Nucor (NUE) Stock Rating Upgraded by ValuEngine

Nucor (NYSE:NUE) was upgraded by equities researchers at ValuEngine from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.

Several other analysts also recently weighed in on the stock. Zacks Investment Research upgraded shares of Nucor from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research report on Wednesday. KeyCorp upgraded shares of Nucor from a “sector weight” rating to an “overweight” rating and set a $77.00 price objective on the stock in a research report on Tuesday, July 24th. Jefferies Financial Group reiterated a “buy” rating and issued a $80.00 price objective on shares of Nucor in a research report on Friday, July 13th. Finally, Macquarie upgraded shares of Nucor from a “neutral” rating to an “outperform” rating and set a $75.00 price objective on the stock in a research report on Thursday, May 17th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $71.00.

Shares of NYSE:NUE opened at $62.58 on Thursday. The stock has a market capitalization of $20.11 billion, a P/E ratio of 13.58, a PEG ratio of 0.69 and a beta of 1.54. Nucor has a fifty-two week low of $53.18 and a fifty-two week high of $70.48. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.55 and a current ratio of 3.05.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Thursday, July 19th. The basic materials company reported $2.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.10 by ($0.03). The firm had revenue of $6.46 billion during the quarter, compared to the consensus estimate of $6.47 billion. Nucor had a net margin of 7.58% and a return on equity of 16.22%. The company’s revenue for the quarter was up 24.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.00 earnings per share. research analysts expect that Nucor will post 7.64 earnings per share for the current fiscal year.

Nucor declared that its board has approved a stock buyback plan on Thursday, September 6th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 10% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

In other Nucor news, insider Leon J. Topalian sold 3,115 shares of the firm’s stock in a transaction dated Thursday, June 21st. The shares were sold at an average price of $64.98, for a total transaction of $202,412.70. Following the transaction, the insider now owns 43,370 shares of the company’s stock, valued at approximately $2,818,182.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP D. Chad Utermark sold 53,483 shares of the firm’s stock in a transaction dated Tuesday, July 24th. The shares were sold at an average price of $68.49, for a total transaction of $3,663,050.67. Following the transaction, the executive vice president now directly owns 155,140 shares in the company, valued at approximately $10,625,538.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 122,443 shares of company stock worth $8,277,404. 0.70% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. HM Payson & Co. acquired a new position in shares of Nucor in the 2nd quarter worth approximately $206,000. Advisors Asset Management Inc. grew its stake in shares of Nucor by 2.3% in the 2nd quarter. Advisors Asset Management Inc. now owns 70,461 shares of the basic materials company’s stock worth $4,404,000 after purchasing an additional 1,593 shares during the last quarter. Wilsey Asset Management Inc. grew its stake in shares of Nucor by 6.6% in the 2nd quarter. Wilsey Asset Management Inc. now owns 151,189 shares of the basic materials company’s stock worth $9,451,000 after purchasing an additional 9,398 shares during the last quarter. WINTON GROUP Ltd grew its stake in shares of Nucor by 1,877.1% in the 2nd quarter. WINTON GROUP Ltd now owns 90,294 shares of the basic materials company’s stock worth $5,643,000 after purchasing an additional 85,727 shares during the last quarter. Finally, Laurel Wealth Advisors Inc. acquired a new position in shares of Nucor in the 2nd quarter worth approximately $529,000. 77.34% of the stock is currently owned by hedge funds and other institutional investors.

About Nucor

Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. It operates in three segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; hollow structural section steel tubing, steel electrical conduit, plate steel, and structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, wire rods, and special bar quality; and tubular and plate steel products.

Further Reading: Earnings Per Share

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Analyst Recommendations for Nucor (NYSE:NUE)

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