Nucor (NYSE:NUE) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Nucor (NYSE:NUE) had its price target boosted by equities researchers at JPMorgan Chase & Co. from $198.00 to $212.00 in a note issued to investors on Tuesday,MarketScreener reports. The firm presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 10.86% from the stock’s previous close.

NUE has been the subject of several other research reports. Morgan Stanley reissued an “equal weight” rating and issued a $180.00 price target (up from $165.00) on shares of Nucor in a report on Friday, January 9th. KeyCorp started coverage on shares of Nucor in a research report on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Wells Fargo & Company boosted their target price on shares of Nucor from $194.00 to $197.00 and gave the stock an “overweight” rating in a research note on Friday, March 20th. UBS Group upgraded shares of Nucor from a “neutral” rating to a “buy” rating and upped their price target for the stock from $184.00 to $190.00 in a research report on Thursday, March 26th. Finally, BMO Capital Markets raised their price target on shares of Nucor from $190.00 to $196.00 and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $194.00.

Nucor Stock Performance

NYSE NUE opened at $191.23 on Tuesday. The stock has a market capitalization of $43.53 billion, a price-to-earnings ratio of 25.22, a PEG ratio of 0.66 and a beta of 1.73. The stock has a 50-day moving average of $175.53 and a 200 day moving average of $162.68. The company has a current ratio of 2.94, a quick ratio of 1.57 and a debt-to-equity ratio of 0.31. Nucor has a twelve month low of $105.92 and a twelve month high of $196.90.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, January 26th. The basic materials company reported $1.73 EPS for the quarter, missing the consensus estimate of $1.91 by ($0.18). The business had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.93 billion. Nucor had a net margin of 5.37% and a return on equity of 8.26%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.22 earnings per share. Sell-side analysts anticipate that Nucor will post 7.64 EPS for the current fiscal year.

Nucor announced that its Board of Directors has initiated a stock repurchase program on Friday, February 20th that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the basic materials company to reacquire up to 9.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, EVP Allen C. Behr sold 7,568 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $188.50, for a total transaction of $1,426,568.00. Following the transaction, the executive vice president directly owned 67,711 shares in the company, valued at approximately $12,763,523.50. The trade was a 10.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Daniel R. Needham sold 3,881 shares of the stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $178.00, for a total transaction of $690,818.00. Following the completion of the sale, the executive vice president owned 88,298 shares of the company’s stock, valued at approximately $15,717,044. The trade was a 4.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 26,401 shares of company stock worth $4,936,152 over the last three months. Insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Nucor

A number of large investors have recently made changes to their positions in NUE. Strive Financial Group LLC acquired a new stake in shares of Nucor in the fourth quarter valued at approximately $27,000. Stance Capital LLC acquired a new position in Nucor during the third quarter worth $25,000. Mcguire Capital Advisors Inc. purchased a new stake in Nucor in the 4th quarter valued at $32,000. Motiv8 Investments LLC purchased a new stake in Nucor in the 4th quarter valued at $32,000. Finally, Reflection Asset Management acquired a new stake in shares of Nucor in the 4th quarter worth $36,000. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Company Profile

Nucor Corporation (NYSE: NUE) is an American steel producer headquartered in Charlotte, North Carolina. The company is primarily engaged in the manufacture and sale of steel and steel products, operating a network of steel mills, recycling facilities and fabrication plants across the United States and North America. Nucor’s operations emphasize electric arc furnace steelmaking using recycled scrap metal, which supports a decentralized, mill-based production model focused on efficiency and flexibility.

Product offerings span a broad range of basic and value‑added steel items, including sheet, plate, merchant bar, structural beams, reinforcing bar, tubing, fasteners and fabricated components.