Nucor Corporation (NUE - Free Report) recently announced two acquisitions on behalf of its Cincinnati-based subsidiary, The David J. Joseph Company. The addition of these new recycling locations, reflecting a 10% growth in capacity, is in line with Nucor's growth strategy. The move reflects on its commitment to expand the regional recycling platforms that support its steel mills.
On Sep 30, Advantage Metals Recycling completed the acquisition of Grossman Iron and Steel located in St. Louis, MO. This acquisition brings Advantage Metals’ total number of recycling facilities to 12.
The company stated that Grossman is well positioned to support its growing steelmaking capacity along the Mississippi and Ohio river system.
Trademark Metals Recycling LLC also agreed to acquire the assets of Garden Street Iron & Metal Inc. located in Fort Myers, FL. This acquisition will bring Trademark Metal's total number of recycling facilities to 26.
Shares of Nucor have gained 94.1% in the past year compared with a 78.7% surge of the industry.
In the last month, Nucor announced guidance for third-quarter 2021. It expects the quarter’s earnings between $7.30 and $7.40 per share. The company is gearing up to report the highest quarterly earnings ever in its history, surpassing the prior record of earnings per share (EPS) of $5.04 in second-quarter 2021.
This upbeat outlook is backed by strong demand across most of Nucor’s end-markets and higher average selling prices, which is driving strong profitability in all of the three segments. The company expects the steel products segment to generate higher earnings in the third quarter, owing to margin expansion stemming from higher average selling prices.
Zacks Rank & Other Key Picks
Nucor currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the basic materials space are United States Steel Corporation (X - Free Report) , The Chemours Company (CC - Free Report) and Olin Corporation (OLN - Free Report) .
U.S. Steel has a projected earnings growth rate of around 381.2% for the current year. The company’s shares have soared 140.3% in a year. It currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Chemours has an expected earnings growth rate of around 86.4% for the current year. The company’s shares have gained 26.8% in the past year. It currently carries a Zacks Rank #2.
Olin has an expected earnings growth rate of around 639.3% for the current fiscal. The company’s shares have surged 208.5% in the past year. It currently flaunts a Zacks Rank #1.
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Nucor Corporation (NUE - Free Report) recently announced two acquisitions on behalf of its Cincinnati-based subsidiary, The David J. Joseph Company. The addition of these new recycling locations, reflecting a 10% growth in capacity, is in line with Nucor's growth strategy. The move reflects on its commitment to expand the regional recycling platforms that support its steel mills.
On Sep 30, Advantage Metals Recycling completed the acquisition of Grossman Iron and Steel located in St. Louis, MO. This acquisition brings Advantage Metals’ total number of recycling facilities to 12.
The company stated that Grossman is well positioned to support its growing steelmaking capacity along the Mississippi and Ohio river system.
Trademark Metals Recycling LLC also agreed to acquire the assets of Garden Street Iron & Metal Inc. located in Fort Myers, FL. This acquisition will bring Trademark Metal's total number of recycling facilities to 26.
Shares of Nucor have gained 94.1% in the past year compared with a 78.7% surge of the industry.
In the last month, Nucor announced guidance for third-quarter 2021. It expects the quarter’s earnings between $7.30 and $7.40 per share. The company is gearing up to report the highest quarterly earnings ever in its history, surpassing the prior record of earnings per share (EPS) of $5.04 in second-quarter 2021.
This upbeat outlook is backed by strong demand across most of Nucor’s end-markets and higher average selling prices, which is driving strong profitability in all of the three segments. The company expects the steel products segment to generate higher earnings in the third quarter, owing to margin expansion stemming from higher average selling prices.
Zacks Rank & Other Key Picks
Nucor currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the basic materials space are United States Steel Corporation (X - Free Report) , The Chemours Company (CC - Free Report) and Olin Corporation (OLN - Free Report) .
U.S. Steel has a projected earnings growth rate of around 381.2% for the current year. The company’s shares have soared 140.3% in a year. It currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Chemours has an expected earnings growth rate of around 86.4% for the current year. The company’s shares have gained 26.8% in the past year. It currently carries a Zacks Rank #2.
Olin has an expected earnings growth rate of around 639.3% for the current fiscal. The company’s shares have surged 208.5% in the past year. It currently flaunts a Zacks Rank #1.
Buy 5 Stocks BEFORE Election Day
Biden or Trump? Zacks is releasing a FREE Special Report, Profit from the 2024 Presidential Election (no matter who wins).
Since 1950, presidential election years have been strong for the market. This report names 5 timely stocks to ride the wave of electoral excitement.
They include a medical manufacturer that gained +11,000% in the last 15 years… a rental company absolutely crushing its sector… an energy powerhouse planning to grow its already large dividend by 25%... an aerospace and defense standout that just landed a potentially $80 billion contract… and a giant chipmaker building huge plants in the U.S.
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