Nucor (NYSE:NUE) was downgraded by equities researchers at Deutsche Bank to a “buy” rating in a research report issued to clients and investors on Tuesday.
A number of other research analysts also recently issued reports on NUE. Zacks Investment Research upgraded Nucor from a “hold” rating to a “buy” rating and set a $72.00 price target on the stock in a report on Thursday, July 12th. Jefferies Financial Group reiterated a “buy” rating and issued a $80.00 price target on shares of Nucor in a report on Friday, July 13th. ValuEngine upgraded Nucor from a “sell” rating to a “hold” rating in a report on Thursday, September 13th. Finally, KeyCorp upgraded Nucor from a “sector weight” rating to an “overweight” rating and set a $77.00 price target on the stock in a report on Tuesday, July 24th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $71.00.
NUE opened at $64.30 on Tuesday. The firm has a market cap of $20.07 billion, a price-to-earnings ratio of 18.32, a PEG ratio of 0.69 and a beta of 1.51. Nucor has a 52 week low of $53.71 and a 52 week high of $70.48. The company has a current ratio of 3.05, a quick ratio of 1.55 and a debt-to-equity ratio of 0.43.
Nucor (NYSE:NUE) last announced its quarterly earnings results on Thursday, July 19th. The basic materials company reported $2.07 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.10 by ($0.03). Nucor had a net margin of 7.58% and a return on equity of 16.22%. The company had revenue of $6.46 billion during the quarter, compared to analysts’ expectations of $6.47 billion. During the same quarter in the prior year, the business posted $1.00 earnings per share. The company’s revenue was up 24.9% compared to the same quarter last year. equities research analysts forecast that Nucor will post 7.64 EPS for the current fiscal year.
Nucor announced that its board has authorized a share buyback program on Thursday, September 6th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the basic materials company to buy up to 10% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, EVP D. Chad Utermark sold 53,483 shares of the firm’s stock in a transaction on Tuesday, July 24th. The stock was sold at an average price of $68.49, for a total value of $3,663,050.67. Following the completion of the sale, the executive vice president now owns 155,140 shares of the company’s stock, valued at approximately $10,625,538.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David A. Sumoski sold 51,238 shares of the firm’s stock in a transaction on Monday, July 23rd. The stock was sold at an average price of $66.65, for a total value of $3,415,012.70. Following the completion of the sale, the insider now directly owns 139,839 shares of the company’s stock, valued at approximately $9,320,269.35. The disclosure for this sale can be found here. Insiders sold a total of 119,328 shares of company stock valued at $8,074,991 in the last three months. Insiders own 0.80% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Almanack Investment Partners LLC. acquired a new stake in shares of Nucor in the 2nd quarter worth $106,000. Parallel Advisors LLC boosted its position in shares of Nucor by 120.0% in the 2nd quarter. Parallel Advisors LLC now owns 2,231 shares of the basic materials company’s stock worth $139,000 after purchasing an additional 1,217 shares in the last quarter. Transamerica Financial Advisors Inc. acquired a new stake in shares of Nucor in the 2nd quarter worth $153,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of Nucor in the 2nd quarter worth $179,000. Finally, Gifford Fong Associates acquired a new stake in shares of Nucor in the 2nd quarter worth $188,000. 77.28% of the stock is owned by hedge funds and other institutional investors.
Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. It operates in three segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; hollow structural section steel tubing, steel electrical conduit, plate steel, and structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, wire rods, and special bar quality; and tubular and plate steel products.
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