Nucor (NYSE:NUE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday. The firm presently has a $76.00 price target on the basic materials company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.13% from the company’s current price.
According to Zacks, “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. However, 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.”
Several other equities research analysts have also recently weighed in on NUE. Morgan Stanley cut Nucor from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $78.00 to $60.00 in a research report on Tuesday, September 12th. Citigroup upgraded Nucor from a “neutral” rating to a “buy” rating and upped their price target for the company from $53.60 to $65.00 in a research report on Thursday, September 14th. Jefferies Group reiterated a “buy” rating on shares of Nucor in a research report on Saturday, September 16th. BMO Capital Markets reiterated a “market perform” rating and set a $62.00 price target (down from $70.00) on shares of Nucor in a research report on Monday, September 18th. Finally, KeyCorp reiterated a “hold” rating on shares of Nucor in a research report on Tuesday, September 19th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company. Nucor currently has an average rating of “Buy” and an average target price of $68.19.
Nucor (NYSE:NUE) last announced its quarterly earnings results on Thursday, October 19th. The basic materials company reported $0.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.01. Nucor had a return on equity of 12.78% and a net margin of 5.80%. 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 prior year, the business posted $0.88 earnings per share. The company’s revenue was up 20.5% on a year-over-year basis. equities research analysts expect that Nucor will post 3.61 EPS for the current fiscal year.
In other Nucor news, Chairman John J. Ferriola sold 15,131 shares of the stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $60.40, for a total transaction of $913,912.40. Following the transaction, the chairman now directly owns 349,506 shares in the company, valued at $21,110,162.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider D. Chad Utermark sold 9,003 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 73,883 shares in the company, valued at $4,412,292.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 80,754 shares of company stock worth $4,964,014. 0.70% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of NUE. Vanguard Group Inc. boosted its stake in shares of Nucor by 1.3% during the second quarter. Vanguard Group Inc. now owns 25,573,754 shares of the basic materials company’s stock valued at $1,479,954,000 after purchasing an additional 319,596 shares during the period. Northern Trust Corp boosted its stake in shares of Nucor 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 purchasing an additional 750,796 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Nucor by 3.4% during the third quarter. Dimensional Fund Advisors LP now owns 4,621,566 shares of the basic materials company’s stock valued at $258,974,000 after purchasing an additional 150,219 shares during the period. Prudential PLC boosted its stake in shares of Nucor 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 purchasing an additional 496,700 shares during the period. Finally, Boston Partners boosted its stake in shares of Nucor by 3.7% during the third quarter. Boston Partners now owns 1,961,046 shares of the basic materials company’s stock valued at $109,897,000 after purchasing an additional 70,358 shares during the period. Institutional investors and hedge funds own 74.31% of the company’s stock.
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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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