Nucor (NUE) Price Target Raised to $72.00 at BMO Capital Markets

Nucor (NYSE:NUE) had its price objective lifted by investment analysts at BMO Capital Markets to $72.00 in a report released on Wednesday, The Fly reports. The firm currently has a “market perform” rating on the basic materials company’s stock. BMO Capital Markets’ price objective would indicate a potential upside of 7.93% from the company’s current price. The analysts noted that the move was a valuation call.

Several other analysts also recently issued reports on the company. Credit Suisse Group boosted their price target on Nucor from $63.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, October 20th. Zacks Investment Research cut Nucor from a “hold” rating to a “sell” rating in a report on Tuesday, December 26th. KeyCorp reissued a “hold” rating on shares of Nucor in a report on Thursday, October 19th. ValuEngine raised Nucor from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, Cowen upped their target price on Nucor from $57.00 to $63.00 and gave the stock a “market perform” rating in a report on Monday, October 23rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $69.44.

Shares of Nucor (NUE) traded down $0.11 during midday trading on Wednesday, hitting $66.71. The stock had a trading volume of 1,423,359 shares, compared to its average volume of 2,874,578. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.11 and a quick ratio of 1.12. Nucor has a one year low of $51.67 and a one year high of $70.48. The company has a market cap of $21,230.00, a P/E ratio of 16.29, a P/E/G ratio of 1.18 and a beta of 1.58.

Nucor (NYSE:NUE) last issued its earnings results on Tuesday, January 30th. The basic materials company reported $0.65 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.10. Nucor had a return on equity of 12.78% and a net margin of 5.80%. The company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.86 billion. During the same period in the previous year, the company posted $0.50 EPS. The firm’s revenue for the quarter was up 28.7% compared to the same quarter last year. equities analysts predict that Nucor will post 3.47 EPS for the current fiscal year.

In other news, EVP Robert J. Stratman sold 39,037 shares of the stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $63.88, for a total value of $2,493,683.56. Following the completion of the sale, the executive vice president now directly owns 233,824 shares of the company’s stock, valued at $14,936,677.12. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Ladd R. Hall sold 17,583 shares of the stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $57.94, for a total value of $1,018,759.02. Following the completion of the sale, the insider now directly owns 206,406 shares of the company’s stock, valued at $11,959,163.64. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of the company. Security National Bank of Sioux City Iowa IA boosted its position in shares of Nucor by 0.4% in the 2nd quarter. Security National Bank of Sioux City Iowa IA now owns 21,597 shares of the basic materials company’s stock worth $1,249,000 after purchasing an additional 77 shares in the last quarter. Thrivent Financial For Lutherans lifted its position in Nucor by 1.6% in the 2nd quarter. Thrivent Financial For Lutherans now owns 12,170 shares of the basic materials company’s stock valued at $704,000 after acquiring an additional 195 shares in the last quarter. Sentry Investment Management LLC lifted its position in Nucor by 1.3% in the 2nd quarter. Sentry Investment Management LLC now owns 20,879 shares of the basic materials company’s stock valued at $1,208,000 after acquiring an additional 260 shares in the last quarter. Nomura Holdings Inc. lifted its position in Nucor by 0.7% in the 2nd quarter. Nomura Holdings Inc. now owns 70,064 shares of the basic materials company’s stock valued at $4,057,000 after acquiring an additional 484 shares in the last quarter. Finally, People s United Financial Inc. lifted its position in Nucor by 12.9% in the 2nd quarter. People s United Financial Inc. now owns 6,788 shares of the basic materials company’s stock valued at $393,000 after acquiring an additional 778 shares in the last quarter. 74.46% of the stock is owned by hedge funds and other institutional investors.

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Nucor 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).