Nucor Corporation (NUE) Given a $70.00 Price Target by BMO Capital Markets Analysts
Nucor Corporation (NYSE:NUE) has been assigned a $70.00 price objective by equities research analysts at BMO Capital Markets in a note issued to investors on Saturday. The brokerage currently has a “hold” rating on the basic materials company’s stock. BMO Capital Markets’ price target suggests a potential upside of 27.95% from the stock’s previous close.
A number of other research firms also recently commented on NUE. BidaskClub raised shares of Nucor Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Zacks Investment Research downgraded shares of Nucor Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. KeyCorp reissued an “overweight” rating and set a $66.00 target price (down previously from $72.00) on shares of Nucor Corporation in a research report on Monday, June 26th. Credit Suisse Group raised shares of Nucor Corporation from a “neutral” rating to an “outperform” rating and raised their target price for the company from $56.00 to $68.00 in a research report on Wednesday, May 24th. Finally, Longbow Research raised shares of Nucor Corporation from a “neutral” rating to a “buy” rating in a research report on Monday, June 19th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $68.88.
Shares of Nucor Corporation (NUE) opened at 54.71 on Friday. The firm has a 50 day moving average price of $57.51 and a 200 day moving average price of $59.22. The firm has a market cap of $17.48 billion, a P/E ratio of 15.36 and a beta of 1.51. Nucor Corporation has a 1-year low of $44.81 and a 1-year high of $68.00.
Nucor Corporation (NYSE:NUE) last posted its quarterly earnings results on Thursday, July 20th. The basic materials company reported $1.00 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by $0.06. The company had revenue of $5.17 billion during the quarter, compared to analysts’ expectations of $5.08 billion. Nucor Corporation had a return on equity of 13.39% and a net margin of 6.08%. The company’s quarterly revenue was up 21.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.73 EPS. Analysts anticipate that Nucor Corporation will post $4.17 EPS for the current year.
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In related news, Chairman John J. Ferriola sold 14,941 shares of Nucor Corporation stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $60.17, for a total value of $898,999.97. Following the completion of the sale, the chairman now directly owns 361,847 shares in the company, valued at approximately $21,772,333.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Leon J. Topalian sold 2,626 shares of Nucor Corporation stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $60.23, for a total transaction of $158,163.98. Following the completion of the sale, the insider now owns 19,610 shares of the company’s stock, valued at $1,181,110.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,104 shares of company stock worth $1,213,595. Insiders own 0.70% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Nucor Corporation by 1,900.5% in the first quarter. BlackRock Inc. now owns 21,654,414 shares of the basic materials company’s stock worth $1,293,202,000 after buying an additional 20,571,970 shares during the period. Vanguard Group Inc. boosted its stake in Nucor Corporation by 17.3% in the first quarter. Vanguard Group Inc. now owns 25,254,158 shares of the basic materials company’s stock worth $1,508,179,000 after buying an additional 3,729,281 shares during the period. Pioneer Investment Management Inc. boosted its stake in Nucor Corporation by 437.2% in the second quarter. Pioneer Investment Management Inc. now owns 1,813,506 shares of the basic materials company’s stock worth $104,947,000 after buying an additional 1,475,935 shares during the period. PNC Financial Services Group Inc. boosted its stake in Nucor Corporation by 1,351.9% in the first quarter. PNC Financial Services Group Inc. now owns 1,207,726 shares of the basic materials company’s stock worth $72,124,000 after buying an additional 1,124,541 shares during the period. Finally, AQR Capital Management LLC boosted its stake in Nucor Corporation by 53.6% in the first quarter. AQR Capital Management LLC now owns 2,513,579 shares of the basic materials company’s stock worth $150,111,000 after buying an additional 877,194 shares during the period. Institutional investors own 75.99% 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).
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