Nucor (NYSE:NUE) Stock Rating Lowered by Wall Street Zen

by · The Cerbat Gem

Nucor (NYSE:NUE – Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report issued on Saturday, Wall Street Zen reports.

Several other research firms have also commented on NUE. Bank of America dropped their target price on Nucor from $290.00 to $280.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Citigroup reissued a “buy” rating on shares of Nucor in a research note on Wednesday, July 29th. UBS Group lifted their price target on Nucor from $224.00 to $256.00 and gave the company a “neutral” rating in a report on Tuesday, July 28th. BMO Capital Markets upped their price objective on shares of Nucor from $285.00 to $295.00 and gave the company an “outperform” rating in a research note on Wednesday, July 29th. Finally, KeyCorp upgraded shares of Nucor from a “sector weight” rating to an “overweight” rating and set a $274.00 price objective on the stock in a report on Wednesday, June 24th. Thirteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $276.07.

Get Our Latest Research Report on NUE

Nucor Stock Up 0.0%

Shares of NYSE NUE opened at $247.37 on Friday. The firm has a market cap of $56.12 billion, a P/E ratio of 19.73, a price-to-earnings-growth ratio of 0.90 and a beta of 1.87. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.36 and a current ratio of 2.51. Nucor has a 1 year low of $131.32 and a 1 year high of $280.11. The firm’s 50 day moving average price is $256.03 and its 200 day moving average price is $229.73.

Nucor (NYSE:NUE – Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.38. Nucor had a return on equity of 12.73% and a net margin of 7.99%.The company had revenue of $10.40 billion during the quarter, compared to the consensus estimate of $10.15 billion. During the same period in the previous year, the firm posted $2.60 EPS. Nucor’s revenue was up 23.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Nucor will post 18.29 earnings per share for the current year.

Insider Transactions at Nucor

In related news, COO Stephen Laxton sold 3,968 shares of the firm’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $256.96, for a total transaction of $1,019,617.28. Following the sale, the chief operating officer directly owned 77,867 shares in the company, valued at approximately $20,008,704.32. This trade represents a 4.85% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Thomas Batterbee sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $261.02, for a total value of $1,044,080.00. Following the transaction, the executive vice president directly owned 16,138 shares in the company, valued at $4,212,340.76. This trade represents a 19.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.62% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Transamerica Financial Advisors LLC acquired a new position in Nucor in the second quarter worth about $25,000. Manning & Napier Advisors LLC acquired a new stake in shares of Nucor during the 2nd quarter worth approximately $27,000. Bell Investment Advisors Inc acquired a new stake in Nucor in the second quarter worth $28,000. Markowski Investments acquired a new position in shares of Nucor during the second quarter valued at $29,000. Finally, Motiv8 Investments LLC bought a new position in shares of Nucor during the fourth quarter worth about $32,000. 76.48% of the stock is owned by institutional investors and hedge funds.

About Nucor

(Get Free Report)

Nucor Corporation is a Charlotte, North Carolina-based steel and steel products company. It manufactures carbon, alloy and stainless steel products, including sheet, plate, bar, structural steel, rail, wire rod, rebar and merchant bar. The company also produces steel joists, deck, beams, piling, wire products, fasteners, grating, metal building systems and other fabricated steel products.

Nucor operates an integrated network of electric arc furnace steel mills, recycling facilities and downstream manufacturing operations.

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