Nucor Corporation (NUE) PT Raised to $63.00
Nucor Corporation (NYSE:NUE) had its price objective raised by equities research analysts at Cowen and Company from $57.00 to $63.00 in a research note issued to investors on Monday. The brokerage currently has a “market perform” rating on the basic materials company’s stock. Cowen and Company’s price objective indicates a potential upside of 5.00% from the stock’s current price.
Several other analysts have also commented on the company. Morgan Stanley reaffirmed a “buy” rating on shares of Nucor Corporation in a report on Tuesday, July 18th. BMO Capital Markets set a $70.00 price objective on Nucor Corporation and gave the stock a “hold” rating in a report on Saturday, August 26th. Macquarie initiated coverage on Nucor Corporation in a report on Wednesday, September 6th. They issued a “neutral” rating and a $57.00 price objective for the company. KeyCorp reaffirmed an “overweight” rating and issued a $66.00 price objective (down previously from $72.00) on shares of Nucor Corporation in a report on Monday, June 26th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $68.00 price objective on shares of Nucor Corporation in a report on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $67.32.
Nucor Corporation (NUE) opened at 60.00 on Monday. Nucor Corporation has a 12 month low of $46.52 and a 12 month high of $68.00. The stock’s 50 day moving average price is $55.65 and its 200-day moving average price is $57.50. The stock has a market cap of $19.17 billion, a PE ratio of 16.84 and a beta of 1.54.
Nucor Corporation (NYSE:NUE) last issued its quarterly earnings data on Thursday, October 19th. The basic materials company reported $0.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.01. Nucor Corporation had a return on equity of 12.91% and a net margin of 5.80%. The company had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the previous year, the company posted $0.88 earnings per share. Nucor Corporation’s revenue was up 20.5% compared to the same quarter last year. Analysts anticipate that Nucor Corporation will post $3.77 EPS for the current fiscal year.
In other news, Director Victoria F. Haynes sold 2,500 shares of the business’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $55.16, for a total value of $137,900.00. Following the transaction, the director now directly owns 33,573 shares in the company, valued at $1,851,886.68. The sale was disclosed in a document filed 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 shares were sold at an average price of $61.66, for a total value of $156,431.42. Following the completion of the transaction, the insider now owns 62,434 shares in the company, valued at $3,849,680.44. The disclosure for this sale can be found here. 0.70% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the company. Mckinley Capital Management LLC Delaware purchased a new position in shares of Nucor Corporation in the second quarter valued at about $100,000. Krilogy Financial LLC lifted 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 valued at $101,000 after acquiring an additional 1,700 shares in the last quarter. Washington Trust Bank lifted 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 valued at $102,000 after acquiring an additional 660 shares in the last quarter. FNY Partners Fund LP purchased a new position in shares of Nucor Corporation in the fourth quarter valued at about $107,000. Finally, Advantage Investment Management LLC lifted 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 valued at $111,000 after acquiring an additional 1,154 shares in the last quarter. Institutional investors and hedge funds own 74.83% 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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