Nucor Corporation (NUE) Given Buy Rating at Bank of America Corporation

Bank of America Corporation restated their buy rating on shares of Nucor Corporation (NYSE:NUE) in a research note published on Wednesday morning. The firm currently has a $73.00 target price on the basic materials company’s stock.

A number of other brokerages have also commented on NUE. Cowen and Company reiterated a market perform rating and issued a $63.00 target price (up previously from $62.00) on shares of Nucor Corporation in a research report on Tuesday, July 25th. BidaskClub upgraded Nucor Corporation from a sell rating to a hold rating in a research report on Tuesday, June 13th. Morgan Stanley reiterated a buy rating on shares of Nucor Corporation in a research report on Tuesday, July 18th. Longbow Research initiated coverage on Nucor Corporation in a research report on Tuesday, May 9th. They issued a neutral rating on the stock. Finally, Berenberg Bank reiterated a buy rating and issued a $77.50 target price on shares of Nucor Corporation in a research report on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $69.53.

Nucor Corporation (NUE) opened at 54.55 on Wednesday. Nucor Corporation has a 52 week low of $44.81 and a 52 week high of $68.00. The company has a market cap of $17.42 billion, a PE ratio of 15.31 and a beta of 1.53. The stock has a 50 day moving average of $56.30 and a 200 day moving average of $58.78.

Nucor Corporation (NYSE:NUE) last issued its quarterly earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.06 by $0.06. Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The business had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter in the previous year, the firm posted $0.73 EPS. Nucor Corporation’s revenue was up 21.9% on a year-over-year basis. Equities research analysts predict that Nucor Corporation will post $4.14 EPS for the current fiscal year.

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In other Nucor Corporation news, 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 of the company’s stock, valued at $21,772,333.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David A. Sumoski sold 2,537 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $61.66, for a total value of $156,431.42. Following the completion of the transaction, the insider now directly owns 62,434 shares of the company’s stock, valued at $3,849,680.44. The disclosure for this sale can be found here. Insiders sold 20,104 shares of company stock valued at $1,213,595 over the last three months. 0.70% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in the business. First Mercantile Trust Co. raised its stake in shares of Nucor Corporation by 1.8% during the 1st quarter. First Mercantile Trust Co. now owns 3,716 shares of the basic materials company’s stock worth $222,000 after buying an additional 66 shares during the period. Commerzbank Aktiengesellschaft FI raised its stake in shares of Nucor Corporation by 61.9% during the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 12,126 shares of the basic materials company’s stock worth $724,000 after buying an additional 4,636 shares during the period. State Treasurer State of Michigan raised its stake in shares of Nucor Corporation by 0.6% during the 1st quarter. State Treasurer State of Michigan now owns 104,711 shares of the basic materials company’s stock worth $6,253,000 after buying an additional 600 shares during the period. Searle & CO. acquired a new position in shares of Nucor Corporation during the 1st quarter worth approximately $1,795,000. Finally, Chicago Equity Partners LLC acquired a new position in shares of Nucor Corporation during the 1st quarter worth approximately $201,000. 74.99% of the stock is owned by 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).

Analyst Recommendations for Nucor Corporation (NYSE:NUE)

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