What just happened? Nucor Corporation (NYSE:NUE) stock value has climbed by nearly 4.64% or (2.33 points) to $52.54 from its previous close of $50.21. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 1227376 contracts so far this session. NUE shares had a relatively better volume day versus average trading capacity of 2.07 million shares, but with a 0.3 billion float and a 1.29% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for NUE stock indicates that the average analyst price target is $57.77 per share. This means the stock has a potential increase of 9.95% from where the NUE share price has been trading recently which is between $49.25 and $50.32. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $46. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $63.
During the recent trading session for Nucor Corporation (NYSE:NUE), the company witnessed their stock rise $2.39 over a week and tumble down $-1.13 from the price 20 days ago. When compared to their established 52-week high of $64.48, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 08/11/18. The recent low of $46.1 stood for a -18.52% since 08/28/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.64 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to. At the moment, the median target price for NUE is set at $59.5, a figure which is below the recent 1-year high the stock witnessed.
Looking at the current readings for Nucor Corporation, the two-week RSI stands at 59.23. This figure suggests that NUE stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current NUE readings is similarly very revealing as it has a stochastic reading of 47.97% at this stage. This figure means that NUE share price today is being neutral.
Technical chart claims that Nucor Corporation (NUE) would settle between $50.6/share to $51/share level. However, if the stock price goes below the $49.53 mark, then the market for Nucor Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $48.86 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.58. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at BofA/Merrill lifted target price for shares of NUE but were stick to Underperform recommendation for the stock in their opinion released on September 04. The price target has been raised from $50 to $46. BofA/Merrill analysts again handed out a Underperform recommendation to Nucor Corporation (NYSE:NUE) stock but they lifted target price for the shares in a flash note issued to investors on May 31. The target price has been raised from $68 to $50. Analysts at BofA/Merrill lowered the stock to a Underperform call from its previous Buy recommendation, in a research note that dated back to May 31.
NUE equity has an average rating of 2.77, with the figure leaning towards a bullish end. 12 analysts who tracked the company were contacted by Reuters. Amongst them, 4 rated the stock as a hold while the remaining 8 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 8 analysts rated Nucor Corporation (NYSE:NUE) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, NUE stock price is currently trading at 11.94X forward 12-month Consensus EPS estimates, and its P/E ratio is 7.1 while for the average stock in the same group, the multiple is 6.2. Nucor Corporation current P/B ratio of 1.5 means it is trading at a premium against its industry’s 0.7.
Nucor Corporation (NUE)’s current-quarter revenues are projected to climb by nearly -17.4% to hit $5.57 billion, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over -8.5% from $25.07 billion to a noteworthy $22.94 billion. At the other end of the current quarter income statement, Nucor Corporation is expected to see its adjusted earnings surge by roughly -62.7% to hit $0.87 per share. For the fiscal year, NUE’s earnings are projected to climb by roughly -40.7% to hit $4.54 per share.