Nucor (NYSE:NUE) PT Lowered to $170.00

Nucor (NYSE:NUE) had its price objective lowered by analysts at JPMorgan Chase & Co. from $174.00 to $170.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 11.97% from the stock’s current price.

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

Nucor Trading Up 2.5 %

Shares of NUE traded up $3.71 during trading on Wednesday, reaching $151.82. 1,290,598 shares of the company traded hands, compared to its average volume of 1,465,818. The stock has a 50-day simple moving average of $146.97 and a 200-day simple moving average of $162.69. Nucor has a twelve month low of $133.42 and a twelve month high of $203.00. The company has a quick ratio of 1.85, a current ratio of 2.93 and a debt-to-equity ratio of 0.26. The stock has a market cap of $36.40 billion, a PE ratio of 8.93 and a beta of 1.55.

Nucor (NYSE:NUE) last announced 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 analysts’ expectations of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The business’s revenue was down 15.2% on a year-over-year basis. During the same period in the prior year, the firm earned $5.81 EPS. On average, analysts anticipate that Nucor will post 9.28 earnings per share for the current year.

Insider Activity

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction 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 sale, the executive vice president now owns 99,049 shares of the company’s stock, valued at approximately $15,847,840. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Nucor

Several institutional investors have recently made changes to their positions in the stock. McClarren Financial Advisors Inc. grew its holdings in shares of Nucor by 129.0% during the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 89 shares during the last quarter. Rise Advisors LLC bought a new stake in shares of Nucor in the 1st quarter worth $27,000. Chilton Capital Management LLC increased its stake in Nucor by 94.2% in the 1st quarter. Chilton Capital Management LLC now owns 134 shares of the basic materials company’s stock valued at $27,000 after buying an additional 65 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in Nucor during the first quarter worth $28,000. Finally, Tompkins Financial Corp grew its position in Nucor by 208.0% during the first quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after buying an additional 104 shares during the period. 76.48% of the stock is currently owned by 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.