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 Corp. shares valued at $6,459,044 were sold by Utermark D. Chad on Mar 22 ’24. At $195.33 per share, Utermark D. Chad sold 33,068 shares. The insider’s holdings dropped to 206,078 shares worth approximately $40.84 million following the completion of this transaction.
Also, Jellison Douglas J sold 19,506 shares, netting a total of over 3,772,635 in proceeds. Following the sale of shares at $193.41 each, the insider now holds 120,738 shares.
Before that, Keller Michael D had sold 3,145 shares from its account. In a trade valued at $609,091, the Vice Pres. and Corp. Contro traded Nucor Corp. shares for $193.67 each. Upon closing the transaction, the insider’s holdings decreased to 3,145 shares, worth approximately $4.93 million.
As published in a research note from Citigroup on March 13, 2024, Nucor Corp. [NUE] has been rated up from a Neutral to a Buy and the price target has been revised to $240 from $180. Analysts at UBS started covering the stock with ‘”a Buy”‘ outlook in a report released in mid January. As of October 16, 2023, JP Morgan has increased its “an Underweight” rating to a “Neutral” for NUE. Earlier on July 05, 2023, Exane BNP Paribas upgraded its rating. Their new recommendation was “an Outperform” for NUE stock which previously was a “a Neutral”.
Analyzing NUE Stock Performance
During the last five days, there has been a drop of approximately -0.98%. Over the course of the year, Nucor Corp. shares have jumped approximately 13.87%. Shares of the company reached a 52-week high of $203.00 on 04/09/24 and a 52-week low of $165.29 on 01/19/24. A 50-day SMA is recorded $189.82, while a 200-day SMA reached $169.83. Nevertheless, trading volume fell to 0.81 million shares from 0.91 million shares the previous day.
Support And Resistance Levels for Nucor Corp. (NUE)
According to the 24-hour chart, there is a support level at 196.09, which, if violated, would cause prices to drop to 194.00. In the upper region, resistance lies at 199.66. The next price resistance is at 201.14. RSI (Relative Strength Index) is 58.82 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.48, which suggests the price will increase in the coming days. Percent R is at 49.28%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Nucor Corp. subject to short interest?
Stocks of Nucor Corp. saw a sharp steep in short interest on Mar 28, 2024 dropping by 50000.0 shares to 4.9 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 4.95 million shares. A decline of -1.02% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.75 of the overall float, the days-to-cover ratio (short ratio) decline to 3.75.
