Nucor (NYSE:NUE) Downgraded by Wall Street Zen to Buy

Key Points

• Wall Street Zen downgraded Nucor from “strong buy” to “buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $284.
• Nucor shares opened at $273.47, near their 52-week high of $280.11, with a market capitalization of approximately $62.0 billion.
• The company reported quarterly revenue of $11.25 billion, up 32% year over year, though earnings of $5.80 per share narrowly missed estimates of $5.84.

Nucor (NYSE:NUE - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Saturday, Wall Street Zen reports.

Several other research analysts have also recently issued reports on NUE. Weiss Ratings upgraded shares of Nucor from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 15th. KeyCorp dropped their target price on Nucor from $288.00 to $286.00 and set an "overweight" rating on the stock in a report on Monday, October 5th. Wells Fargo & Company upped their target price on Nucor from $280.00 to $305.00 and gave the stock an "overweight" rating in a research report on Wednesday. Bank of America decreased their price target on Nucor from $290.00 to $280.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. Finally, Zacks Research raised Nucor from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $284.00.

Nucor Price Performance

Shares of NYSE NUE opened at $273.47 on Friday. Nucor has a fifty-two week low of $140.93 and a fifty-two week high of $280.11. The firm's 50-day simple moving average is $253.79 and its 200 day simple moving average is $223.43. The company has a quick ratio of 1.36, a current ratio of 2.46 and a debt-to-equity ratio of 0.26. The stock has a market cap of $62.04 billion, a P/E ratio of 17.65, a P/E/G ratio of 0.68 and a beta of 1.84.

Nucor (NYSE:NUE - Get Free Report) last announced its earnings results on Monday, October 26th. The basic materials company reported $5.80 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.84 by ($0.04). The company had revenue of $11.25 billion during the quarter, compared to the consensus estimate of $10.84 billion. Nucor had a net margin of 9.26% and a return on equity of 15.53%. The business's quarterly revenue was up 32.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.63 EPS. Equities analysts expect that Nucor will post 19.61 EPS for the current year.

Insider Buying and Selling at Nucor

In other news, EVP Thomas J. Batterbee sold 4,000 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was 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 of the company's stock, valued at $4,212,340.76. This trade represents a 19.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Noah C. Hanners sold 5,190 shares of the business's stock in a transaction that occurred on Thursday, October 29th. The stock was sold at an average price of $275.03, for a total transaction of $1,427,405.70. Following the completion of the sale, the executive vice president directly owned 44,073 shares of the company's stock, valued at $12,121,397.19. This represents a 10.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.62% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Sound Financial Strategies Group LLC lifted its holdings in shares of Nucor by 16.5% during the third quarter. Sound Financial Strategies Group LLC now owns 1,840 shares of the basic materials company's stock valued at $430,000 after acquiring an additional 261 shares during the period. Ascent Group LLC grew its holdings in shares of Nucor by 13.4% in the 3rd quarter. Ascent Group LLC now owns 1,124 shares of the basic materials company's stock worth $263,000 after purchasing an additional 133 shares during the last quarter. Rakuten Investment Management Inc. grew its holdings in shares of Nucor by 9.4% in the 3rd quarter. Rakuten Investment Management Inc. now owns 40,407 shares of the basic materials company's stock worth $9,546,000 after purchasing an additional 3,483 shares during the last quarter. Provenance Wealth Advisors LLC bought a new stake in shares of Nucor in the 3rd quarter worth about $47,000. Finally, Putney Financial Group LLC increased its position in shares of Nucor by 8.2% during the 3rd quarter. Putney Financial Group LLC now owns 3,050 shares of the basic materials company's stock worth $713,000 after purchasing an additional 231 shares in the last quarter. Institutional investors own 76.48% of the company's stock.

About Nucor

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.

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