Nucor (NUE) Upgraded at Zacks Investment Research

Nucor (NYSE:NUE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $73.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 14.06% from the company’s current price.

According to Zacks, “Nucor’s profits surged year-over-year in the fourth quarter of 2017. Adjusted earnings and sales also beat the respective Zacks Consensus Estimate in the quarter. 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.”

NUE has been the subject of several other reports. ValuEngine upgraded Nucor from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Credit Suisse Group lifted their price target on Nucor from $63.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, October 20th. Jefferies Group reiterated a “buy” rating and set a $76.00 price target on shares of Nucor in a report on Wednesday, January 31st. Cowen lifted their price target on Nucor from $57.00 to $63.00 and gave the company a “market perform” rating in a report on Monday, October 23rd. Finally, Citigroup set a $66.00 price target on Nucor and gave the company a “buy” rating in a report on Friday, October 20th. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Nucor has an average rating of “Buy” and a consensus price target of $69.70.

Shares of Nucor (NYSE NUE) traded up $0.56 during trading on Tuesday, hitting $64.00. The stock had a trading volume of 1,682,823 shares, compared to its average volume of 3,149,357. The firm has a market cap of $19,637.71, a price-to-earnings ratio of 15.50, a price-to-earnings-growth ratio of 1.05 and a beta of 1.56. The company has a current ratio of 2.42, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36. Nucor has a fifty-two week low of $51.67 and a fifty-two week high of $70.48.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Tuesday, January 30th. The basic materials company reported $0.65 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.10. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.86 billion. Nucor had a return on equity of 13.03% and a net margin of 6.58%. The firm’s revenue was up 28.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.50 EPS. equities research analysts predict that Nucor will post 4.92 EPS for the current year.

In related news, EVP Robert J. Stratman sold 39,037 shares of the firm’s 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 transaction, the executive vice president now directly owns 233,824 shares of the company’s stock, valued at approximately $14,936,677.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.70% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of NUE. CI Investments Inc. bought a new stake in shares of Nucor during the third quarter valued at approximately $55,250,000. Alps Advisors Inc. increased its position in shares of Nucor by 9,051.7% during the fourth quarter. Alps Advisors Inc. now owns 805,075 shares of the basic materials company’s stock valued at $51,187,000 after purchasing an additional 796,278 shares during the period. BlackRock Inc. increased its position in shares of Nucor by 3.2% during the fourth quarter. BlackRock Inc. now owns 22,382,353 shares of the basic materials company’s stock valued at $1,423,070,000 after purchasing an additional 702,355 shares during the period. Point72 Asset Management L.P. increased its position in shares of Nucor by 384.8% during the third quarter. Point72 Asset Management L.P. now owns 509,772 shares of the basic materials company’s stock valued at $28,568,000 after purchasing an additional 404,622 shares during the period. Finally, Stifel Financial Corp increased its position in shares of Nucor by 120.6% during the third quarter. Stifel Financial Corp now owns 594,283 shares of the basic materials company’s stock valued at $33,356,000 after purchasing an additional 324,926 shares during the period. 74.10% of the stock is currently owned by 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).

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