Nucor (NYSE:NUE) Stock Rating Raised to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Nucor (NYSE:NUE) from a buy rating to a strong-buy rating in a report released on Tuesday morning,Wall Street Zen reports.

Several other research firms have also commented on NUE. BMO Capital Markets increased their price objective on shares of Nucor from $285.00 to $295.00 and gave the company an “outperform” rating in a research note on Wednesday, July 29th. Freedom Broker downgraded Nucor from a “buy” rating to a “hold” rating and decreased their price target for the company from $305.00 to $285.00 in a research report on Friday, September 18th. Zacks Research upgraded Nucor from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 13th. Morgan Stanley set a $270.00 price objective on Nucor in a research report on Wednesday, July 29th. Finally, Citigroup reaffirmed a “buy” rating on shares of Nucor in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $276.86.

Nucor Stock Up 0.3%

Shares of NYSE:NUE opened at $261.48 on Tuesday. The business’s 50 day moving average is $253.22 and its 200 day moving average is $239.80. Nucor has a 12-month low of $135.16 and a 12-month high of $280.11. The stock has a market cap of $59.32 billion, a price-to-earnings ratio of 20.98, a PEG ratio of 0.64 and a beta of 1.84. The company has a quick ratio of 1.36, a current ratio of 2.51 and a debt-to-equity ratio of 0.27.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, July 27th. The basic materials company reported $4.84 EPS for the quarter, beating analysts’ consensus estimates of $4.46 by $0.38. Nucor had a return on equity of 12.73% and a net margin of 7.99%. The business had revenue of $10.40 billion during the quarter, compared to analyst estimates of $10.15 billion. During the same period in the prior year, the firm posted $2.60 EPS. Nucor’s quarterly revenue was up 23.0% compared to the same quarter last year. On average, sell-side analysts forecast that Nucor will post 19.62 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, September 30th. Nucor’s dividend payout ratio is currently 17.86%.

Insider Transactions at Nucor

In other news, COO Stephen D. Laxton sold 3,968 shares of Nucor stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $256.96, for a total value of $1,019,617.28. Following the completion of the transaction, the chief operating officer owned 77,867 shares in the company, valued at $20,008,704.32. This trade represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Thomas J. Batterbee sold 4,000 shares of the business’s 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 completion of the sale, the executive vice president directly owned 16,138 shares in the company, valued at approximately $4,212,340.76. This trade represents a 19.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Robeco Institutional Asset Management B.V. grew its position in Nucor by 243.9% during the third quarter. Robeco Institutional Asset Management B.V. now owns 410,964 shares of the basic materials company’s stock worth $96,063,000 after buying an additional 291,455 shares in the last quarter. 55 North Private Wealth LLC raised its holdings in shares of Nucor by 10.0% in the 3rd quarter. 55 North Private Wealth LLC now owns 1,059 shares of the basic materials company’s stock valued at $248,000 after acquiring an additional 96 shares in the last quarter. Net Worth Advisory Group raised its holdings in shares of Nucor by 8.7% in the 3rd quarter. Net Worth Advisory Group now owns 1,238 shares of the basic materials company’s stock valued at $292,000 after acquiring an additional 99 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Nucor by 1.4% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 37,277 shares of the basic materials company’s stock valued at $8,713,000 after acquiring an additional 520 shares during the last quarter. Finally, CWA Asset Management Group LLC boosted its position in shares of Nucor by 4.4% during the 3rd quarter. CWA Asset Management Group LLC now owns 2,516 shares of the basic materials company’s stock valued at $588,000 after acquiring an additional 106 shares during the last quarter. 76.48% of the stock is owned by institutional investors.

Trending Headlines about Nucor

Here are the key news stories impacting Nucor this week:

• Positive Sentiment: Growth investment supports the outlook: Nucor plans to invest $60 million to expand its Towers & Structures facility in Trinity, Alabama, adding approximately 60 jobs and increasing production of steel poles and other structures. The project is intended to capitalize on growing utility-infrastructure demand, although it remains subject to regulatory and other approvals. Nucor Expands Alabama Towers & Structures Facility to Meet Growing Demand for Utility Infrastructure
• Positive Sentiment: Analyst and quantitative signals remain supportive: Nucor was upgraded by Wall Street Zen, while a Zacks screen identified NUE as a top-ranked non-technology stock with strong returns, earnings growth, improving estimates and business expansion. Nucor Upgraded at Wall Street Zen Buy 5 Top-Ranked High-Flying Non-Tech, Non-AI Stocks for a Strong Q4
• Neutral Sentiment: Steel-sector trading is mixed: Nucor held relatively steady while Cleveland-Cliffs pulled back after a sharp rally tied to its strongest quarter in three years. The broader group’s moves may be influencing sentiment, but the report provides little company-specific information about NUE. Cleveland-Cliffs Declines as Profit-Taking Follows Strong Quarter
• Negative Sentiment: Earnings uncertainty is a near-term overhang: Zacks said Nucor’s upcoming earnings report may show growth but that the company does not currently have the usual combination of factors supporting a likely earnings beat. Investors may therefore remain cautious ahead of results. Nucor Earnings Expected to Grow: Should You Buy?

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.