Nucor (NYSE:NUE) Given New $200.00 Price Target at Bank of America

Nucor (NYSE:NUE) had its target price reduced by Bank of America from $210.00 to $200.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a buy rating on the basic materials company’s stock.

A number of other research firms have also recently issued reports on NUE. Citigroup raised Nucor from a neutral rating to a buy rating and lifted their price target for the company from $180.00 to $240.00 in a report on Wednesday, March 13th. Jefferies Financial Group initiated coverage on Nucor in a report on Monday, May 20th. They issued a hold rating and a $190.00 price target for the company. StockNews.com cut Nucor from a buy rating to a hold rating in a report on Tuesday, April 23rd. BMO Capital Markets cut their price target on Nucor from $185.00 to $175.00 and set a market perform rating for the company in a report on Monday, June 17th. Finally, JPMorgan Chase & Co. cut their price target on Nucor from $190.00 to $180.00 and set a neutral rating for the company in a report on Tuesday, June 11th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $189.67.

Nucor Stock Up 2.0 %

Shares of NYSE NUE opened at $154.53 on Wednesday. The stock has a market cap of $37.05 billion, a PE ratio of 9.09 and a beta of 1.60. The business has a fifty day moving average of $168.61 and a two-hundred day moving average of $178.06. Nucor has a 52-week low of $140.07 and a 52-week high of $203.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.48 and a current ratio of 4.02.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, April 22nd. The basic materials company reported $3.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.62 by ($0.16). The company had revenue of $8.14 billion for the quarter, compared to the consensus estimate of $8.26 billion. Nucor had a net margin of 12.40% and a return on equity of 19.62%. The firm’s revenue was down 6.6% compared to the same quarter last year. During the same period in the previous year, the business posted $4.45 earnings per share. As a group, equities research analysts expect that Nucor will post 10.89 earnings per share for the current fiscal year.

Nucor Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Stockholders of record on Friday, June 28th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.16 annualized dividend and a dividend yield of 1.40%. Nucor’s payout ratio is currently 12.71%.

Hedge Funds Weigh In On Nucor

Several institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC grew its position in shares of Nucor by 10.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 954 shares of the basic materials company’s stock valued at $189,000 after purchasing an additional 89 shares during the period. Pathway Financial Advisers LLC acquired a new position in shares of Nucor in the 1st quarter valued at approximately $297,000. Cetera Advisors LLC grew its position in shares of Nucor by 212.9% in the 1st quarter. Cetera Advisors LLC now owns 24,395 shares of the basic materials company’s stock valued at $4,828,000 after purchasing an additional 16,599 shares during the period. Cetera Investment Advisers boosted its position in Nucor by 286.7% during the 1st quarter. Cetera Investment Advisers now owns 105,922 shares of the basic materials company’s stock worth $20,962,000 after acquiring an additional 78,528 shares during the last quarter. Finally, PGGM Investments boosted its position in Nucor by 1.0% during the 1st quarter. PGGM Investments now owns 60,518 shares of the basic materials company’s stock worth $11,977,000 after acquiring an additional 606 shares during the last quarter. 76.48% of the stock is currently owned by institutional investors and hedge funds.

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.