Noteworthy Price Action: Nucor Corporation Just Reaches 52-Week High?

Noteworthy Price Action: Nucor Corporation Just Reaches 52 Week High?

The stock of Nucor Corporation (NYSE:NUE) hit a new 52-week high and has $64.64 target or 5.00% above today’s $61.56 share price. The 9 months bullish chart indicates low risk for the $19.40B company. The 1-year high was reported on Nov, 22 by Barchart.com. If the $64.64 price target is reached, the company will be worth $970.00 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 1.25M shares traded hands. Nucor Corporation (NYSE:NUE) has risen 18.66% since April 20, 2016 and is uptrending. It has outperformed by 14.10% the S&P500.

Nucor Corporation (NYSE:NUE) Ratings Coverage

Out of 14 analysts covering Nucor Corporation (NYSE:NUE), 8 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 57% are positive. Nucor Corporation has been the topic of 33 analyst reports since July 22, 2015 according to StockzIntelligence Inc. Barclays Capital maintained Nucor Corporation (NYSE:NUE) rating on Tuesday, January 12. Barclays Capital has “Overweight” rating and $48.0 price target. The stock of Nucor Corporation (NYSE:NUE) has “Buy” rating given on Wednesday, September 16 by Jefferies. The stock of Nucor Corporation (NYSE:NUE) has “Neutral” rating given on Wednesday, July 20 by Bank of America. Standpoint Research initiated Nucor Corporation (NYSE:NUE) on Monday, December 28 with “Hold” rating. On Monday, November 14 the stock rating was downgraded by Berenberg to “Hold”. The company was maintained on Thursday, September 15 by Jefferies. The stock of Nucor Corporation (NYSE:NUE) has “Neutral” rating given on Tuesday, December 22 by Macquarie Research. Deutsche Bank downgraded Nucor Corporation (NYSE:NUE) on Wednesday, March 23 to “Hold” rating. The rating was upgraded by Bank of America on Wednesday, November 9 to “Buy”. Barclays Capital maintained Nucor Corporation (NYSE:NUE) on Monday, October 5 with “Overweight” rating.

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 2016 Q2. Its down 0.13, from 1.1 in 2016Q1. The ratio fall, 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.
The California-based Boltwood Capital Mngmt has invested 0.62% in Nucor Corporation (NYSE:NUE). Mufg Americas holds 0% of its portfolio in Nucor Corporation (NYSE:NUE) for 1,135 shares. Fernwood Inv Mgmt Limited Co has invested 0.35% of its portfolio in Nucor Corporation (NYSE:NUE). Her Majesty The Queen In Right Of The Province Of Alberta As Represented By Alberta Inv Mngmt Corp last reported 317,740 shares in the company. Columbia Asset Management accumulated 0.08% or 4,655 shares. Patten Grp Inc accumulated 0% or 1,455 shares. Benjamin F Edwards & has invested 0% of its portfolio in Nucor Corporation (NYSE:NUE). Moreover, Ahl Prtn Ltd Liability Partnership has 0.16% invested in Nucor Corporation (NYSE:NUE) for 59,025 shares. Lba Wealth Lc has invested 0% of its portfolio in Nucor Corporation (NYSE:NUE). Eaton Vance Mgmt has 0.06% invested in the company for 385,235 shares. Nordea Invest Mngmt has 69,997 shares for 0.01% of their US portfolio. Tcw Group Inc Inc owns 25,550 shares or 0.01% of their US portfolio. Flippin Bruce Porter accumulated 78,563 shares or 1.15% of the stock. Fifth Third Savings Bank accumulated 0% or 6,891 shares. Moreover, Capital World has 0.1% invested in Nucor Corporation (NYSE:NUE) for 7.50 million shares.

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

More news for Nucor Corporation (NYSE:NUE) were recently published by: Fool.com, which released: “Key Takeaways From Nucor Corporation’s Third-Quarter Earnings” on October 26, 2016. Prnewswire.com‘s article titled: “Nucor Completes Acquisition of Independence Tube Corporation” and published on November 01, 2016 is yet another important article.

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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