5% during the first quarter. BlackRock Inc. now owns 21,654,414 shares of the basic materials company’s stock worth $1,293,202,000 after acquiring an additional 20,571,970 shares during the last quarter. Northern Trust Corp grew its stake in shares of Nucor Corporation by 15.0% during the second quarter. Northern Trust Corp now owns 5,759,017 shares of the basic materials company’s stock worth $333,275,000 after acquiring an additional 750,796 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Nucor Corporation by 8.6% during the second quarter. Dimensional Fund Advisors LP now owns 4,471,347 shares of the basic materials company’s stock worth $258,776,000 after acquiring an additional 352,694 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Nucor Corporation by 11.7% during the first quarter. Geode Capital Management LLC now owns 3,715,181 shares of the basic materials company’s stock worth $221,600,000 after acquiring an additional 389,241 shares during the last quarter. Institutional investors and hedge funds own 75.00% of the company’s stock.
Nucor Corporation Company Profile
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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