Nucor (NYSE:NUE) Stock Rating Upgraded by Barclays

Nucor (NYSE:NUE) was upgraded by analysts at Barclays to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other brokerages also recently commented on NUE. KeyCorp assumed coverage on shares of Nucor in a research note on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Wells Fargo & Company boosted their target price on shares of Nucor from $213.00 to $244.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. BNP Paribas Exane boosted their target price on shares of Nucor from $210.00 to $248.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. Zacks Research upgraded shares of Nucor from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 12th. Finally, UBS Group downgraded shares of Nucor from a “buy” rating to a “neutral” rating and boosted their target price for the company from $190.00 to $224.00 in a research note on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Nucor has an average rating of “Moderate Buy” and a consensus target price of $247.50.

Nucor Stock Up 2.5%

Shares of NYSE:NUE opened at $231.99 on Thursday. Nucor has a 52 week low of $106.21 and a 52 week high of $235.45. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 2.90. The company’s fifty day moving average is $196.07 and its 200-day moving average is $177.57. The company has a market capitalization of $52.83 billion, a PE ratio of 22.97, a P/E/G ratio of 0.61 and a beta of 1.87.

Nucor (NYSE:NUE) last issued its earnings results on Monday, April 27th. The basic materials company reported $3.23 EPS for the quarter, beating the consensus estimate of $2.82 by $0.41. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The company had revenue of $9.50 billion for the quarter, compared to the consensus estimate of $8.88 billion. During the same quarter in the previous year, the company earned $0.77 EPS. The firm’s revenue for the quarter was up 21.3% compared to the same quarter last year. Equities research analysts predict that Nucor will post 14.58 earnings per share for the current fiscal year.

Nucor declared that its Board of Directors has initiated a stock buyback program on Friday, February 20th that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 9.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Nucor

In related news, EVP Allen C. Behr sold 10,096 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $226.08, for a total transaction of $2,282,503.68. Following the transaction, the executive vice president owned 62,871 shares in the company, valued at $14,213,875.68. This represents a 13.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Noah C. Hanners sold 6,472 shares of the company’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $226.50, for a total transaction of $1,465,908.00. Following the transaction, the executive vice president owned 50,377 shares in the company, valued at approximately $11,410,390.50. This trade represents a 11.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 71,818 shares of company stock worth $16,234,593 over the last quarter. Corporate insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NUE. Stance Capital LLC bought a new stake in Nucor during the 3rd quarter worth about $25,000. Strive Financial Group LLC bought a new stake in Nucor during the 4th quarter worth about $27,000. Motiv8 Investments LLC bought a new stake in Nucor during the 4th quarter worth about $32,000. Bartlett & CO. Wealth Management LLC raised its holdings in Nucor by 49.2% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 191 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 63 shares during the last quarter. Finally, Mcguire Capital Advisors Inc. bought a new stake in Nucor during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Company Profile

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.