Nucor Corporation (NUE) Earns Buy Rating from Longbow Research

Nucor Corporation (NYSE:NUE)‘s stock had its “buy” rating reiterated by Longbow Research in a research report issued to clients and investors on Thursday. They currently have a $66.00 price target on the basic materials company’s stock. Longbow Research’s price target would suggest a potential upside of 12.49% from the company’s current price.

Several other analysts also recently weighed in on the company. Cowen and Company reissued a “market perform” rating and issued a $63.00 target price (up from $62.00) on shares of Nucor Corporation in a report on Tuesday. Zacks Investment Research downgraded Nucor Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Berenberg Bank restated a “buy” rating and issued a $77.50 price target on shares of Nucor Corporation in a research report on Wednesday, July 19th. Jefferies Group LLC restated a “buy” rating and issued a $68.00 price target on shares of Nucor Corporation in a research report on Wednesday, July 19th. Finally, Morgan Stanley restated a “buy” rating on shares of Nucor Corporation in a research report on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $68.76.

Shares of Nucor Corporation (NUE) traded up 0.95% during midday trading on Thursday, hitting $58.67. The company’s stock had a trading volume of 2,939,770 shares. The firm has a 50-day moving average of $58.50 and a 200 day moving average of $59.79. The firm has a market cap of $18.80 billion, a price-to-earnings ratio of 16.47 and a beta of 1.52. Nucor Corporation has a 12-month low of $44.81 and a 12-month high of $68.00.

Nucor Corporation (NYSE:NUE) last posted its earnings results on Thursday, July 20th. The basic materials company reported $1.00 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by $0.06. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The firm had revenue of $5.17 billion during the quarter, compared to analysts’ expectations of $5.08 billion. During the same period in the previous year, the firm posted $0.73 earnings per share. The firm’s revenue for the quarter was up 21.9% on a year-over-year basis. On average, equities research analysts predict that Nucor Corporation will post $4.15 EPS for the current fiscal year.

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In related news, Chairman John J. Ferriola sold 14,941 shares of the company’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 sale, the chairman now owns 361,847 shares in the company, valued at approximately $21,772,333.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Leon J. Topalian sold 2,626 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $60.23, for a total value of $158,163.98. Following the completion of the sale, the insider now owns 19,610 shares in the company, valued at approximately $1,181,110.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,104 shares of company stock worth $1,213,595. Insiders own 0.70% of the company’s stock.

Several large investors have recently added to or reduced their stakes in NUE. Massmutual Trust Co. FSB ADV boosted its position in Nucor Corporation by 0.7% in the first quarter. Massmutual Trust Co. FSB ADV now owns 2,147 shares of the basic materials company’s stock worth $128,000 after buying an additional 15 shares during the last quarter. Accredited Investors Inc. boosted its position in Nucor Corporation by 0.6% in the first quarter. Accredited Investors Inc. now owns 3,892 shares of the basic materials company’s stock worth $232,000 after buying an additional 24 shares during the last quarter. FineMark National Bank & Trust boosted its position in Nucor Corporation by 0.3% in the second quarter. FineMark National Bank & Trust now owns 9,699 shares of the basic materials company’s stock worth $561,000 after buying an additional 26 shares during the last quarter. Cleararc Capital Inc. boosted its position in Nucor Corporation by 0.5% in the first quarter. Cleararc Capital Inc. now owns 7,795 shares of the basic materials company’s stock worth $466,000 after buying an additional 35 shares during the last quarter. Finally, ING Groep NV boosted its position in Nucor Corporation by 0.3% in the second quarter. ING Groep NV now owns 16,591 shares of the basic materials company’s stock worth $960,000 after buying an additional 43 shares during the last quarter. Institutional investors and hedge funds own 76.45% of the company’s stock.

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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