The stock of Nucor Corporation (NYSE:NUE) hit a new 52-week high and has $97.43 target or 69.00% above today’s $57.65 share price. The 7 months bullish chart indicates low risk for the $18.37B company. The 1-year high was reported on Nov, 9 by Barchart.com. If the $97.43 price target is reached, the company will be worth $12.68B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 4.72 million shares traded hands or 73.53% up from the average. Nucor Corporation (NYSE:NUE) has risen 10.33% since April 7, 2016 and is uptrending. It has outperformed by 5.55% the S&P500.
Nucor Corporation (NYSE:NUE) Ratings Coverage
Out of 14 analysts covering Nucor Corporation (NYSE:NUE), 9 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 64% are positive. Nucor Corporation has been the topic of 32 analyst reports since July 22, 2015 according to StockzIntelligence Inc. Jefferies maintained the shares of NUE in a report on Thursday, September 15 with “Buy” rating. As per Tuesday, May 10, the company rating was maintained by Rosenblatt. The firm has “Hold” rating given on Wednesday, April 13 by Standpoint Research. The stock of Nucor Corporation (NYSE:NUE) has “Buy” rating given on Monday, December 14 by Nomura. The rating was downgraded by Berenberg to “Hold” on Friday, July 22. The company was initiated on Monday, December 28 by Standpoint Research. The firm earned “Neutral” rating on Wednesday, June 8 by Credit Suisse. Bank of America downgraded the stock to “Neutral” rating in Wednesday, July 20 report. On Wednesday, September 16 the stock rating was maintained by Jefferies with “Buy”. Rosenblatt initiated the stock with “Neutral” rating in Friday, October 16 report.
According to Zacks Investment Research, “Nucor Corporation manufactures and sells steel products. Principal steel products are hot-rolled steel (angles, rounds, flats, channels, sheet, wide-flange beams, pilings, billets, blooms and beam blanks), cold-rolled steel, cold finished steel, steel joists and joist girders, steel deck, steel fasteners and steel grinding balls. Nucor is the largest recycler in the United States. Nucor and affiliates are manufacturers of steel products, with operating facilities in fourteen states.”
Insitutional Activity: The institutional sentiment increased to 1.1 in 2016 Q2. Its up 0.03, from 1.07 in 2016Q1. The ratio improved, as 43 funds sold all Nucor Corporation shares owned while 216 reduced positions. 75 funds bought stakes while 211 increased positions. They now own 243.85 million shares or 4.24% less from 254.64 million shares in 2016Q1.
Moreover, Monarch Mngmt Incorporated has 0.12% invested in Nucor Corporation (NYSE:NUE) for 6,744 shares. Lba Wealth Mgmt Lc last reported 0% of its portfolio in the stock. Cornercap Investment Counsel holds 0.09% or 9,575 shares in its portfolio. Nelson Roberts Investment Ltd Limited Liability Company has 2,540 shares for 0.05% of their US portfolio. First Trust Advisors Limited Partnership holds 107,240 shares or 0.02% of its portfolio. The South Dakota-based Dorsey & Whitney Trust Lc has invested 0.06% in Nucor Corporation (NYSE:NUE). Pittenger And Anderson owns 3,625 shares or 0.02% of their US portfolio. Connor Clark Lunn Invest Management has 4,100 shares for 0% of their US portfolio. Amalgamated Commercial Bank, a New York-based fund reported 14,910 shares. Andra Ap accumulated 0.13% or 104,100 shares. Nomura Asset Management Limited last reported 0.04% of its portfolio in the stock. Acadian Asset Management Ltd Llc has 478,296 shares for 0.12% of their US portfolio. Element Mgmt Limited Liability holds 0.23% of its portfolio in Nucor Corporation (NYSE:NUE) for 30,745 shares. Nomura owns 63,430 shares or 0.01% of their US portfolio. City Communications, a West Virginia-based fund reported 810 shares.
Insider Transactions: Since July 25, 2016, the stock had 0 insider purchases, and 5 selling transactions for $10.24 million net activity. HALL LADD R also sold $4.84 million worth of Nucor Corporation (NYSE:NUE) shares. Shares for $656,345 were sold by FERRIOLA JOHN J. The insider DARSEY JAMES R sold 71,465 shares worth $3.75M. $523,899 worth of Nucor Corporation (NYSE:NUE) shares were sold by NAPOLITAN RAYMOND S JR. Frias James D sold 9,000 shares worth $478,269.
More important recent Nucor Corporation (NYSE:NUE) news were published by: Fool.com which released: “Key Takeaways From Nucor Corporation’s Third-Quarter Earnings” on October 26, 2016, also Fool.com published article titled: “8 Reasons to Buy Nucor Corporation and Never Sell”, Prnewswire.com published: “Nucor Completes Acquisition of Independence Tube Corporation” on November 01, 2016. More interesting news about Nucor Corporation (NYSE:NUE) was released by: Prnewswire.com and their article: “Nucor Reports Results for Third Quarter and Nine Months of 2016” with publication date: October 20, 2016.
NUE Company Profile
Nucor Corporation (Nucor), incorporated on March 28, 1958, makes steel and steel products. The Firm also produces direct reduced iron (DRI) for use in the Company’s steel mills. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI. Nucor operates in three divisions: steel mills, steel products and raw materials. The Company’s activities include several international trading companies that buy and sell steel and steel products manufactured by the Company and others. The Firm is also a recycler in North America, using scrap steel as the primary raw material in producing steel and steel products.
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