Seaport Global Securities has started hedging the shares of Nucor (NYSE: NUE) in a report released on Monday, The Fly reports. The company established a “buy” rating on the shares of the basic materials company.
Other research analysts have also recently published reports on the stock. BMO Capital Markets increased its target price on Nucor’s shares from $ 86.00 to $ 110.00 and assigned the stock a “market performance” rating in a report released on Friday, May 14. Morgan Stanley raised its target price on Nucor’s stock from $ 95.00 to $ 101.00 and gave the stock an “equal weight” rating in a report released on Monday, June 14. JPMorgan Chase & Co. began covering Nucor’s shares in a report on Wednesday, June 16. They set a “neutral” rating and a target price of $ 114.00 on the stock. Finally, Deutsche Bank Aktiengesellschaft raised its price target on Nucor from $ 75.00 to $ 100.00 and gave the stock a “hold” rating in a report released on Thursday, July 1. Seven equity research analysts gave the stock a conservation rating, four assigned a buy rating, and one gave the company a high buy rating. The stock currently has an average rating of “Buy” and an average target price of $ 79.92.
Nucor’s shares traded up $ 3.41 on Monday, reaching $ 119.83. 2,575,086 shares of the company were traded for an average volume of 3,329,123. The company has a leverage ratio of 0.42, a quick ratio of 1.76 and a current ratio of 3.11. The stock has a market cap of $ 35.19 billion, a P / E ratio of 11.90 and a beta of 1.38. The company has a 50-day moving average of $ 101.77. Nucor has a 52 week low of $ 44.05 and a 52 week high of $ 128.81.
Nucor (NYSE: NUE) last released its quarterly earnings data on Thursday, July 22. The basic materials company reported EPS of $ 5.04 for the quarter, beating the consensus estimate of $ 4.81 by $ 0.23. The company posted revenue of $ 6.73 billion for the quarter, compared to a consensus estimate of $ 8.24 billion. Nucor had a return on equity of 26.26% and a net margin of 11.70%. Nucor’s quarterly revenue increased 55.6% year-over-year. During the same period last year, the company posted $ 0.37 in EPS. On average, analysts predict that Nucor will post 18.94 EPS for the current fiscal year.
Nucor said its board of directors authorized a share buyback plan on Thursday, May 13 that allows the company to repurchase $ 3.00 billion in shares. This buyback authorization allows the commodities company to buy back up to 9.4% of its shares through open market purchases. Stock repurchase plans are often an indication that the board of directors of the company considers its shares to be undervalued.
In related news, Executive Vice President Daniel R. Needham sold 3,171 Nucor shares in a trade on Thursday, July 29. The shares were sold for an average price of $ 101.00, for a total value of $ 320,271.00. Following the sale, the Executive Vice President now owns 40,816 shares of the company, valued at approximately $ 4,122,416. The transaction was disclosed in a file with the Securities & Exchange Commission, which is available through this hyperlink. Additionally, insider Michael D. Keller sold 3,431 shares of the company in a trade on Friday, August 13. The stock was sold for an average price of $ 127.40, for a total trade of $ 437,109.40. Disclosure of this sale can be found here. In the past ninety days, insiders have sold 139,814 shares of the company valued at $ 15,115,839. Insiders own 0.71% of the company’s shares.
Hedge funds have recently increased or reduced their stakes in the company. Advisory Services Network LLC increased its position in Nucor by 105.2% in the first quarter. Advisory Services Network LLC now owns 19,762 shares of the basic materials company valued at $ 1,586,000 after purchasing an additional 10,131 shares during the period. National Huntington Bank increased its position in Nucor shares by 24.5% in the second quarter. Huntington National Bank now owns 126,630 shares of the basic materials company valued at $ 12,148,000 after acquiring an additional 24,946 shares in the last quarter. Russell Investments Group Ltd. strengthened its position in Nucor shares by 29.2% in the first quarter. Russell Investments Group Ltd. now owns 306,465 shares of the basic materials company valued at $ 24,605,000 after purchasing an additional 69,222 shares during the period. Fisher Asset Management LLC strengthened its position in Nucor shares by 2.6% during the first quarter. Fisher Asset Management LLC now owns 208,287 shares of the basic materials company valued at $ 16,719,000 after purchasing an additional 5,213 shares during the period. Finally, Vident Investment Advisory LLC strengthened its position in Nucor shares by 24.0% during the first quarter. Vident Investment Advisory LLC now owns 46,496 shares of the basic materials company valued at $ 3,732,000 after purchasing an additional 8,986 shares during the period. Institutional investors hold 70.82% of the shares of the company.
Nucor Company Profile
Nucor Corporation manufactures and sells steel and steel products. It operates through three segments: steelworks, steel products and raw materials. The Steel Mills segment produces hot rolled, cold rolled and galvanized sheet steel products; sheet steel products; wide flange beams, beam blanks, and sheet pile and sheet pile products; steel bar products, such as blooms, billets, concrete rebar and merchant bars; and specialty bar quality products.
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