Bank of America Corporation Trims Nucor Corporation (NUE) Target Price to $71.00
Nucor Corporation (NYSE:NUE) had its price objective cut by research analysts at Bank of America Corporation from $73.00 to $71.00 in a report released on Friday. The firm currently has a “buy” rating on the basic materials company’s stock. Bank of America Corporation’s price target suggests a potential upside of 21.12% from the company’s previous close.
A number of other equities research analysts also recently weighed in on the stock. Cowen and Company reiterated a “market perform” rating and issued a $63.00 price target (up from $62.00) on shares of Nucor Corporation in a research report on Tuesday, July 25th. Morgan Stanley reiterated a “buy” rating on shares of Nucor Corporation in a research report on Tuesday, July 18th. KeyCorp reiterated a “hold” rating on shares of Nucor Corporation in a research report on Thursday. Citigroup Inc. set a $66.00 price target on shares of Nucor Corporation and gave the company a “buy” rating in a research report on Friday. Finally, Credit Suisse Group lifted their price target on shares of Nucor Corporation from $63.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $67.32.
Nucor Corporation (NYSE:NUE) traded up 2.23% during midday trading on Friday, hitting $59.93. The stock had a trading volume of 2,130,540 shares. The company’s 50 day moving average is $55.51 and its 200 day moving average is $57.50. The company has a market cap of $19.14 billion, a price-to-earnings ratio of 16.82 and a beta of 1.54. Nucor Corporation has a 1-year low of $46.52 and a 1-year high of $68.00.
Nucor Corporation (NYSE:NUE) last issued its quarterly earnings data on Thursday, October 19th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.01. The firm had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.19 billion. Nucor Corporation had a net margin of 6.08% and a return on equity of 13.39%. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period last year, the business posted $0.88 earnings per share. On average, equities analysts anticipate that Nucor Corporation will post $3.77 earnings per share for the current fiscal 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 transaction, the chairman now directly owns 361,847 shares of the company’s stock, valued at $21,772,333.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Victoria F. Haynes sold 2,500 shares of Nucor Corporation stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $55.16, for a total transaction of $137,900.00. Following the completion of the transaction, the director now directly owns 33,573 shares in the company, valued at $1,851,886.68. The disclosure for this sale can be found here. Insiders sold 22,604 shares of company stock worth $1,351,495 over the last three months. 0.70% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the stock. Mckinley Capital Management LLC Delaware bought a new position in Nucor Corporation in the second quarter valued at approximately $100,000. Krilogy Financial LLC increased its stake in Nucor Corporation by 4,594.6% in the second quarter. Krilogy Financial LLC now owns 1,737 shares of the basic materials company’s stock valued at $101,000 after acquiring an additional 1,700 shares during the last quarter. Washington Trust Bank increased its stake in Nucor Corporation by 60.2% in the second quarter. Washington Trust Bank now owns 1,756 shares of the basic materials company’s stock valued at $102,000 after acquiring an additional 660 shares during the last quarter. Fiduciary Trust Co. bought a new position in Nucor Corporation in the second quarter valued at approximately $109,000. Finally, Sun Life Financial INC increased its stake in Nucor Corporation by 23,290.0% in the second quarter. Sun Life Financial INC now owns 2,339 shares of the basic materials company’s stock valued at $135,000 after acquiring an additional 2,329 shares during the last quarter. 74.83% of the stock is currently owned by institutional investors and hedge funds.
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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