Nucor (NYSE:NUE) Stock Rating Upgraded by Barclays

Key Points

• Barclays upgraded Nucor to “strong-buy”, adding to a generally bullish analyst backdrop. Across coverage, the stock now has two Strong Buy ratings, nine Buy ratings, and four Hold ratings, with a consensus target price of $247.50.
• Nucor shares were trading up 2.5% at $231.99, near their 52-week high of $235.45. The company has a market cap of $52.83 billion and has seen its stock climb well above its 50-day and 200-day moving averages.
• Recent fundamentals were strong: Nucor reported Q1 EPS of $3.23, beating estimates, on revenue of $9.50 billion that also topped expectations. The board has also authorized a $4 billion share buyback, while insider selling and ongoing institutional buying have been notable.

Nucor (NYSE:NUE - Get Free Report) was upgraded by analysts at Barclays to a "strong-buy" rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other research firms have also commented on NUE. BNP Paribas Exane lifted their price target on shares of Nucor from $210.00 to $248.00 and gave the company an "outperform" rating in a research report on Monday, May 4th. The Goldman Sachs Group boosted their target price on shares of Nucor from $240.00 to $260.00 in a research report on Friday, May 1st. KeyCorp started coverage on shares of Nucor in a research report on Wednesday, March 25th. They set a "sector weight" rating on the stock. Bank of America boosted their target price on shares of Nucor from $190.00 to $250.00 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. Finally, UBS Group lowered shares of Nucor from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $190.00 to $224.00 in a research report on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $247.50.

Nucor Trading Up 2.5%

NYSE:NUE opened at $231.99 on Thursday. Nucor has a 12 month low of $106.21 and a 12 month high of $235.45. The firm has a market cap of $52.83 billion, a price-to-earnings ratio of 22.97, a P/E/G ratio of 0.61 and a beta of 1.87. The company has a quick ratio of 1.55, a current ratio of 2.90 and a debt-to-equity ratio of 0.30. The company's 50 day moving average is $196.07 and its 200-day moving average is $177.57.

Nucor (NYSE:NUE - Get Free Report) last released its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 EPS for the quarter, beating analysts' consensus estimates of $2.82 by $0.41. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The company had revenue of $9.50 billion for the quarter, compared to analyst estimates of $8.88 billion. During the same quarter last year, the firm posted $0.77 earnings per share. The company's quarterly revenue was up 21.3% compared to the same quarter last year. Equities analysts anticipate that Nucor will post 14.58 EPS for the current year.

Nucor declared that its Board of Directors has initiated a share buyback program on Friday, February 20th that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the basic materials company to buy up to 9.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at Nucor

In related news, EVP David A. Sumoski sold 33,068 shares of the business's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $225.67, for a total transaction of $7,462,455.56. Following the transaction, the executive vice president owned 243,339 shares of the company's stock, valued at approximately $54,914,312.13. The trade was a 11.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Allen C. Behr sold 10,096 shares of Nucor stock in a transaction on Monday, May 4th. The stock was sold at an average price of $226.08, for a total transaction of $2,282,503.68. Following the sale, the executive vice president owned 62,871 shares in the company, valued at $14,213,875.68. This represents a 13.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 71,818 shares of company stock valued at $16,234,593 in the last three months. 0.62% of the stock is owned by insiders.

Institutional Investors Weigh In On Nucor

A number of institutional investors have recently bought and sold shares of NUE. Norges Bank acquired a new stake in Nucor during the fourth quarter worth $609,002,000. AQR Capital Management LLC boosted its stake in Nucor by 580.9% during the second quarter. AQR Capital Management LLC now owns 653,845 shares of the basic materials company's stock worth $84,699,000 after buying an additional 557,819 shares in the last quarter. Capital World Investors boosted its stake in Nucor by 20.1% during the third quarter. Capital World Investors now owns 3,042,761 shares of the basic materials company's stock worth $412,081,000 after buying an additional 509,019 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in Nucor by 169.0% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 779,940 shares of the basic materials company's stock worth $127,216,000 after buying an additional 489,950 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Nucor by 27.5% during the fourth quarter. Bank of New York Mellon Corp now owns 1,780,423 shares of the basic materials company's stock worth $290,405,000 after buying an additional 383,952 shares in the last quarter. Institutional investors and hedge funds own 76.48% of the company's stock.

About Nucor

Nucor Corporation NYSE: NUE is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor's operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.