Nucor (NYSE:NUE) Stock Rating Upgraded by Freedom Broker

Nucor (NYSE:NUE) was upgraded by equities research analysts at Freedom Broker from a “hold” rating to a “strong-buy” rating in a research report issued on Friday, Zacks reports.

Other research analysts also recently issued research reports about the stock. Zacks Research raised shares of Nucor from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 13th. Weiss Ratings raised shares of Nucor from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 15th. BMO Capital Markets raised their target price on shares of Nucor from $285.00 to $295.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. boosted their target price on shares of Nucor from $296.00 to $304.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Bank of America dropped their price target on shares of Nucor from $290.00 to $280.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $284.00.

Nucor Price Performance

Shares of NYSE:NUE opened at $273.47 on Friday. The company has a market cap of $62.04 billion, a P/E ratio of 17.41, a P/E/G ratio of 0.68 and a beta of 1.84. The business has a fifty day simple moving average of $253.79 and a 200-day simple moving average of $223.43. Nucor has a 52 week low of $140.93 and a 52 week high of $280.11. The company has a quick ratio of 1.36, a current ratio of 2.46 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last released its earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share for the quarter, missing the consensus estimate of $5.84 by ($0.04). Nucor had a return on equity of 15.53% and a net margin of 9.26%. The business had revenue of $11.25 billion for the quarter, compared to analysts’ expectations of $10.84 billion. During the same quarter last year, the company posted $2.63 earnings per share. The business’s quarterly revenue was up 32.0% compared to the same quarter last year. Equities research analysts forecast that Nucor will post 19.61 EPS for the current year.

Insider Transactions at Nucor

In other Nucor news, EVP Noah C. Hanners sold 5,190 shares of the stock in a transaction that occurred on Thursday, October 29th. The shares were sold at an average price of $275.03, for a total value of $1,427,405.70. Following the completion of the sale, the executive vice president owned 44,073 shares of the company’s stock, valued at $12,121,397.19. This trade represents a 10.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Thomas J. Batterbee sold 4,000 shares of Nucor stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the sale, the executive vice president owned 16,138 shares in the company, valued at $4,212,340.76. This represents a 19.86% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.62% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nucor

Large investors have recently added to or reduced their stakes in the company. Transamerica Financial Advisors LLC acquired a new position in Nucor during the 2nd quarter valued at about $25,000. Manning & Napier Advisors LLC bought a new stake in shares of Nucor during the 2nd quarter worth about $27,000. Bell Investment Advisors Inc acquired a new stake in shares of Nucor in the 2nd quarter worth approximately $28,000. GK Wealth Management LLC acquired a new stake in shares of Nucor in the 3rd quarter worth approximately $28,000. Finally, Next Level Wealth Planning LLC acquired a new stake in shares of Nucor in the 3rd quarter worth approximately $28,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Company Profile

Nucor Corporation is a steel producer headquartered in Charlotte, North Carolina. Through its operating subsidiaries, the company manufactures steel and steel products for customers in construction, automotive, energy, heavy equipment, transportation and other industrial markets.

Nucor’s operations include electric arc furnace steel mills, which produce carbon, alloy and galvanized steel products. Its product portfolio includes sheet steel, plate, beams, bars, wire and wire mesh, steel joists, deck, piling, fabricated concrete reinforcing steel and other downstream products.