NUE

Nucor Corporation

105.64
USD
1.18%
105.64
USD
1.18%
87.71 187.90
52 weeks
52 weeks

Mkt Cap 31.03B

Shares Out 293.70M

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Nucor (NUE) Invests $15M to Support Nuclear SMR Development

Nucor Corporation NUE recently announced that it would invest $15 million in NuScale Power, LLC, a developer of small modular reactor (“SMR”) nuclear plants. Nucor inked a deal to fund NuScale through a private placement in the Special Purpose Acquisition Company, Spring Valley Acquisition Corp., which plans to merge with NuScale. These funds will facilitate commercialization of NuScale's proprietary and innovative SMR technology, the NuScale Power Module. SMRs are nuclear reactors that can operate independently or with other modules to manufacture carbon-free electric power on a smaller scale and lower cost than traditional nuclear power. Nucor entered into three power purchase agreements in the last two years and supported the development of solar and wind energy projects. The agreements will enable the construction of 600 megawatts of renewable power generation. The company’s investment in NuScale complements these efforts to help the United States develop new clean power sources. An effective electric grid needs baseload and intermittent power sources, which is why both nuclear and renewable energy must be part of the solution to attain carbon reduction while retaining grid reliability. Shares of Nucor have surged 87.2% in the past year compared with a 20.1% rise of the industry. Last month, the company announced the outlook for first-quarter 2022. It anticipates new record first-quarter earnings in the range of $7.20-$7.30 per share. Earnings in the fourth quarter were $7.97 and the same in the prior-year quarter amounted to $3.10. First-quarter earnings in the steel mill segment are likely to decline mainly due to the lower profitability of the sheet mills. The average realized selling prices in sheet have weakened even though end-market demand remains strong. The downside reflects higher import volumes and modest destocking. Nucor Corporation Price and Consensus Zacks Rank & Other Key Picks Nucor currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks in the basic materials space are The Mosaic Company MOS, AdvanSix Inc. ASIX and Allegheny Technologies Incorporated ATI. Mosaic has a projected earnings growth rate of 131.2% for the current year. The Zacks Consensus Estimate for MOS' current-year earnings has been revised 32.7% upward in the past 60 days. Mosaic’s earnings beat the Zacks Consensus Estimate in three of the last four quarters while missing once. It delivered a trailing four-quarter earnings surprise of roughly 3.7%, on average. MOS has rallied around 132.5% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. AdvanSix has a projected earnings growth rate of 64.8% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 58% upward in the past 60 days. AdvanSix’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 23.6%. ASIX has surged 68.8% in a year. The company sports a Zacks Rank #1. Allegheny, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 684.6% for the current year. The Zacks Consensus Estimate for ATI's earnings for the current year has been revised 20% upward in the past 60 days. Allegheny’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 127.2%. ATI has rallied around 24.8% over a year. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >> Click to get this free report Nucor Corporation (NUE): Free Stock Analysis Report Allegheny Technologies Incorporated (ATI): Free Stock Analysis Report The Mosaic Company (MOS): Free Stock Analysis Report AdvanSix (ASIX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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