Nucor (NYSE:NUE) PT Lowered to $168.00

Nucor (NYSE:NUE) had its target price decreased by analysts at JPMorgan Chase & Co. from $170.00 to $168.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 18.27% from the stock’s current price.

Several other brokerages also recently commented on NUE. Argus upgraded Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Bank of America dropped their price target on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Morgan Stanley reduced their price target on shares of Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, BMO Capital Markets lowered their price objective on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. Three 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $190.57.

Nucor Trading Down 2.7 %

NUE stock traded down $3.97 during mid-day trading on Wednesday, reaching $142.05. The company’s stock had a trading volume of 1,589,145 shares, compared to its average volume of 1,490,367. Nucor has a 12 month low of $133.42 and a 12 month high of $203.00. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average price is $147.80 and its 200 day moving average price is $159.52. The company has a market cap of $34.06 billion, a price-to-earnings ratio of 8.37 and a beta of 1.55.

Nucor (NYSE:NUE) last released its quarterly earnings data on Monday, October 21st. The basic materials company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.09. The company had revenue of $7.44 billion during the quarter, compared to analyst estimates of $7.28 billion. Nucor had a net margin of 10.45% and a return on equity of 15.69%. Nucor’s revenue for the quarter was down 15.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.57 EPS. On average, equities research analysts predict that Nucor will post 9.08 EPS for the current year.

Insider Transactions at Nucor

In related 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 value 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 Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NUE. Pacer Advisors Inc. boosted its stake in Nucor by 29.7% during the second quarter. Pacer Advisors Inc. now owns 2,884,802 shares of the basic materials company’s stock valued at $456,030,000 after buying an additional 660,866 shares during the period. International Assets Investment Management LLC grew its position in Nucor by 14,525.9% during the 3rd quarter. International Assets Investment Management LLC now owns 326,889 shares of the basic materials company’s stock worth $49,144,000 after acquiring an additional 324,654 shares during the last quarter. Swedbank AB purchased a new position in Nucor in the 1st quarter worth approximately $37,395,000. Captrust Financial Advisors boosted its stake in shares of Nucor by 23.5% during the first quarter. Captrust Financial Advisors now owns 804,150 shares of the basic materials company’s stock valued at $159,141,000 after purchasing an additional 153,077 shares during the period. Finally, Trinity Street Asset Management LLP purchased a new position in shares of Nucor in the second quarter worth $19,213,000. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

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.