Fidelity Management & Research Co has recently announced that it has increased stake in Nucor Corporation (NYSE:NUE) by 1.40%. After grabbing 7.55 million shares, the institutional investor is now in possession of 0.1 million shares of the Basic Materials Company. The new investment brought the stake of investor firm to 2.98% having worth around $1.26 billion. Moreover, Dimensional Fund Advisors LP increased its share by 21579.0 to have a control over 5.24 million shares.
Nucor Corporation (NUE) concluded trading on 03/16/23 at a closing price of $145.42, with 2.85 million shares of worth about $414.34 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 20.47% during that period and on Thursday the price saw a gain of about 0.42%. Currently the company’s common shares owned by public are about 255.43M shares, out of which, 249.41M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 14 analysts are covering the NUE stock and their offered price forecasts bring an average price target of $153.36. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $190.00 and could fall to a lowest price of $122.00. The stock’s current price level is 3.64% above of average price target set by the analysts, while a rise to estimated low would result in loss of -19.2% for the stock. However, touching the estimated high of $190.00 would mean a gain of 23.46% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 116 times over the past 12 months. They bought 480,958 shares in 36 of the transactions. In 80 selling transactions, insiders dumped 271,500 shares.
Vanguard Total Stock Market Index, Vanguard Mid Cap Index Fund, and Vanguard 500 Index Fund are the top 3 mutual funds which are holding stakes in Nucor Corporation Vanguard Total Stock Market Index is currently holding 7.86 million shares of worth totaling $1.32 billion. The company recently came buying 60808.0 shares which brought its stake up to 3.11% of the company’s outstanding shares. Vanguard Mid Cap Index Fund bought 9632.0 shares, after which its hold over company’s outstanding shares expand to 2.36%, leaving 5.98 million shares with the mutual fund that have a worth of about $1.0 billion. Vanguard 500 Index Fund, after buying 5.94 million shares, have now control over 2.35% of the stake in the company. It holds 14056.0 shares of worth $995.22 million.
Nucor Corporation (NYSE: NUE) started trading at $140.00, below -$4.81 from concluding price of the previous day. However, the stock later moved at a day high price of 146.01, or with a gain of 0.42%. Stock saw a price change of -13.36% in past 5 days and over the past one month there was a price change of -15.09%. Year-to-date (YTD), NUE shares are showing a performance of 10.33% which increased to 7.31% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $100.12 but also hit the highest price of $187.90 during that period. The average intraday trading volume for Nucor Corporation shares is 1.83 million. The stock is currently trading -12.42% below its 20-day simple moving average (SMA20), while that difference is down -9.97% for SMA50 and it goes to 6.14% higher than SMA200.
Fidelity Management & Research Co acquired 7.55 million shares of Nucor Corporation having value of about $1.26 billion. Data submitted at the U.S SEC by Fidelity Management & Research Co revealed that the firm now holds 0.1 million shares in the company valued at close to $15143457.12, or have control over 1.40% stake in the company. Nucor Corporation (NYSE: NUE) currently have 255.43M outstanding shares and institutions hold larger chunk of about 83.10% of that. Holding of mutual funds in the company is about 38.31% while other institutional holders and individual stake holders have control over 43.53% and 1.92% of the stake respectively.
The stock has a current market capitalization of $38.70B and its 3Y-monthly beta is at 1.59. PE ratio of stock for trailing 12 months is 5.01, while it has posted earnings per share of $29.05 in the same period. It has Quick Ratio of 2.10 while making debt-to-equity ratio of 0.36. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for NUE, volatility over the week remained 5.40% while standing at 3.38% over the month.
Analysts are in expectations that Nucor Corporation (NUE) stock would likely to be making an EPS of $3.95 in the current quarter, while forecast for next quarter EPS is $3.47 and it is $11.24 for next year. For the current quarter EPS, analysts have given the company a lowest target $3.39 which is $4.49 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $7.67 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 24.30% while it is estimated to decrease by -17.87% in next year. EPS is likely to shrink at an annualized rate of -7.50% for next 5-years, compared to annual growth of 52.00% made by the stock over the past 5-years.
Analysts at 14 brokerage firms have issued recommendations for the Nucor Corporation (NUE)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.90. Out of those 14 Wall Street analysts, 4 recommended a “Buy” rating, while 7 were in favor recommending the stock as a “Hold” and 1 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by BofA Securities on January 04, 2023 offering a Buy rating for the stock and assigned a target price of $172 to it. Coverage by JP Morgan stated Nucor Corporation (NUE) stock as a Neutral in their note to investors on June 14, 2022, suggesting a price target of $125 for the stock. On January 11, 2022, Wolfe Research Downgrade their recommendations, while on November 17, 2021, Wolfe Research Initiated their ratings for the stock with a price target of $104. Stock get a Neutral rating from Citigroup on November 09, 2021.
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