Nucor Corporation (NUE) is Initiated by Citigroup to Neutral, Price Target at $55

Nucor Corporation (NUE) was Initiated by Citigroup to “Neutral” and the brokerage firm has set the Price Target at $55. Citigroup advised their investors in a research report released on Aug 22, 2016.

Many Wall Street Analysts have commented on Nucor Corporation. Company shares were Reiterated by Cowen on Jul 26, 2016 to “Market Perform”, Firm has raised the Price Target to $ 55 from a previous price target of $50 .Nucor Corporation was Downgraded by Berenberg to ” Hold” on Jul 22, 2016. Nucor Corporation was Downgraded by BofA/Merrill to ” Neutral” on Jul 20, 2016.

On the company’s financial health, Nucor Corporation reported $0.73 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Jul 21, 2016. Analyst had a consensus of $0.69. The company had revenue of $4246.00 million for the quarter, compared to analysts expectations of $4508.36 million. The company’s revenue was down -2.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.39 EPS.

Nucor Corporation closed down -0.89 points or -1.75% at $50.05 with 30,70,824 shares getting traded on Friday. Post opening the session at $50.42, the shares hit an intraday low of $49.92 and an intraday high of $50.595 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on Jul 28, 2016, James D Frias (CFO, Treasurer and EVP) sold 9,000 shares at $53.14 per share price. According to the SEC, on Jul 28, 2016, John J Ferriola (Chairman, President and CEO) sold 12,128 shares at $54.13 per share price. On May 3, 2016, Robert J Stratman (Executive Vice President) sold 52,631 shares at $49.90 per share price, according to the Form-4 filing with the securities and exchange commission.

Nucor Corporation (Nucor) manufactures steel and steel products. The Company 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 segments: steel mills steel products and raw materials. In the steel mills segment Nucor produces and distributes sheet steel plate steel structural steel and bar steel. In the steel products segment Nucor produces steel joists and joist girders steel deck fabricated concrete reinforcing steel cold finished steel steel fasteners metal building systems steel grating and expanded metal and wire and wire mesh. In the raw materials segment the Company produces DRI; brokers ferrous and nonferrous metals pig iron HBI and DRI; supplies ferro-alloys and processes ferrous and nonferrous scrap metal.

Nucor Corporation

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