In a report sent to clients and investors, the rating was changed from a "buy" to a "hold".
NUE was the subject of other research reports. JPMorgan Chase & Co. raised their target price for Nucor in a report published on Friday, 14th July from $130.00 up to $145.00. BNP Paribas upgraded Nucor's rating from 'neutral to 'outperform,' and set a price target of $191.00 on the stock. This was revealed in a report published on Wednesday, 7th July. Credit Suisse Group increased their price target on Nucor in a report published on Tuesday, the 11th of July from $156.00 up to $167.00. Citigroup increased their price target for Nucor in a report published on Thursday, 27th July from $160.00 up to $180.00. They also gave the stock an 'neutral rating'. UBS Group reduced their price target for Nucor in a report published on Friday, 5th May from $145.00 down to $140.00. Seven analysts have given the stock a hold rating while three others have given the company a buy recommendation. According to MarketBeat data, the company currently has a consensus of 'Hold.' Its average target price is $160.33.
Nucor Stocks Up 0.3 %
The stock opened Friday at $172.58. The company's market capitalization is $42.92 billion. It has a price to earnings ratio of 7.97, and a beta value of 1.60. The company's current ratio is 3.82, its quick ratio is 2.41, and it has a debt to equity ratio of 0.32. The company has a moving average of $167.34 for the past 50 days and $156.01 for the last 200 days. Nucor's 12-month low is $102,86, and its 12-month high is $182.68.
() announced its latest quarterly earnings on Monday, 24th July. The company's earnings per share for the first quarter were $5.81, exceeding analysts' expectations of $5.59. Revenue for the quarter was $9.52 billion, which is higher than the consensus estimate of $9.5 billion. Nucor's return on equity was 28.00%, and its net margin was 14.81%. Revenue for the third quarter of 2015 was down 19.3% compared to last year. In the same quarter last year, Nucor posted a $9.67 profit per share. Analysts on the sell-side expect Nucor to post 18.76 earnings per share for the current fiscal year.
Nucor announced that on May 11, its board had approved a program of share repurchases that will allow the company to repurchase $4.00 billion worth of shares. The buyback authorization allows Nucor to acquire up to 11,6% of its shares through open market purchases. Stock buybacks are usually a sign the board of directors believes that its stock is undervalued.
Nucor: Insider Deals
Nucor shares were sold in an exchange that took place on August 14th. The shares were purchased at an average of $172.92 for a value of $898.146.48. After the sale was completed, the executive vice-president now owns 139 326 shares of the company valued at $24,092,251.92. EVP Douglas J. Jellison, who is also the CEO of the company, sold 5,194 stock shares in a deal on Monday, 14th August. The shares were purchased at an average of $172.92 for a transaction totaling $898,146.48. After the completion of this transaction, the executive director now owns directly 139,326 company shares, worth $24,092,251.92. On Monday, 31st July, 12,765 shares were sold in the company's stock. The stock was purchased at a price of $171.46 on average, for a transaction totaling $2,188.686.90. After the sale is complete, the chief executive officer will now own 62,444 company shares, worth approximately $10,706,648.24. Insiders have sold a total 62,320 company shares worth $10,584,084 in the last quarter. Insiders hold 0.46% shares of the company.
Hedge Funds weigh in on Nucor
Recently, a number of hedge funds and institutional investors have made changes to the positions they hold in NUE. Mach 1 Financial Group LLC bought a stake in Nucor valued at approximately $20,853,000 in the 1st Quarter. Householder Group Estate & Retirement Specialist LLC purchased a Nucor position in the first quarter valued at approximately $25,000. Avalon Trust Co purchased a Nucor position in the first quarter for approximately $25,000. Delta Asset Management LLC TN purchased a Nucor position in the fourth quarter for approximately $26,000. Freedom Wealth Alliance LLC also bought a Nucor position in the fourth quarter, worth about $26,000. 77.56% of Nucor's shares are owned by institutional investors.
Nucor Company Profile
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Nucor Corporation is engaged in the manufacture and sale steel and steel products. Steel Mills produces sheet steel, galvanized and hot-rolled; beam blanks and wide-flange beams; sheet piling and H-piling products; and bar products such as blooms and billets; concrete reinforcing bars and merchant bars; and engineered special quality bar products.
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