Nucor Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (NUE-NYSE) SUMMARY
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1 January 29, 2015 Nucor Corporation Current Recommendation Prior Recommendation Outperform Date of Last Change 01/29/2015 Current Price (01/28/15) $44.04 Target Price $46.00 NEUTRAL (NUE-NYSE) SUMMARY We are downgrading our recommendation on Nucor to Neutral. Profit for the fourth-quarter 2014 jumped year over year on improved pricing and higher shipments. However, adjusted earnings fell short of the Zacks Consensus Estimate. Revenues rose modestly, but missed expectations. The company expects lower earnings in the first-quarter 2015 as falling oil prices are expected to hurt its Steel Mills segment. Nucor is seeing strength across end markets such as automotive, general manufacturing and energy. Moreover, the recent acquisition of Gallatin Steel also provides ample opportunities to boost shareholder value. However, Nucor is still exposed to weak steel market fundamentals. Excess capacity, surging imports and the sluggish European economy are expected to continue weighing on the company s performance. SUMMARY DATA 52-Week High $ Week Low $43.80 One-Year Return (%) Beta 1.33 Average Daily Volume (sh) 2,393,984 Shares Outstanding (mil) 320 Market Capitalization ($mil) $14,093 Short Interest Ratio (days) 5.20 Institutional Ownership (%) 79 Insider Ownership (%) 1 Annual Cash Dividend $1.49 Dividend Yield (%) Yr. Historical Growth Rates Sales (%) 10.0 Earnings Per Share (%) 27.8 Dividend (%) 0.7 using TTM EPS 20.9 using 2015 Estimate 12.9 using 2016 Estimate 11.3 Zacks Rank *: Short Term 1 3 months outlook 4 - Sell * Definition / Disclosure on last page Risk Level * Below Avg., Type of Stock Large-Value Industry Steel-Producers Zacks Industry Rank * 218 out of 267 ZACKS CONSENSUS ESTIMATES Revenue Estimates (In millions of $) Q1 Q2 Q3 Q4 Year (Mar) (Jun) (Sep) (Dec) (Dec) ,551 A 4,666 A 4,941 A 4,895 A 19,052 A ,108 A 5,291 A 5,702 A 5,004 A 21,105 A ,184 E 5,240 E 5,619 E 5,932 E 21,975 E ,919 E *Note: Revenues in 2013 do not add up to annual figure due to rounding-off. Earnings Per Share Estimates (EPS is operating earnings before non-recurring items, but including employee stock options expenses) Q1 Q2 Q3 Q4 Year (Mar) (Jun) (Sep) (Dec) (Dec) 2013 $0.29 A $0.27 A $0.49 A $0.46 A $1.45 A 2014 $0.41 A $0.46 A $0.79 A $0.54 A $2.11 A 2015 $0.59 E $0.88 E $0.99 E $0.96 E $3.42 E 2016 $3.89 E *Note: EPS in 2013 and 2014 do not add up to the annual figure due to onetime adjustments. Projected EPS Growth - Next 5 Years % Zacks Investment Research, All Rights reserved S. Riverside Plaza, Chicago IL 60606
2 OVERVIEW Headquartered in Charlotte, North Carolina, Nucor Corporation (NUE) is a leading producer of structural steel, steel bars, steel joists, steel deck and cold finished bars in the U.S. The company has 123 operating facilities, primarily in the U.S. and Canada. Over the years, the company has grown through acquisitions as well as by tapping new markets and expanding geographically. Through its network of mini-mills, the company produces steel sheets, bars, plates as well as various structural and other products. Nucor operates in three segments the Steel Mills segment, the Steel Products segment and the Raw Materials segment. The Steel Mills segment manufactures hot rolled steel products such as angles, rounds, flats, channels, rebar, sheets, wide-flange beams, pilings, billets, blooms, beam blanks, and plates; and cold-rolled steel products. The Steel Products segment makes steel joists and joist girders, steel deck, cold finished steel, steel fasteners, metal building systems and light gauge steel framing among other products. The Raw Materials segment produces direct reduced iron, ferrous and nonferrous metals, and pig iron; ferro-alloys; and processes ferrous and nonferrous scrap from the facility in Trinidad. Nucor sells its hot-rolled steel and cold-rolled steel to steel service centers, fabricators, and manufacturers; steel joists and joist girders, and steel deck to general contractors and fabricators; and cold finished steel and steel fasteners to distributors and manufacturers. Its steel products are used in highways, bridges, reservoirs, utilities, hospitals, schools, airports, stadiums and high-rise buildings. REASONS TO BUY Nucor has a diversified client base and, as such, its business is not highly dependent on the conditions prevalent in a particular geography. Demand across end-markets such as automotive, heavy equipment, energy and general manufacturing is healthy and may get better moving ahead, providing more strength to the company s top line. In addition, the company s cost structure is highly variable, giving it the luxury of adjusting its costs when the conditions call for. This enables Nucor to continue its operations without closing down its facilities, even if the market conditions in the steel industry are depressed. Another remarkable fact about Nucor is that the company is very agile when it comes to adjusting its production output. As the company uses electric arc furnaces to produce steel, it can easily adjust its output according to the demand in the industry and avoid piling up inventories in adverse demand conditions. Nucor has focused on profitable growth through acquisitions over the past several years. The company plans to continue seeking attractive opportunities to acquire businesses, forge joint ventures and make other investments that are complementary to its existing strengths. Realizing the anticipated benefits of acquisitions or other transactions will depend on its ability to operate these businesses and integrate them with its operations while cooperating with its strategic partners. Also, the company focuses on streamlining existing operations and aims to grow through developing Greenfield projects, which benefit from new technologies and new opportunities. Equity Research NUE Page 2
3 The acquisition of Skyline Steel was a step taken in accordance with the company s growth strategy. Skyline Steel has been distributing Nucor s piling products for over 20 years and has been a key customer of H-piling and hot rolled sheet piling from Nucor-Yamato Steel. Through the acquisition, Nucor aims to integrate Skyline into its system and make it a more valuable downstream customer of coiled plate and sheet products. Moreover, Nucor has acquired Gallatin Steel Company from global steel giant ArcelorMittal and Brazilian steel maker Gerdau for roughly $770 million in cash. The purchase of Gallatin Steel a flat-rolled products mill with annual capacity of roughly 1.8 million tons is in tandem with Nucor's strategy for profitable growth. The acquisition is expected to strengthen the company s foothold in the key Midwest market (the biggest flat-rolled consuming region in the U.S) and allow it to better serve its flat-rolled customers in the growing pipe and tube segment. The addition of Gallatin Steel is expected to enhance Nucor's total flat-rolled product annual capacity by 16% to around 13 million tons. Nucor s direct reduced iron (DRI) facility in Louisiana, its largest project, came online in Dec Through this facility, the company expects to grow its sheet and SBQ (special bar quality) markets and gain meaningful competitive cost advantage for raw materials and energy. The $750 million plant is expected to produce 2.5 million tons of DRI annually when the operations are in full swing. The company s South Carolina bar mill and Hertford County, North Carolina, plate mills have already started production, both of which are catering to attractive end-user markets. Moreover, the Berkeley County, South Carolina, sheet mill's wide, light project started operation in first-quarter 2014, providing the capability to produce wider and lighter gauged sheet steel. The Nucor-Yamato structural mill has completed a roughly $115 million project, offering expanded sheet piling production capabilities. Nucor is also aggressively investing to secure a low-cost supply of natural gas on a longterm basis to cover its expected future steelmaking and DRI production needs. The company expects its natural gas investments to be cash flow positive by late Nucor also has an impressive record of returning cash to shareholders. The company has raised its regular quarterly cash dividend to $0.37 per share from $ Nucor has a track record of raising dividends almost every year since it started paying dividends in This reflects the company s financial strength and strong potential to generate a consistent stream of earnings in the long term. The company returned $475 million to its shareholders in the form of dividend in REASONS TO SELL The steel industry is going through a difficult phase and market fundamentals remains challenging in the U.S. While non-residential commercial activities are improving, the market remains way below its peak levels. There is not enough demand for steel products due to weakness in construction end markets, resulting in excess supply. Contributing towards this inventory glut are production ramp ups by domestic steel producers and rapid growth in Chinese production. Moreover, ramp up of capacity has pressured the domestic sheet market. The U.S. steel industry s capacity utilization remains below 80%. Challenging conditions in the Eurozone are another area of concern for Nucor since it is the largest market for total U.S. exports. Steel imports have given rise to stiff competition in the domestic market and the financial crisis in Europe might give rise to the same conditions in the region. In addition, a stronger dollar against the euro will result in increased prices of imports into Europe from the U.S. Equity Research NUE Page 3
4 Steel competes with other materials, such as aluminum, cement, composites, glass, plastic and wood. Increased use of these materials as substitutes for steel products could have a material adverse impact on prices and demand for Nucor s steel products. In 2011, automobile producers began complying with new Corporate Average Fuel Economy ("CAFE") mileage requirements for new cars and light trucks that they produce. As automobile producers work to produce vehicles in compliance with these new standards, they may reduce the amount of steel in cars and trucks to improve fuel economy, thereby reducing demand for steel and resulting in further over-supply of steel in North America. Nucor, like other steel makers, is plagued by surging domestic steel imports. Consumers in the U.S. are importing cheaper steel from China, forcing domestic steel producers to sell at lower prices, and sometimes even at a loss. Despite the U.S. steel industry s low capacity utilization, imports continues to flow into the domestic market due to foreign producers overcapacity. Import of finished carbon steel products jumped 37% year over year in Significantly high import levels are affecting the performance of the company s steel mills unit. Import levels are expected to remain high through firstquarter RECENT NEWS Nucor's Q4 Profit Climbs, Earnings Fall Short January 27, 2015 Nucor s profit (as reported) for the fourth quarter of 2014 came in at $210.4 million or $0.65 a share, up 23.4% from $170.5 million or $0.53 per share reported a year ago. Profit (as reported) for 2014 was $713.9 million or $2.22 per share, up 46% from profit of $488 million or $1.52 per share in Barring inventory-related credit of $57.3 million or $0.11 per share, earnings were $0.54 per share for the fourth quarter. By that measure, earnings missed the Zacks Consensus Estimate by $0.01. For full-year 2014, adjusted earnings (excluding inventory credit) came in at $2.11 per share, which missed the Zacks Consensus Estimate of $2.20. The Quarter in Detail Revenues increased 2% in fourth-quarter 2014 to roughly $5 billion from $4.9 billion in the year-ago quarter. Sales, however, missed the Zacks Consensus Estimate of $5.45 billion. Average sales price per ton increased 1% compared with the year-ago quarter. Total tons shipped to outside customers rose 1% year over year to 6,070,000 tons in the reported quarter and total mill shipments increased 2% to 5,317,000 tons. For full-year, consolidated net sales increased 11% to $21.1 billion from $19.1 billion in However, consolidated net sales missed the Zacks Consensus Estimate of $21.4 billion. Overall operating performance at the company s Steel Mills segment in the fourth quarter was not as expected owing to typical fourth-quarter seasonality. Moreover, imports remained very high in the quarter, exerting downward pressure on the segment s performance. Volumes, as well as margins, remained under pressure on a sequential basis. However, these were partly offset by the gains from the recently acquired Nucor Steel Gallatin. Equity Research NUE Page 4
5 The Raw Materials segment s performance in the fourth quarter was adversely affected by weak performance in the company s scrap processing business. Results were also affected negatively by the suspended operations of Nucor s steel plant in Louisiana (where production began in late Dec 2014) owing to equipment failure related to the process gas heater since Nov The plant is predicted to remain non-functional in the first quarter of Financial Position Nucor exited the quarter with cash and cash equivalents of $1,024.1 million compared with $1,483.3 million a year ago. Long-term debt was $4,360.6 million versus $4,376.9 million a year ago. Nucor has an unused $1.5 billion revolving credit facility that will likely mature in Aug Cash flow from operations was $1.3 billion for 2014, compared with $1.1 billion recorded a year ago. Nucor s board declared a cash dividend of $ per share in Dec 2014, which was the company s 167th consecutive quarterly cash dividend. The dividend is payable on Feb 11, 2015, to stockholders of record as of Dec 31, Guidance Nucor expects a decline in earnings for the first quarter of 2015 compared with that of first-quarter Owing to the recent fall in oil prices there will be customer inventory reduction charges, which are expected to impact market conditions for the Steel Mills segment. However, there is a scope for improvement in energy markets when inventory destocking is completed. Moreover, import levels are anticipated to remain high in However, Nucor believes that there is a positive trend in non-residential construction markets, benefiting its steel mills and fabricated construction products businesses. Typical seasonality is expected to affect performance in the company s downstream products business on a sequential basis in the first quarter of Nucor's Q3 Earnings Beat Estimates, Profits Surge October 23, 2014 Nucor s third-quarter 2014 profit came in at $245.4 million (or $0.76 per share), surging roughly 66.3% from $147.6 million (or $0.46 per share) posted in the prior-year quarter. The results include a charge of $0.03 per share related to the partial write down of assets within the steel mills segment. Excluding the charge, earnings came in at $0.79 per share, surpassing the Zacks Consensus Estimate of $0.75. The improved third-quarter results were driven by better-than-expected performance in the steel mills segment. The Quarter in Detail Nucor registered revenues of $5,701.9 million in the quarter, up 15% from $4,940.9 million in the yearago quarter. Sales surpassed the Zacks Consensus Estimate of $5,307 million. Equity Research NUE Page 5
6 The company s operating performance at its steel mills segment was much better compared to sequential quarter due to higher profitability in sheet, structural, bar and plate steel. Structural steel witnessed no major outages in the third quarter as compared with the planned three week outage at Nucor-Yamato Steel in the second quarter. Imports remain at high levels, thereby pressuring pricing. Nucor s fabricated construction products businesses also delivered much higher profits compared with the second quarter of 2014 due to improving conditions in the commercial construction markets, despite the market remaining at historically low levels. Results from the raw materials segment includes an operating loss of more than $45 million at the company s new DRI plant in St. James Parish, Louisiana. Another factor that impacted the performance of Nucor Steel Louisiana is the consumption of higher cost iron ore purchased early in the year under a quarterly lag pricing mechanism. However, the plant produced outstanding quality DRI units and volume levels. Average sales price per ton increased 5% from the year-ago quarter. Total tons shipped to outside customers rose 10% year over year to 6,784,000 tons in the reported quarter and total mill shipments increased 7% to 5,741,000 tons. The average scrap and scrap substitute cost per ton used in the third quarter was $379, up 2% from $372 a year ago. Overall operating rates at Nucor s steel mills were 81%, up from 78% in the year-ago quarter. Total steel mill energy costs in the reported quarter increased by $1 per ton year over year. Financial Position Nucor ended the third quarter with $1,395.9 million in cash and cash equivalents and short-term investments compared with $1,771.4 million in the year-ago quarter. Long-term debt was $4,360.6 million at the end of the quarter versus $4,376.9 million a year ago. Nucor also has an unused $1.5 billion revolving credit facility that will mature in Aug Guidance Nucor expects modest decrease in earnings for the fourth quarter of The company forecasts that the profitability of the steel mills and downstream products segments will be affected by end-year seasonality which is typical in the fourth quarter. Due to the process improvements and lower iron ore costs, combined with a steady run-rate, the company anticipates significant improvement in the performance of the Louisiana DRI facility in the fourth quarter and profitable results during the first quarter of VALUATION Nucor s trailing 12-month earnings multiple is 20.9X, compared to the 20.9X average for the peer group and 18.6X for the S&P 500. Over the last five years, shares have traded in the range of 15.3x to 109x trailing 12-month earnings. Currently, shares are trading at a forward multiple of 12.9x based on our 2015 EPS estimate. Our long-term Neutral recommendation indicates that it will perform in line with the market. Our $46 target price is based on 13.5x our 2015 earnings estimate. Equity Research NUE Page 6
7 Key Indicators F1 F2 Est. 5-Yr EPS Gr% P/CF 5-Yr High 5-Yr Low Nucor Corporation (NUE) Industry Average S&P Posco (PKX) Nippon Steel & Sumitomo Metal Corporation (NSSMY) Gerdau S.A. (GGB) Kobe Steel Ltd. (KBSTY) TTM is trailing 12 months; F1 is 2015 and F2 is 2016, CF is operating cash flow P/B Last Qtr. P/B 5-Yr High P/B 5-Yr Low ROE D/E Last Qtr. Div Yield Last Qtr. EV/EBITDA Nucor Corporation (NUE) Industry Average S&P Equity Research NUE Page 7
8 Earnings Surprise and Estimate Revision History Equity Research NUE Page 8
9 DISCLOSURES & DEFINITIONS The analysts contributing to this report do not hold any shares of NUE. The EPS and revenue forecasts are the Zacks Consensus estimates. Additionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts personal views as to the subject securities and issuers. Zacks certifies that no part of the analysts compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst in the report. Additional information on the securities mentioned in this report is available upon request. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. Because of individual objectives, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change. This report is not to be construed as an offer or the solicitation of an offer to buy or sell the securities herein mentioned. Zacks or its officers, employees or customers may have a position long or short in the securities mentioned and buy or sell the securities from time to time. Zacks uses the following rating system for the securities it covers. Outperform- Zacks expects that the subject company will outperform the broader U.S. equity market over the next six to twelve months. Neutral- Zacks expects that the company will perform in line with the broader U.S. equity market over the next six to twelve months. Underperform- Zacks expects the company will under perform the broader U.S. Equity market over the next six to twelve months. The current distribution of Zacks Ratings is as follows on the 1116 companies covered: Outperform %, Neutral %, Underperform 6.4%. Data is as of midnight on the business day immediately prior to this publication. Our recommendation for each stock is closely linked to the Zacks Rank, which results from a proprietary quantitative model using trends in earnings estimate revisions. This model is proven most effective for judging the timeliness of a stock over the next 1 to 3 months. The model assigns each stock a rank from 1 through 5. Zacks Rank 1 = Strong Buy. Zacks Rank 2 = Buy. Zacks Rank 3 = Hold. Zacks Rank 4 = Sell. Zacks Rank 5 = Strong Sell. We also provide a Zacks Industry Rank for each company which provides an idea of the near-term attractiveness of a company s industry group. We have 264 industry groups in total. Thus, the Zacks Industry Rank is a number between 1 and 264. In terms of investment attractiveness, the higher the rank the better. Historically, the top half of the industries has outperformed the general market. In determining Risk Level, we rely on a proprietary quantitative model that divides the entire universe of stocks into five groups, based on each stock s historical price volatility. The first group has stocks with the lowest values and are deemed Low Risk, while the 5 th group has the highest values and are designated High Risk. Designations of Below-Average Risk, Average Risk, and Above-Average Risk correspond to the second, third, and fourth groups of stocks, respectively. Equity Research NUE Page 9
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March 12, 2015 Dillard s Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 01/05/2014 Current Price (03/11/15) $130.28 Target Price $137.00 52-Week High
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December 12, 2014 Hibbett Sports, Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 06/17/2014 Current Price (12/11/14) $48.16 Target Price $51.00 52-Week
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March 11, 2015 Suncor Energy (SU-NYSE) Current Recommendation Prior Recommendation Neutral Date of Last Change 12/18/2014 Current Price (03/10/15) $28.03 Target Price $25.00 UNDERPERFORM SUMMARY Amid weak
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October 30, 2014 Vistaprint N.V. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 08/07/2013 Current Price (10/29/14) $55.06 Target Price $58.00 52-Week High
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February 24, 2015 HSBC Holdings plc ADR (HSBC-NYSE) Analyst Note NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 12/21/2014 Current Price (02/23/15) $44.68 Target Price
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February 16, 2015 Interpublic Group of Companies Inc. (IPG-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 05/28/2012 Current Price (02/13/15) $22.10
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March 04, 2015 Wells Fargo & Company Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation N/A Date of Last Change 04/07/2000 Current Price (03/03/15) $55.45 Target Price $58.00 52-Week High
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February 13, 2015 NetApp, Inc. Current Recommendation Earnings Update: NetApp Reports Q3 Results SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 08/19/2013 Current Price (02/12/15)
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December 01, 2014 Allscripts Healthcare Solutions, Inc. Current Recommendation Prior Recommendation SUMMARY DATA NEUTRAL Outperform Date of Last Change 05/17/2012 Current Price (11/28/14) $12.02 Target
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March 13, 2015 Cliffs Natural Resources Inc. Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 03/25/2014 Current Price (03/12/15) $5.13 Target Price $5.50 SUMMARY DATA
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March 18, 2015 Progressive Corp. Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 05/19/2013 Current Price (03/17/15) $27.03 Target Price $28.00 SUMMARY DATA (PGR-NYSE)
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January 30, 2015 TE Connectivity Ltd. (TEL-NYSE) Analyst Note Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 12/30/2012 Current Price (01/29/15) $67.57
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March 11, 2015 The Clorox Company Current Recommendation NEUTRAL Prior Recommendation Outperform Date of Last Change 11/11/2012 Current Price (03/10/15) $107.83 Target Price $113.00 SUMMARY DATA (CLX-NYSE)
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September 11, 2009 Canadian Natural Resources Ltd. SUMMARY DATA NEUTRAL Current Recommendation Prior Recommendation OUTPERFORM Date of Last Change 08/18/2009 Current Price (09/10/09) $62.91 Target Price
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January 21, 2015 Bed Bath & Beyond Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 11/23/2009 Current Price (01/20/15) $73.31 Target Price $77.00 52-Week
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March 13, 2015 Big Lots Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 03/24/2014 Current Price (03/11/15) $49.95 Target Price $52.00 52-Week High
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March 18, 2013 Sinopec Shanghai Petrochemical Co. Ltd. (SHI-NYSE) NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 06/10/2008 Current Price (03/15/13) $42.10 Target Price
More informationNavigant Consulting Inc.
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December 29, 2014 Liberty Property Trust Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 01/27/2014 Current Price (12/26/14) $37.95 Target Price $40.00
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February 16, 2015 The PNC Financial Services Group, Inc. (PNC-NYSE) Current Recommendation Prior Recommendation Outperform Date of Last Change 05/04/2010 Current Price (02/13/15) $92.38 Target Price $97.00
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December 17, 2014 ArcelorMittal (MT-NYSE) Current Recommendation Prior Recommendation Underperform Date of Last Change 06/25/2014 Current Price (12/16/14) $10.69 Target Price $11.00 NEUTRAL SUMMARY We
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January 14, 2015 Transocean Ltd. (RIG-NYSE) Current Recommendation Prior Recommendation Underperform Date of Last Change 02/14/2012 Current Price (01/13/15) $15.52 Target Price $16.00 NEUTRAL SUMMARY We
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March 12, 2015 Torchmark Corp. Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 07/20/2006 Current Price (03/11/15) $53.41 Target Price $56.00 SUMMARY DATA (TMK-NYSE)
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March 16, 2015 Equity Residential Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 11/15/2009 Current Price (03/13/15) $77.02 Target Price $81.00 52-Week
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March 13, 2015 NuStar Energy, L.P. Current Recommendation Prior Recommendation Underperform Date of Last Change 09/26/2013 Current Price (03/12/15) $60.71 Target Price $63.00 NEUTRAL SUMMARY (NS-NYSE)
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February 26, 2015 Dollar Tree Inc. Current Recommendation Earnings Update: Dollar Tree Tops Q4 Earnings & Sales; Guides FY15 SUMMARY DATA NEUTRAL Prior Recommendation Neutral Date of Last Change 08/21/2011
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January 29, 2015 3M Company Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 04/27/2010 Current Price (01/28/15) $163.94 Target Price $172.00 52-Week High
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January 09, 2015 Fred s Inc (FRED-NASDAQ) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 07/17/2014 Current Price (01/08/15) $17.13 Target Price $18.00
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December 22, 2014 BancorpSouth, Inc. Current Recommendation Prior Recommendation Outperform Date of Last Change 09/23/2013 Current Price (12/19/14) $22.12 Target Price $23.00 NEUTRAL SUMMARY (BXS-NYSE)
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February 02, 2015 Xerox Corporation Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 10/18/2012 Current Price (01/30/15) $13.17 Target Price $14.00 52-Week
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January 29, 2015 CONMED Corporation Current Recommendation NEUTRAL Prior Recommendation Underperform Date of Last Change 11/21/2012 Current Price (01/28/15) $47.14 Target Price $49.00 Earnings Update-
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