Nucor (NYSE:NUE) Stock Rating Upgraded by Cfra

Nucor (NYSE:NUE) was upgraded by stock analysts at Cfra from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday, MarketBeat Ratings reports.

NUE has been the topic of a number of other reports. Weiss Ratings raised shares of Nucor from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 15th. The Goldman Sachs Group reiterated a “buy” rating and issued a $335.00 price objective on shares of Nucor in a research note on Wednesday, October 28th. Wells Fargo & Company boosted their price objective on shares of Nucor from $280.00 to $305.00 and gave the stock an “overweight” rating in a report on Wednesday, October 28th. Barclays increased their target price on shares of Nucor from $306.00 to $320.00 and gave the company an “overweight” rating in a report on Wednesday, October 28th. Finally, Citigroup restated a “buy” rating on shares of Nucor in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $287.38.

Nucor Trading Down 1.5%

Shares of NUE stock opened at $273.38 on Wednesday. The business’s fifty day moving average price is $255.05 and its 200 day moving average price is $224.47. Nucor has a 1-year low of $140.93 and a 1-year high of $287.70. The firm has a market capitalization of $62.03 billion, a PE ratio of 17.40, a P/E/G ratio of 0.68 and a beta of 1.81. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.43.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, October 26th. The basic materials company reported $5.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.84 by ($0.04). Nucor had a return on equity of 15.53% and a net margin of 9.26%. The business had revenue of $11.25 billion during the quarter, compared to analysts’ expectations of $10.84 billion. During the same quarter in the previous year, the company posted $2.63 EPS. The company’s revenue was up 32.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Nucor will post 19.61 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Michael Keller sold 1,136 shares of the stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $279.33, for a total transaction of $317,318.88. Following the transaction, the insider directly owned 15,588 shares in the company, valued at approximately $4,354,196.04. This represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Allen C. Behr sold 11,846 shares of the firm’s stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $272.90, for a total value of $3,232,773.40. Following the completion of the sale, the executive vice president directly owned 58,022 shares in the company, valued at approximately $15,834,203.80. The trade was a 16.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 18,172 shares of company stock worth $4,977,498. 0.62% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nucor

Hedge funds have recently modified their holdings of the stock. Cantor Fitzgerald Investment Advisors L.P. increased its holdings in shares of Nucor by 0.5% during the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 8,091 shares of the basic materials company’s stock valued at $1,891,000 after purchasing an additional 40 shares during the period. Signature Equity Partners LLC raised its stake in shares of Nucor by 34.1% during the third quarter. Signature Equity Partners LLC now owns 165 shares of the basic materials company’s stock valued at $39,000 after purchasing an additional 42 shares in the last quarter. Venture Visionary Partners LLC lifted its holdings in Nucor by 2.4% in the third quarter. Venture Visionary Partners LLC now owns 1,932 shares of the basic materials company’s stock worth $452,000 after purchasing an additional 46 shares during the period. Smith Thornton Advisors LLC lifted its holdings in Nucor by 3.1% in the third quarter. Smith Thornton Advisors LLC now owns 1,545 shares of the basic materials company’s stock worth $361,000 after purchasing an additional 47 shares during the period. Finally, Focus Financial Network Inc. lifted its holdings in Nucor by 3.6% in the second quarter. Focus Financial Network Inc. now owns 1,417 shares of the basic materials company’s stock worth $316,000 after purchasing an additional 49 shares during the period. 76.48% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Nucor

Here are the key news stories impacting Nucor this week:

• Positive Sentiment: Nucor reportedly reached a 52-week high following an analyst upgrade. The company’s recent third-quarter revenue beat estimates and fourth-quarter outlook was described as steady to slightly better than recent results. Article: Nucor Reaches New 52-Week High Following Analyst Upgrade
• Positive Sentiment: Coverage highlighted Nucor’s strong balance sheet and cash flow, which supported $1.36 billion in shareholder returns and could help fund future growth, buybacks and dividend increases. Article: Can NUE’s Strong Balance Sheet Power Bigger Shareholder Returns Ahead?
• Neutral Sentiment: Third-quarter revenue rose 32% year over year to $11.25 billion, above estimates, but EPS of $5.80 narrowly missed the $5.84 consensus. The results show significant year-over-year improvement, though the earnings miss tempers the positive read-through.
• Negative Sentiment: Two insiders recently sold shares. EVP Allen Behr sold 11,846 shares, reducing his holdings by 16.95%; Michael Keller sold 1,136 shares, trimming his stake by 6.79%. Insider sales can be for personal reasons, but may create some near-term caution. SEC filing for Allen Behr sale SEC filing for Michael Keller sale

About Nucor

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.