Nucor (NYSE:NUE) Share Price May Be About to Change Direction; Nomura Upgrades The Company.


Nucor (NYSE:NUE) Stock Upgrade

The rating for shares of Nucor (NYSE:NUE) were upgraded by research analysts at Nomura from a Neutral rating to a Buy rating in analysts report shared with investors on 14 December.

From a total of 18 analysts covering Nucor Corporation (NYSE:NUE) stock, 10 rate it a ”Buy”, 0 a “Sell”, and 8 a ”Hold”. This means that 56% of the ratings are positive. The highest target price is $62 while the lowest target price is $45. The mean of all analyst targets is $49.83 with a 21.51% above today’s ($40.12) stock price. Nucor Corporation was the topic of 11 analyst reports since July 22, 2015 according to the firm StockzIntelligence Inc. BB&T Capital initiated shares on November 24 with “Buy” rating. Jefferies maintained shares with “Buy” rating and $52 target share price in a report from a September 16. Rosenblatt initiated NUE stock in a recent report from October 16 with “Neutral” rating. Finally, Barclays Capital maintained the stock with “Overweight” rating in a report issued on an October 5.

Approximately 485,105 shares of stock traded hands. Nucor Corporation (NYSE:NUE) has declined 18.27% since May 11, 2015 and is downtrending. It has underperformed by 13.86% the S&P500.

The overall sentiment of institutions has increased to 1.16 in Q2 2015. Its up 0.04, from 1.12 in 2015Q2. The ratio increased, as 59 institutions have sold all the shares of Nucor Corporation that they owned while 186 funds have taken shares off the table. 62 funds have purchased shares for the first time while 223 added to their positions. These institutions now hold 225.41 million shares or 9.44% less than the 248.91 million shares they owned in 2015Q2.

The Fund Cincinnati Indemnity Co currently is holding shares equating to 4.16% of its total portfolio in Nucor Corporation representing a total of 22,500 shares. Another fund,Jolley Asset Management Llc, is holding a total of 77,634 shares equating to 2.95% of their holdings. Additionally, Grace & White Inc Ny has a 270,287 share stake in Nucor Corporation which represents 2.34% of their total portfolio. The Fund, Hamlin Capital Management Llc, based out of New York, has also built up a stake in the stock, which represents a total of 2.26% of their total portfolio. Finally State Farm Mutual Automobile Insurance Co, a fund which is based in the state of Illinois reported a total holdings of 30.45 million shares.

Nucor Corporation manufactures steel and steel products. The company has a market cap of $12.78 billion. The Firm also produces direct reduced iron (DRI) for use in the Company’s steel mills. It has 20.49 P/E ratio. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI.

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.”