Nucor Corporation (NUE) Stock Rating Reaffirmed by Jefferies Group LLC
Nucor Corporation (NYSE:NUE)‘s stock had its “buy” rating reaffirmed by equities researchers at Jefferies Group LLC in a note issued to investors on Friday. They presently have a $68.00 target price on the basic materials company’s stock. Jefferies Group LLC’s price objective points to a potential upside of 19.99% from the stock’s previous close.
Other equities analysts have also issued research reports about the stock. Berenberg Bank reaffirmed a “buy” rating and set a $77.50 price target on shares of Nucor Corporation in a research report on Wednesday, July 19th. Morgan Stanley reissued a “buy” rating on shares of Nucor Corporation in a research report on Tuesday, July 18th. Longbow Research reissued a “buy” rating and issued a $66.00 price objective on shares of Nucor Corporation in a research report on Thursday, July 27th. 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, September 6th. Finally, Citigroup Inc. raised shares of Nucor Corporation from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $53.60 to $65.00 in a research report on Thursday, September 14th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $67.13.
Shares of Nucor Corporation (NYSE NUE) opened at 56.67 on Friday. Nucor Corporation has a 12-month low of $45.30 and a 12-month high of $68.00. The company has a 50-day moving average of $54.83 and a 200 day moving average of $57.78. The firm has a market cap of $18.10 billion, a P/E ratio of 15.91 and a beta of 1.54.
Nucor Corporation (NYSE:NUE) last issued its quarterly earnings results on Thursday, July 20th. The basic materials company reported $1.00 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $5.08 billion. During the same period last year, the company posted $0.73 EPS. The business’s revenue for the quarter was up 21.9% on a year-over-year basis. Equities research analysts anticipate that Nucor Corporation will post $3.91 earnings per share for the current fiscal year.
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In related news, 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 completion of the sale, the insider now directly owns 19,610 shares of the company’s stock, valued at approximately $1,181,110.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 sale, the director now directly owns 33,573 shares of the company’s stock, valued at $1,851,886.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,604 shares of company stock valued at $1,351,495. Company insiders own 0.70% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Nucor Corporation by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 25,573,754 shares of the basic materials company’s stock valued at $1,479,954,000 after purchasing an additional 319,596 shares in the last quarter. BlackRock Inc. grew its holdings in Nucor Corporation by 1,900.5% during the 1st quarter. BlackRock Inc. now owns 21,654,414 shares of the basic materials company’s stock valued at $1,293,202,000 after purchasing an additional 20,571,970 shares in the last quarter. State Street Corp grew its holdings in Nucor Corporation by 7.0% during the 4th quarter. State Street Corp now owns 19,873,453 shares of the basic materials company’s stock valued at $1,182,877,000 after purchasing an additional 1,301,263 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Nucor Corporation by 6.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,211,118 shares of the basic materials company’s stock valued at $492,108,000 after purchasing an additional 738,160 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. grew its holdings in Nucor Corporation by 2.8% during the 3rd quarter. BlackRock Institutional Trust Company N.A. now owns 8,776,292 shares of the basic materials company’s stock valued at $433,988,000 after purchasing an additional 242,300 shares in the last quarter. 74.86% of the stock is owned by institutional investors and hedge funds.
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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