Nucor (NYSE:NUE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, December 26th.
According to Zacks, “Estimates for Nucor for the fourth quarter and current year have been going down lately. 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.”
Other equities analysts have also recently issued reports about the company. Jefferies Group reaffirmed a “buy” rating and issued a $68.00 target price on shares of Nucor in a report on Friday, October 6th. Citigroup set a $66.00 price target on Nucor and gave the company a “buy” rating in a report on Friday, October 20th. Credit Suisse Group decreased their price target on Nucor from $68.00 to $63.00 and set a “buy” rating on the stock in a report on Thursday, September 28th. Bank of America reaffirmed a “buy” rating and issued a $73.00 target price on shares of Nucor in a report on Wednesday, September 6th. Finally, ValuEngine raised Nucor from a “hold” rating to a “buy” rating in a report on Friday, December 1st. One equities 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 company’s stock. The stock has an average rating of “Buy” and a consensus target price of $68.37.
Nucor (NYSE NUE) opened at $69.02 on Tuesday. The stock has a market capitalization of $21,940.00, a price-to-earnings ratio of 19.23, a PEG ratio of 1.26 and a beta of 1.58. Nucor has a 52 week low of $51.67 and a 52 week high of $70.48. The company has a quick ratio of 1.12, a current ratio of 2.11 and a debt-to-equity ratio of 0.37.
Nucor (NYSE:NUE) last released its quarterly 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 had a return on equity of 12.78% and a net margin of 5.80%. The firm had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $5.19 billion. During the same period last year, the business posted $0.88 EPS. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. research analysts predict that Nucor will post 3.54 earnings per share for the current year.
In related news, Chairman John J. Ferriola sold 15,131 shares of the business’s stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $60.40, for a total value of $913,912.40. Following the completion of the transaction, the chairman now owns 349,506 shares of the company’s stock, valued at $21,110,162.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert J. Stratman sold 39,037 shares of the company’s stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $63.88, for a total value of $2,493,683.56. Following the transaction, the executive vice president now directly owns 233,824 shares in the company, valued at $14,936,677.12. The disclosure for this sale can be found here. Insiders sold 80,754 shares of company stock valued at $4,964,014 in the last three months. 0.70% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Security National Bank of Sioux City Iowa IA boosted its holdings in Nucor by 0.4% in the second quarter. Security National Bank of Sioux City Iowa IA now owns 21,597 shares of the basic materials company’s stock valued at $1,249,000 after purchasing an additional 77 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Nucor by 1.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 7,278 shares of the basic materials company’s stock valued at $421,000 after purchasing an additional 97 shares during the last quarter. Jennison Associates LLC boosted its holdings in Nucor by 1.4% in the second quarter. Jennison Associates LLC now owns 7,140 shares of the basic materials company’s stock valued at $413,000 after purchasing an additional 99 shares during the last quarter. NBT Bank N A NY boosted its holdings in Nucor by 0.7% in the second quarter. NBT Bank N A NY now owns 19,240 shares of the basic materials company’s stock valued at $1,113,000 after purchasing an additional 125 shares during the last quarter. Finally, Hillsdale Investment Management Inc. boosted its holdings in Nucor by 2.4% in the second quarter. Hillsdale Investment Management Inc. now owns 5,530 shares of the basic materials company’s stock valued at $320,000 after purchasing an additional 130 shares during the last quarter. 74.31% of the stock is currently owned by hedge funds and other institutional investors.
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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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