Nucor Corporation (NYSE:NUE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.

According to Zacks, “Nucor recorded a year-over-year decrease in earnings (on a reported basis) in third-quarter 2017. Adjusted earnings however, beat the Zacks Consensus Estimate, while sales trailed. Nucor has underperformed the industry it belongs to over the past six months. The U.S. steel industry is not out of the woods yet. The industry continues to be adversely affected by cheaper imports. Weakness in plate mills is also likely to weigh on the company’s steel mills unit in fourth-quarter 2017. However, Nucor remains committed to expand its production capabilities and grow its business through strategic acquisitions. It is also seeing continued momentum in the automotive market.”

Several other equities analysts have also recently commented on NUE. Morgan Stanley restated a “buy” rating on shares of Nucor Corporation in a report on Tuesday, July 18th. Jefferies Group LLC restated a “buy” rating and set a $68.00 price target on shares of Nucor Corporation in a report on Wednesday, July 19th. Berenberg Bank restated a “buy” rating and set a $77.50 price target on shares of Nucor Corporation in a report on Wednesday, July 19th. 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 report on Tuesday, July 25th. Finally, Longbow Research restated a “buy” rating and set a $66.00 price target on shares of Nucor Corporation in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $67.32.

Nucor Corporation (NYSE:NUE) traded down $1.19 during midday trading on Thursday, reaching $56.51. 863,693 shares of the company’s stock traded hands, compared to its average volume of 2,488,254. Nucor Corporation has a 12-month low of $50.59 and a 12-month high of $68.00. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.13 and a current ratio of 2.12. The stock has a market cap of $18,427.69, a PE ratio of 16.97, a price-to-earnings-growth ratio of 1.29 and a beta of 1.59.

Nucor Corporation (NYSE:NUE) last posted its quarterly earnings data on Thursday, October 19th. The basic materials company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.01. Nucor Corporation had a net margin of 5.80% and a return on equity of 12.77%. The firm had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.19 billion. During the same period in the previous year, the company posted $0.88 EPS. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. equities research analysts expect that Nucor Corporation will post 3.72 earnings per share for the current fiscal year.

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In other Nucor Corporation news, insider D. Chad Utermark sold 9,003 shares of the business’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $59.72, for a total transaction of $537,659.16. Following the completion of the transaction, the insider now owns 73,883 shares of the company’s stock, valued at approximately $4,412,292.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Ladd R. Hall sold 17,583 shares of the business’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $57.94, for a total transaction of $1,018,759.02. Following the transaction, the insider now directly owns 206,406 shares of the company’s stock, valued at approximately $11,959,163.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,217 shares of company stock valued at $2,608,231. 0.70% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Pioneer Investment Management Inc. raised its position in shares of Nucor Corporation by 437.2% during the second quarter. Pioneer Investment Management Inc. now owns 1,813,506 shares of the basic materials company’s stock valued at $104,947,000 after buying an additional 1,475,935 shares during the last quarter. CI Investments Inc. acquired a new position in shares of Nucor Corporation during the third quarter valued at about $55,250,000. Northern Trust Corp raised its position 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 valued at $333,275,000 after buying an additional 750,796 shares during the last quarter. Balyasny Asset Management LLC raised its position in shares of Nucor Corporation by 55.4% during the second quarter. Balyasny Asset Management LLC now owns 1,471,244 shares of the basic materials company’s stock valued at $85,141,000 after buying an additional 524,476 shares during the last quarter. Finally, Prudential PLC raised its position in shares of Nucor Corporation by 28.2% during the second quarter. Prudential PLC now owns 2,260,300 shares of the basic materials company’s stock valued at $130,804,000 after buying an additional 496,700 shares during the last quarter. 74.75% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Nucor Corporation (NYSE:NUE)

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