Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Nucor Corporation shares valued at $533,542 were sold by Behr Allen C on Jul 26. At $122.57 per share, Behr Allen C sold 4,353 shares. The insider’s holdings dropped to 59,734 shares worth approximately $8.02 million following the completion of this transaction.
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Also, Behr Allen C sold 3,407 shares, netting a total of over 416,233 in proceeds. Following the sale of shares at $122.17 each, the insider now holds 64,087 shares.
Before that, Topalian Leon J had sold 48,768 shares from its account. In a trade valued at $5,491,919, the President and CEO traded Nucor Corporation shares for $112.61 each. Upon closing the transaction, the insider’s holdings decreased to 48,768 shares, worth approximately $18.23 million.
As published in a research note from JP Morgan on June 14, 2022, Nucor Corporation [NUE] has been retained to a Neutral and the price target has been revised to $125. This represents a -7.4% premium over Thursday’s closing price. Analysts at Wolfe Research downgraded the stock from ‘”a Peer perform”‘ to ‘”an Underperform”‘ outlook in a report released in mid January. As of November 17, 2021, Wolfe Research has initiated its “Peer perform” rating for NUE. Earlier on November 09, 2021, Citigroup downgraded its rating. Their new recommendation was “a Neutral” for NUE stock which previously was a “a Buy”.
Analyzing NUE’s Price Performance
On Thursday, Nucor Corporation [NYSE: NUE] rose 2.17% to $134.25. The stock’s lowest price that day was $131.00, but it reached a high of $136.20 in the same session. During the last five days, there has been a surge of approximately 2.95%. Over the course of the year, Nucor Corporation shares have jumped approximately 17.61%. Shares of the company reached a 52-week high of $187.90 on 04/21/22 and a 52-week low of $88.50 on 01/24/22. A 50-day SMA is recorded $119.39, while a 200-day SMA reached $123.28. Nevertheless, trading volume fell to 1.68 million shares from 1.53 million shares the previous day.
Support And Resistance Levels for Nucor Corporation (NUE)
According to the 24-hour chart, there is a support level at 131.43, which, if violated, would cause prices to drop to 128.62. In the upper region, resistance lies at 136.63. The next price resistance is at 139.02. RSI (Relative Strength Index) is 65.04 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 6.20, which suggests the price will increase in the coming days. Percent R is at 8.25%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Nucor Corporation subject to short interest?
Stocks of Nucor Corporation saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.25 million shares to 8.11 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 8.36 million shares. A decline of -3.08% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.26 of the overall float, the days-to-cover ratio (short ratio) decline to 3.26.
Which companies own the most shares of Nucor Corporation (NUE)?
According to The Vanguard Group, Inc. filings, the company currently owns 34,181,010 shares, which is about 12.85% of the total NUE shares outstanding. The investor’s shares have plunged by -494,174 from its previous 13-F filing of 34675184.0 shares. With the completion of the sale transaction, State Farm Investment Management’s stake is now worth $2,844,264,133. SSgA Funds Management, Inc. acquire a 2.44% interest valued at $1.65 billion while BlackRock Fund Advisors sold a -389,689 stake. A total of -5,119,917 shares of Nucor Corporation were sold by Capital Research & Management Co during the quarter, and 369,138 were bought by Fidelity Management & Research Co. In its current portfolio, Norges Bank Investment Management holds 5,990,397 shares valued at $625.46 million.
In terms of Nucor Corporation share price expectations, FactSet research, analysts set an average price target of $128.05 in the next 12 months, down nearly -8.68% from the previous closing price of $131.40. Analysts anticipate Nucor Corporation stock to reach $180.00 by 2022, with the lowest price target being $101.00. In spite of this, 15 analysts ranked Nucor Corporation stock as a Hold at the end of 2022. On October 06, 2021, Goldman assigned a price target of “a Neutral” to the stock and downgraded coverage with a $108.