Nucor (NYSE:NUE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “Estimates for Nucor for the current quarter have been stable of late. Nucor remains committed to expand its production capabilities and grow its business through strategic acquisitions. It is also seeing continued momentum in the automotive market. However, Nucor’s shares have underperformed the industry it belongs to over a year. Moreover, the U.S. steel industry is adversely affected by cheaper imports, which is likely to hurt margins in the Steel Mills unit in first-quarter 2018. Nucor also faces soft demand in certain markets including non-residential construction.”
Several other equities analysts also recently commented on NUE. Credit Suisse Group upped their price objective on shares of Nucor from $67.00 to $73.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. Jefferies Group restated a “buy” rating and issued a $77.00 price target on shares of Nucor in a research note on Tuesday, January 9th. Morgan Stanley decreased their price target on shares of Nucor from $70.00 to $68.00 and set a “hold” rating on the stock in a research note on Tuesday, February 6th. ValuEngine raised shares of Nucor from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Finally, BMO Capital Markets set a $62.00 price objective on shares of Nucor and gave the stock a “hold” rating in a research report on Friday, November 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company’s stock. Nucor currently has a consensus rating of “Buy” and an average price target of $69.70.
Nucor (NYSE:NUE) last announced its quarterly earnings data on Tuesday, January 30th. The basic materials company reported $0.65 EPS for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.10. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.86 billion. Nucor had a net margin of 6.58% and a return on equity of 13.03%. The firm’s revenue for the quarter was up 28.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.50 earnings per share. research analysts forecast that Nucor will post 4.92 EPS for the current year.
In related news, EVP Robert J. Stratman sold 39,037 shares of the stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $63.88, for a total value of $2,493,683.56. Following the transaction, the executive vice president now directly owns 233,824 shares in the company, valued at approximately $14,936,677.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Victoria F. Haynes sold 3,000 shares of the stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $69.12, for a total value of $207,360.00. Following the completion of the transaction, the director now owns 30,573 shares in the company, valued at $2,113,205.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 95,387 shares of company stock valued at $6,285,411. Insiders own 0.70% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Trust Co. of Vermont boosted its position in shares of Nucor by 13.6% during the 4th quarter. Trust Co. of Vermont now owns 6,570 shares of the basic materials company’s stock valued at $417,000 after acquiring an additional 787 shares during the last quarter. Advisor Partners LLC lifted its position in Nucor by 20.7% in the fourth quarter. Advisor Partners LLC now owns 4,884 shares of the basic materials company’s stock valued at $336,000 after purchasing an additional 836 shares during the last quarter. Butensky & Cohen Financial Security Inc. lifted its position in Nucor by 3.2% in the fourth quarter. Butensky & Cohen Financial Security Inc. now owns 27,570 shares of the basic materials company’s stock valued at $1,753,000 after purchasing an additional 845 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in Nucor by 1.8% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 48,489 shares of the basic materials company’s stock valued at $3,268,000 after purchasing an additional 868 shares during the last quarter. Finally, First National Trust Co. lifted its position in Nucor by 17.9% in the third quarter. First National Trust Co. now owns 5,977 shares of the basic materials company’s stock valued at $335,000 after purchasing an additional 906 shares during the last quarter. Institutional investors own 80.16% of the company’s stock.
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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