Nucor (NYSE:NUE) Price Target Cut to $170.00

Nucor (NYSE:NUE) had its target price reduced by investment analysts at JPMorgan Chase & Co. from $174.00 to $170.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 12.66% from the stock’s current price.

Other analysts have also issued reports about the stock. Morgan Stanley reduced their price target on shares of Nucor from $176.00 to $170.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th. Bank of America lowered their price target on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. BMO Capital Markets cut their price objective on Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a report on Wednesday, September 18th. Finally, Argus raised Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $191.43.

Nucor Stock Performance

NUE stock opened at $150.90 on Wednesday. The stock’s fifty day moving average is $146.75 and its two-hundred day moving average is $162.61. The stock has a market capitalization of $36.18 billion, a price-to-earnings ratio of 8.88 and a beta of 1.55. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.85 and a current ratio of 2.93. Nucor has a 1 year low of $133.42 and a 1 year high of $203.00.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.37. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The company had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.69 billion. During the same quarter in the previous year, the company posted $5.81 earnings per share. The business’s revenue for the quarter was down 15.2% compared to the same quarter last year. On average, research analysts predict that Nucor will post 9.28 EPS for the current year.

Insider Activity

In related news, EVP Daniel R. Needham sold 8,624 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the transaction, the executive vice president now directly owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Institutional Trading of Nucor

Several large investors have recently added to or reduced their stakes in the business. Fortitude Family Office LLC grew its stake in Nucor by 54.1% in the 1st quarter. Fortitude Family Office LLC now owns 168 shares of the basic materials company’s stock valued at $33,000 after buying an additional 59 shares during the last quarter. GPS Wealth Strategies Group LLC increased its position in Nucor by 4.1% during the second quarter. GPS Wealth Strategies Group LLC now owns 1,630 shares of the basic materials company’s stock worth $258,000 after acquiring an additional 64 shares during the period. Chilton Capital Management LLC raised its stake in Nucor by 94.2% during the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 65 shares during the last quarter. Integrated Advisors Network LLC boosted its holdings in Nucor by 3.4% in the 4th quarter. Integrated Advisors Network LLC now owns 2,141 shares of the basic materials company’s stock valued at $373,000 after purchasing an additional 70 shares during the period. Finally, Aptus Capital Advisors LLC grew its position in Nucor by 2.1% in the 2nd quarter. Aptus Capital Advisors LLC now owns 3,457 shares of the basic materials company’s stock worth $546,000 after purchasing an additional 71 shares during the last quarter. 76.48% of the stock is owned by institutional investors.

About Nucor

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.