Bank of America Corporation reaffirmed their buy rating on shares of Nucor Corporation (NYSE:NUE) in a research report sent to investors on Wednesday, September 6th. Bank of America Corporation currently has a $73.00 target price on the basic materials company’s stock.
Other analysts have also issued research reports about the company. Barclays PLC reissued a buy rating and set a $73.00 price objective on shares of Nucor Corporation in a research note on Monday, May 15th. Berenberg Bank reaffirmed a buy rating and issued a $77.50 price target on shares of Nucor Corporation in a research note on Wednesday, July 19th. Jefferies Group LLC reaffirmed a buy rating and issued a $68.00 price target on shares of Nucor Corporation in a research note on Wednesday, July 19th. Morgan Stanley reaffirmed a buy rating on shares of Nucor Corporation in a research note on Tuesday, July 18th. Finally, Longbow Research raised Nucor Corporation from a neutral rating to a buy rating in a research report on Monday, June 19th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Nucor Corporation has an average rating of Hold and an average target price of $68.47.
Nucor Corporation (NUE) opened at 53.21 on Wednesday. Nucor Corporation has a one year low of $44.81 and a one year high of $68.00. The company has a 50-day moving average of $56.12 and a 200 day moving average of $58.66. The company has a market cap of $17.00 billion, a P/E ratio of 14.94 and a beta of 1.53.
Nucor Corporation (NYSE:NUE) last released its quarterly earnings data on Thursday, July 20th. The basic materials company reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.06). The company had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.08 billion. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The business’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period last year, the company posted $0.73 EPS. Equities research analysts predict that Nucor Corporation will post $4.14 EPS for the current year.
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In related news, insider Leon J. Topalian sold 2,626 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $60.23, for a total value of $158,163.98. Following the transaction, the insider now directly owns 19,610 shares of the company’s stock, valued at approximately $1,181,110.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman John J. Ferriola sold 14,941 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $60.17, for a total value of $898,999.97. Following the completion of the transaction, the chairman now directly owns 361,847 shares in the company, valued at $21,772,333.99. The disclosure for this sale can be found here. Insiders sold 20,104 shares of company stock worth $1,213,595 over the last three months. Insiders own 0.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Massmutual Trust Co. FSB ADV lifted its holdings in Nucor Corporation by 0.7% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 2,147 shares of the basic materials company’s stock worth $128,000 after purchasing an additional 15 shares in the last quarter. Accredited Investors Inc. lifted its holdings in Nucor Corporation by 0.6% in the 1st quarter. Accredited Investors Inc. now owns 3,892 shares of the basic materials company’s stock worth $232,000 after purchasing an additional 24 shares in the last quarter. FineMark National Bank & Trust lifted its holdings in Nucor Corporation by 0.3% in the 2nd quarter. FineMark National Bank & Trust now owns 9,699 shares of the basic materials company’s stock worth $561,000 after purchasing an additional 26 shares in the last quarter. Cleararc Capital Inc. lifted its holdings in Nucor Corporation by 0.5% in the 1st quarter. Cleararc Capital Inc. now owns 7,795 shares of the basic materials company’s stock worth $466,000 after purchasing an additional 35 shares in the last quarter. Finally, ING Groep NV lifted its holdings in Nucor Corporation by 0.3% in the 2nd quarter. ING Groep NV now owns 16,591 shares of the basic materials company’s stock worth $960,000 after purchasing an additional 43 shares in the last quarter. 75.00% of the stock is currently owned by 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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