Stock Mover of the Day: Could Nucor Corporation Change Direction After Making 52-Week High?

Stock Mover of the Day: Could Nucor Corporation Change Direction After Making 52 Week High?

The stock of Nucor Corporation (NYSE:NUE) hit a new 52-week high and has $64.40 target or 4.00% above today’s $61.92 share price. The 5 months bullish chart indicates low risk for the $19.61 billion company. The 1-year high was reported on Nov, 30 by Barchart.com. If the $64.40 price target is reached, the company will be worth $784.40 million 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 461,361 shares traded hands. Nucor Corporation (NYSE:NUE) has risen 21.77% since April 27, 2016 and is uptrending. It has outperformed by 16.55% the S&P500.

Analysts await Nucor Corporation (NYSE:NUE) to report earnings on January, 26. They expect $0.51 EPS, up 10.87% or $0.05 from last year’s $0.46 per share. NUE’s profit will be $161.52M for 30.35 P/E if the $0.51 EPS becomes a reality. After $0.88 actual EPS reported by Nucor Corporation for the previous quarter, Wall Street now forecasts -42.05% negative EPS growth.

Nucor Corporation (NYSE:NUE) Ratings Coverage

Out of 14 analysts covering Nucor Corporation (NYSE:NUE), 8 rate it a “Buy”, 1 “Sell”, while 5 “Hold”. This means 57% are positive. $60 is the highest target while $38 is the lowest. The $51.17 average target is -17.36% below today’s ($61.92) stock price. Nucor Corporation has been the topic of 34 analyst reports since July 22, 2015 according to StockzIntelligence Inc. Berenberg initiated Nucor Corporation (NYSE:NUE) on Wednesday, October 14 with “Buy” rating. The rating was maintained by Barclays Capital on Wednesday, July 13 with “Overweight”. The rating was downgraded by Macquarie Research on Tuesday, November 29 to “Underperform”. On Wednesday, July 20 the stock rating was downgraded by Bank of America to “Neutral”. The stock has “Buy” rating given by Bank of America on Wednesday, November 9. The stock has “Neutral” rating given by Citigroup on Monday, August 22. The stock of Nucor Corporation (NYSE:NUE) earned “Buy” rating by Deutsche Bank on Wednesday, July 6. The rating was downgraded by Deutsche Bank on Wednesday, March 23 to “Hold”. Rosenblatt initiated it with “Neutral” rating and $47 target price in Friday, October 16 report. The rating was downgraded by Berenberg on Friday, July 22 to “Hold”.

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 decreased to 0.97 in Q2 2016. Its down 0.13, from 1.1 in 2016Q1. The ratio dived, 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.
Manufacturers Life Co The holds 328,721 shares or 0.02% of its portfolio. Deere & reported 56,715 shares or 0.15% of all its holdings. Lba Wealth Mgmt Limited Liability Com holds 0% of its portfolio in Nucor Corporation (NYSE:NUE) for 150 shares. Cincinnati Insurance Com holds 1.12 million shares or 1.81% of its portfolio. The Virginia-based Quantitative Investment Ltd Liability Com has invested 0.11% in Nucor Corporation (NYSE:NUE). State Bank Of The Ozarks last reported 0.3% of its portfolio in the stock. Cubist Systematic Strategies Ltd Llc holds 0.02% of its portfolio in Nucor Corporation (NYSE:NUE) for 6,360 shares. Moreover, Pittenger And Anderson has 0.02% invested in Nucor Corporation (NYSE:NUE) for 3,625 shares. Bartlett & Lc owns 1,301 shares or 0% of their US portfolio. Moreover, Sei Invests Communication has 0% invested in Nucor Corporation (NYSE:NUE) for 13,137 shares. The United Kingdom-based Cantab Capital Prtn Llp has invested 0% in Nucor Corporation (NYSE:NUE). Umb National Bank & Trust N A Mo holds 62,843 shares or 0.13% of its portfolio. 1St Source Bancorp owns 16,351 shares or 0.09% of their US portfolio. Deroy & Devereaux Private Invest Counsel accumulated 9,950 shares or 0.07% of the stock. Norinchukin Bank & Trust The, a Japan-based fund reported 16,676 shares.

Insider Transactions: Since July 25, 2016, the stock had 0 insider buys, and 7 insider sales for $12.93 million net activity. $523,899 worth of Nucor Corporation (NYSE:NUE) was sold by NAPOLITAN RAYMOND S JR on Monday, July 25. $4.84 million worth of shares were sold by HALL LADD R on Monday, July 25. 15,744 shares were sold by Stratman Robert J, worth $931,996 on Thursday, November 10. FERRIOLA JOHN J had sold 12,128 shares worth $656,345 on Wednesday, July 27. The insider DARSEY JAMES R sold 71,465 shares worth $3.75M. Frias James D sold 9,000 shares worth $478,269.

Another recent and important Nucor Corporation (NYSE:NUE) news was published by Prnewswire.com which published an article titled: “Nucor Completes Acquisition of Independence Tube Corporation” on November 01, 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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