The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Nucor Corporation shares valued at $8,034,300 were sold by Utermark D. Chad on Feb 03. At $177.13 per share, Utermark D. Chad sold 45,357 shares. The insider’s holdings dropped to 172,629 shares worth approximately $25.1 million following the completion of this transaction.
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Also, QUERY KENNETH REX sold 1,962 shares, netting a total of over 349,217 in proceeds. Following the sale of shares at $177.99 each, the insider now holds 74,138 shares.
Before that, Hanners Noah C had sold 4,900 shares from its account. In a trade valued at $865,508, the Executive Vice President traded Nucor Corporation shares for $176.63 each. Upon closing the transaction, the insider’s holdings decreased to 4,900 shares, worth approximately $1.82 million.
Analysts at JP Morgan resumed the stock at ‘”a Neutral”‘ outlook in a report released in mid June. As of January 11, 2022, Wolfe Research has decreased its “Peer perform” rating to a “an Underperform” for NUE. Earlier on November 17, 2021, Wolfe Research initiated its rating. Their recommendation was “a Peer perform” for NUE stock.
Analyzing NUE Stock Performance
On Thursday, Nucor Corporation [NYSE: NUE] rose 0.42% to $145.42. The stock’s lowest price that day was $139.03, but it reached a high of $146.01 in the same session. During the last five days, there has been a drop of approximately -13.36%. Over the course of the year, Nucor Corporation shares have jumped approximately 10.33%. Shares of the company reached a 52-week high of $182.68 on 02/03/23 and a 52-week low of $129.82 on 01/03/23. A 50-day SMA is recorded $161.81, while a 200-day SMA reached $137.05. Nevertheless, trading volume fell to 2.85 million shares from 3.21 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 140.96, which, if violated, would cause prices to drop to 136.51. In the upper region, resistance lies at 147.94. The next price resistance is at 150.47. RSI (Relative Strength Index) is 31.18 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -15.84, which suggests the price will decrease in the coming days. Percent R is at 83.97%, indicating bearish price movement. Stochastics %K at buying 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 Jan 12, 2023 dropping by -0.45 million shares to 6.69 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 7.14 million shares. A decline of -6.73% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.44 of the overall float, the days-to-cover ratio (short ratio) decline to 3.44.
Which companies own the most shares of Nucor Corporation (NUE)?
According to The Vanguard Group, Inc. filings, the company currently owns 31,570,369 shares, which is about 12.48% of the total NUE shares outstanding. The investor’s shares have plunged by -852,798 from its previous 13-F filing of 32423167.0 shares. BlackRock Fund Advisors reduced a -8.10% interest valued at $2.37 billion while SSgA Funds Management, Inc. sold a -494,014 stake. A total of 104,136 shares of Nucor Corporation were sold by Fidelity Management & Research Co during the quarter, and -145,950 were sold by Geode Capital Management LLC. In its current portfolio, Dimensional Fund Advisors LP holds 5,235,900 shares valued at $876.7 million.
In terms of Nucor Corporation share price expectations, FactSet research, analysts set an average price target of $154.82 in the next 12 months, up nearly 9.11% from the previous closing price of $144.81. Analysts anticipate Nucor Corporation stock to reach $190.00 by 2023, with the lowest price target being $122.00. In spite of this, 14 analysts ranked Nucor Corporation stock as a Hold at the end of 2023. On November 09, 2021, Citigroup assigned a price target of “a Neutral” to the stock and downgraded coverage with a $120.