Nucor Corporation (NYSE:NUE) had its price objective increased by equities researchers at Cowen and Company from $57.00 to $63.00 in a research report issued on Monday, October 23rd, MarketBeat Ratings reports. The firm currently has a “market perform” rating on the basic materials company’s stock. Cowen and Company’s target price indicates a potential upside of 12.84% from the company’s current price.
A number of other research firms also recently commented on NUE. Jefferies Group LLC reiterated a “buy” rating on shares of Nucor Corporation in a research note on Friday, June 30th. Credit Suisse Group lifted their price target on Nucor Corporation from $63.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, October 20th. Bank of America Corporation reiterated a “buy” rating and issued a $73.00 price target on shares of Nucor Corporation in a research note on Wednesday, September 6th. Citigroup Inc. set a $66.00 price target on Nucor Corporation and gave the stock a “buy” rating in a research note on Friday, October 20th. Finally, Berenberg Bank reiterated a “buy” rating and issued a $77.50 price target on shares of Nucor Corporation in a research note on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $67.32.
Shares of Nucor Corporation (NUE) traded down $0.69 during midday trading on Monday, hitting $55.83. The stock had a trading volume of 2,552,000 shares, compared to its average volume of 2,710,701. Nucor Corporation has a twelve month low of $51.67 and a twelve month high of $68.00. The stock has a market capitalization of $17,968.65, a price-to-earnings ratio of 16.62, a price-to-earnings-growth ratio of 1.27 and a beta of 1.59. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.13 and a current ratio of 2.11.
Nucor Corporation (NYSE:NUE) last announced its earnings results on Thursday, October 19th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.01. Nucor Corporation had a return on equity of 12.78% and a net margin of 5.80%. The business had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same period in the previous year, the company earned $0.88 earnings per share. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. research analysts expect that Nucor Corporation will post 3.72 EPS for the current fiscal year.
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In other news, Director Victoria F. Haynes sold 2,500 shares of Nucor Corporation stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $55.16, for a total transaction of $137,900.00. Following the sale, the director now owns 33,573 shares of the company’s stock, valued at $1,851,886.68. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ladd R. Hall sold 17,583 shares of Nucor Corporation stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $57.94, for a total value of $1,018,759.02. Following the sale, the insider now directly owns 206,406 shares in the company, valued at approximately $11,959,163.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 44,217 shares of company stock worth $2,608,231. Corporate insiders own 0.70% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Cadence Capital Management LLC raised its holdings in Nucor Corporation by 3.5% during the third quarter. Cadence Capital Management LLC now owns 47,959 shares of the basic materials company’s stock worth $2,688,000 after purchasing an additional 1,644 shares in the last quarter. Dai Ichi Life Insurance Company Ltd raised its holdings in Nucor Corporation by 1,148.9% during the third quarter. Dai Ichi Life Insurance Company Ltd now owns 54,352 shares of the basic materials company’s stock worth $3,046,000 after purchasing an additional 50,000 shares in the last quarter. Pegasus Partners Ltd. raised its holdings in Nucor Corporation by 18.4% during the third quarter. Pegasus Partners Ltd. now owns 14,678 shares of the basic materials company’s stock worth $823,000 after purchasing an additional 2,281 shares in the last quarter. Legal & General Group Plc raised its holdings in Nucor Corporation by 2.8% during the third quarter. Legal & General Group Plc now owns 1,729,371 shares of the basic materials company’s stock worth $96,908,000 after purchasing an additional 46,786 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. raised its holdings in Nucor Corporation by 3.4% during the third quarter. Amundi Pioneer Asset Management Inc. now owns 1,874,421 shares of the basic materials company’s stock worth $105,043,000 after purchasing an additional 60,915 shares in the last quarter. 74.75% of the stock is currently owned by hedge funds and other institutional investors.
About Nucor Corporation
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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