What Will Happen to Nucor Corporation (NUE) Next? The Stock Formed a Several Months Descending Triangle Chart Pattern

June 20, 2017 - By Vivian Currie

Investors sentiment increased to 1.03 in Q4 2016. Its up 0.06, from 0.97 in 2016Q3. It improved, as 49 investors sold Nucor Corporation shares while 230 reduced holdings. 106 funds opened positions while 180 raised stakes. 241.22 million shares or 0.70% more from 239.54 million shares in 2016Q3 were reported.
Main Street Rech Ltd Llc reported 2.11% in Nucor Corporation (NYSE:NUE). Andra Ap has 0.09% invested in Nucor Corporation (NYSE:NUE) for 55,800 shares. 234 are owned by Baystate Wealth Mgmt Ltd. Advsrs Asset Mgmt Inc has 0.09% invested in Nucor Corporation (NYSE:NUE). Susquehanna Group Incorporated Llp reported 50,641 shares. Pub Employees Retirement Association Of Colorado reported 0.03% in Nucor Corporation (NYSE:NUE). Prudential Public Limited Co has invested 0.36% of its portfolio in Nucor Corporation (NYSE:NUE). Airain Ltd has 10,346 shares for 0.05% of their portfolio. 1St Source Retail Bank has invested 0.09% in Nucor Corporation (NYSE:NUE). Davidson & Garrard owns 0.55% invested in Nucor Corporation (NYSE:NUE) for 37,001 shares. 199,142 are owned by Barclays Plc. 858,460 were accumulated by Apg Asset Management Nv. Carroll Assocs accumulated 22,454 shares or 0.19% of the stock. Macquarie Ltd has 0.02% invested in Nucor Corporation (NYSE:NUE) for 145,925 shares. Burney Com reported 7,892 shares.

Since February 22, 2017, it had 0 buys, and 2 selling transactions for $4.08 million activity. $790,425 worth of Nucor Corporation (NYSE:NUE) was sold by NAPOLITAN RAYMOND S JR on Wednesday, February 22. 52,631 Nucor Corporation (NYSE:NUE) shares with value of $3.29M were sold by Frias James D.

The stock of Nucor Corporation (NUE) formed a descending triangle with $59.60 target or 7.00 % above today’s $55.70 share price. The 8 months triangle pattern indicates low risk for the $17.91 billion company. If the $59.60 price target is reached, the company will be worth $1.25 billion more.
The descending triangle is in our view more reliable than the ascending one. The descending triangle pattern has break even failure rate for up and down breakouts of 7% and 16%, respectively. The average rise and decline is 47% and 16%. The throwback or so called pullback rates are: 37% and 54%. The stocks meeting their targets is high for this type of breakout: 84% and 54% percent.

About 1,000 shares traded. Nucor Corporation (NYSE:NUE) has risen 21.74% since June 20, 2016 and is uptrending. It has outperformed by 5.04% the S&P500.

Analysts await Nucor Corporation (NYSE:NUE) to report earnings on July, 20. They expect $1.32 earnings per share, up 80.82 % or $0.59 from last year’s $0.73 per share. NUE’s profit will be $423.68M for 10.57 P/E if the $1.32 EPS becomes a reality. After $1.11 actual earnings per share reported by Nucor Corporation for the previous quarter, Wall Street now forecasts 18.92 % EPS growth.

Nucor Corporation (NYSE:NUE) Ratings Coverage

Among 18 analysts covering Nucor Corporation (NYSE:NUE), 13 have Buy rating, 0 Sell and 5 Hold. Therefore 72% are positive. Nucor Corporation had 47 analyst reports since July 22, 2015 according to SRatingsIntel. The company was initiated on Tuesday, November 24 by BB&T Capital. The firm has “Neutral” rating by Rosenblatt given on Friday, October 16. The company was downgraded on Monday, November 14 by Berenberg. The stock of Nucor Corporation (NYSE:NUE) has “Neutral” rating given on Monday, April 24 by Macquarie Research. Berenberg downgraded the shares of NUE in report on Friday, July 22 to “Hold” rating. As per Wednesday, October 14, the company rating was initiated by Berenberg. The stock has “Overweight” rating by Barclays Capital on Monday, February 6. Barclays Capital maintained the shares of NUE in report on Friday, April 21 with “Buy” rating. The rating was maintained by Barclays Capital on Monday, October 5 with “Overweight”. The stock of Nucor Corporation (NYSE:NUE) has “Buy” rating given on Monday, December 12 by Argus Research.

More important recent Nucor Corporation (NYSE:NUE) news were published by: Prnewswire.com which released: “Nucor to Build Galvanizing Line at its Kentucky Sheet Mill” on May 25, 2017, also Seekingalpha.com published article titled: “Nucor: The Best Shining US Steel Stock”, Prnewswire.com published: “Nucor Announces Guidance For Its Second Quarter Earnings” on June 15, 2017. More interesting news about Nucor Corporation (NYSE:NUE) was released by: Seekingalpha.com and their article: “Nucor – Adding On The Dip” with publication date: June 16, 2017.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.