Nucor (NUE) Rating Lowered to Sell at Zacks Investment Research
Nucor (NYSE:NUE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
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.”
A number of other brokerages have also weighed in on NUE. Credit Suisse Group upped their target price on shares of Nucor from $63.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, October 20th. Bank of America restated a “buy” rating and set a $73.00 target price on shares of Nucor in a research report on Wednesday, September 6th. Citigroup set a $66.00 target price on shares of Nucor and gave the stock a “buy” rating in a research report on Friday, October 20th. Macquarie initiated coverage on shares of Nucor in a research report on Wednesday, September 6th. They set a “neutral” rating and a $57.00 target price for the company. Finally, Jefferies Group restated a “buy” rating on shares of Nucor in a research report on Saturday, September 16th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $66.80.
Nucor (NUE) opened at $64.61 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.12 and a current ratio of 2.11. Nucor has a 12-month low of $51.67 and a 12-month high of $66.00. The firm has a market cap of $20,524.70, a price-to-earnings ratio of 18.78, a P/E/G ratio of 1.49 and a beta of 1.58.
Nucor (NYSE:NUE) last issued its earnings results on Thursday, October 19th. The basic materials company reported $0.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.01. Nucor had a net margin of 5.15% and a return on equity of 12.07%. The firm had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the prior year, the business earned $0.88 earnings per share. Nucor’s revenue for the quarter was up 20.5% on a year-over-year basis. analysts expect that Nucor will post 3.61 EPS for the current year.
In related news, insider D. Chad Utermark sold 9,003 shares of the firm’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $59.72, for a total value of $537,659.16. Following the transaction, the insider now owns 73,883 shares of the company’s stock, valued at approximately $4,412,292.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert J. Stratman sold 39,037 shares of the firm’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $63.88, for a total transaction of $2,493,683.56. Following the completion of the transaction, the executive vice president now directly owns 233,824 shares in the company, valued at approximately $14,936,677.12. The disclosure for this sale can be found here. Insiders sold a total of 80,754 shares of company stock valued at $4,964,014 in the last 90 days. Company insiders own 0.70% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Mckinley Capital Management LLC Delaware purchased a new position in Nucor in the 2nd quarter worth about $100,000. Krilogy Financial LLC increased its stake in Nucor by 4,594.6% in the 2nd quarter. Krilogy Financial LLC now owns 1,737 shares of the basic materials company’s stock worth $101,000 after buying an additional 1,700 shares during the period. Fiduciary Trust Co. purchased a new position in Nucor in the 2nd quarter worth about $109,000. Sun Life Financial INC increased its stake in Nucor by 23,290.0% in the 2nd quarter. Sun Life Financial INC now owns 2,339 shares of the basic materials company’s stock worth $135,000 after buying an additional 2,329 shares during the period. Finally, Benjamin F. Edwards & Company Inc. increased its stake in Nucor by 791.0% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,673 shares of the basic materials company’s stock worth $150,000 after buying an additional 2,373 shares during the period. 74.30% of the stock is currently owned by institutional investors.
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Nucor Company Profile
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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