JPMorgan Chase & Co. Cuts Nucor (NYSE:NUE) Price Target to $170.00

Nucor (NYSE:NUE) had its price objective cut by JPMorgan Chase & Co. from $174.00 to $170.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an overweight rating on the basic materials company’s stock.

Several other research firms also recently weighed in on NUE. Bank of America decreased their price target on shares of Nucor from $210.00 to $200.00 and set a buy rating for the company in a research note on Wednesday, June 26th. BMO Capital Markets lowered their target price on Nucor from $175.00 to $160.00 and set a market perform rating for the company in a report on Wednesday, September 18th. Argus upgraded Nucor to a strong-buy rating in a research note on Monday, August 26th. Finally, Morgan Stanley decreased their price objective on Nucor from $176.00 to $170.00 and set an overweight rating for the company in a research note on Wednesday, September 18th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $191.43.

Nucor Price Performance

NUE opened at $151.91 on Wednesday. The business has a fifty day moving average of $146.67 and a 200 day moving average of $162.01. The stock has a market cap of $36.42 billion, a P/E ratio of 8.94 and a beta of 1.55. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26. Nucor has a 52-week low of $133.42 and a 52-week high of $203.00.

Nucor (NYSE:NUE) last issued its earnings results on Monday, July 22nd. The basic materials company reported $2.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.37. The firm had revenue of $8.08 billion during the quarter, compared to analyst estimates of $7.69 billion. Nucor had a net margin of 10.45% and a return on equity of 15.69%. The business’s revenue was down 15.2% on a year-over-year basis. During the same period in the previous year, the firm earned $5.81 earnings per share. As a group, sell-side analysts anticipate that Nucor will post 9.1 EPS for the current year.

Nucor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Friday, September 27th will be paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 1.42%. The ex-dividend date is Friday, September 27th. Nucor’s payout ratio is 12.71%.

Insider Activity at Nucor

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the firm’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 completion of the transaction, the executive vice president now directly owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.46% of the stock is owned by insiders.

Institutional Investors Weigh In On Nucor

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. McClarren Financial Advisors Inc. lifted its holdings in shares of Nucor by 129.0% in the 2nd quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after buying an additional 89 shares during the period. Rise Advisors LLC acquired a new position in Nucor in the first quarter valued at approximately $27,000. Chilton Capital Management LLC boosted its position in Nucor by 94.2% in the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 65 shares in the last quarter. Central Pacific Bank Trust Division acquired a new stake in shares of Nucor during the 1st quarter worth approximately $28,000. Finally, Tompkins Financial Corp increased its holdings in shares of Nucor by 208.0% during the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 104 shares in the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Company Profile

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.