Nucor (NUE) Upgraded to Hold by Zacks Investment Research

Nucor (NYSE:NUE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday, January 8th. The brokerage presently has a $76.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s target price points to a potential upside of 10.11% from the company’s previous close.

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.”

NUE has been the subject of several other research reports. Credit Suisse Group increased their price target on shares of Nucor from $63.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, October 20th. Citigroup set a $66.00 price target on shares of Nucor and gave the stock a “buy” rating in a research report on Friday, October 20th. Jefferies Group reissued a “buy” rating on shares of Nucor in a research report on Saturday, September 16th. ValuEngine raised shares of Nucor from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Finally, Bank of America dropped their price target on shares of Nucor from $73.00 to $71.00 and set a “buy” rating for the company in a research report on Friday, October 20th. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $68.37.

Nucor (NUE) traded down $1.16 during mid-day trading on Monday, reaching $69.02. 2,637,200 shares of the company’s stock were exchanged, compared to its average volume of 2,925,589. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.11 and a quick ratio of 1.12. Nucor has a one year low of $51.67 and a one year high of $70.48. The company has a market capitalization of $21,940.00, a PE ratio of 19.23, a price-to-earnings-growth ratio of 1.21 and a beta of 1.58.

Nucor (NYSE:NUE) last announced its quarterly earnings data on Thursday, October 19th. The basic materials company reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.01. The business had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.19 billion. Nucor had a net margin of 5.80% and a return on equity of 12.78%. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.88 earnings per share. equities analysts forecast that Nucor will post 3.54 earnings per share for the current fiscal year.

In other news, EVP Robert J. Stratman sold 39,037 shares of Nucor stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $63.88, for a total transaction of $2,493,683.56. Following the transaction, the executive vice president now directly owns 233,824 shares of the company’s stock, valued at $14,936,677.12. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman John J. Ferriola sold 15,131 shares of Nucor stock in a transaction on Monday, October 23rd. The stock was 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 disclosure for this sale can be found here. Insiders have sold 80,754 shares of company stock worth $4,964,014 over the last three months. 0.70% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bristol Advisors LLC acquired a new stake in shares of Nucor during the fourth quarter worth $248,000. Appleton Partners Inc. MA acquired a new stake in shares of Nucor during the fourth quarter worth $204,000. Rockland Trust Co. acquired a new stake in shares of Nucor during the fourth quarter worth $206,000. Abner Herrman & Brock LLC raised its holdings in shares of Nucor by 44.8% during the fourth quarter. Abner Herrman & Brock LLC now owns 122,725 shares of the basic materials company’s stock worth $7,803,000 after acquiring an additional 37,965 shares during the period. Finally, Parametric Portfolio Associates LLC raised its holdings in shares of Nucor by 0.6% during the third quarter. Parametric Portfolio Associates LLC now owns 737,059 shares of the basic materials company’s stock worth $41,305,000 after acquiring an additional 4,462 shares during the period. 74.34% of the stock is currently owned by institutional investors.

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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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