Nucor (NYSE:NUE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, March 12th.
According to Zacks, “Estimates for Nucor for the current quarter have been stable of late. 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’s shares have underperformed the industry it belongs to over a year. Moreover, the U.S. steel industry is adversely affected by cheaper imports, which is likely to hurt margins in the Steel Mills unit in first-quarter 2018. Nucor also faces soft demand in certain markets including non-residential construction.”
NUE has been the subject of a number of other reports. ValuEngine raised Nucor from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Jefferies Group restated a “buy” rating and issued a $77.00 price target on shares of Nucor in a report on Tuesday, January 9th. BMO Capital Markets set a $62.00 price target on Nucor and gave the company a “hold” rating in a report on Friday, November 17th. Longbow Research upgraded Nucor from a “neutral” rating to a “buy” rating in a report on Wednesday, December 20th. Finally, Morgan Stanley dropped their target price on Nucor from $70.00 to $68.00 and set a “hold” rating on the stock in a report on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $69.90.
Nucor (NYSE:NUE) last issued its quarterly earnings data 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 firm had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.86 billion. Nucor had a return on equity of 13.03% and a net margin of 6.58%. The business’s revenue for the quarter was up 28.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 EPS. equities research analysts forecast that Nucor will post 5.3 earnings per share for the current fiscal year.
In other Nucor news, EVP Robert J. Stratman sold 39,037 shares of the stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $63.88, for a total transaction of $2,493,683.56. Following the completion of the sale, the executive vice president now directly owns 233,824 shares in the company, valued at approximately $14,936,677.12. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman John J. Ferriola sold 14,313 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $64.12, for a total value of $917,749.56. Following the sale, the chairman now owns 333,775 shares of the company’s stock, valued at $21,401,653. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 103,387 shares of company stock valued at $6,806,291. 0.70% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. Luminus Management LLC lifted its position in shares of Nucor by 303.4% during the 4th quarter. Luminus Management LLC now owns 1,654,324 shares of the basic materials company’s stock worth $105,182,000 after buying an additional 1,244,185 shares in the last quarter. CI Investments Inc. bought a new stake in shares of Nucor in the 3rd quarter worth approximately $55,250,000. Alps Advisors Inc. raised its holdings in shares of Nucor by 9,051.7% in the 4th quarter. Alps Advisors Inc. now owns 805,075 shares of the basic materials company’s stock worth $51,187,000 after purchasing an additional 796,278 shares during the period. BlackRock Inc. raised its holdings in shares of Nucor by 3.2% in the 4th quarter. BlackRock Inc. now owns 22,382,353 shares of the basic materials company’s stock worth $1,423,070,000 after purchasing an additional 702,355 shares during the period. Finally, Point72 Asset Management L.P. raised its holdings in shares of Nucor by 384.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 509,772 shares of the basic materials company’s stock worth $28,568,000 after purchasing an additional 404,622 shares during the period. Institutional investors and hedge funds own 80.07% of the company’s stock.
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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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