Nucor (NYSE:NUE) PT Lowered to $168.00

Nucor (NYSE:NUE) had its price objective dropped by JPMorgan Chase & Co. from $170.00 to $168.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 18.86% from the company’s current price.

NUE has been the topic of several other research reports. Morgan Stanley dropped their price objective on Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research note on Wednesday. BMO Capital Markets dropped their price target on Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. Bank of America cut their price objective on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Finally, Argus raised Nucor to a “strong-buy” rating in a research note on Monday, August 26th. Three 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $190.57.

Nucor Price Performance

Nucor stock opened at $141.34 on Wednesday. The firm has a market capitalization of $33.55 billion, a P/E ratio of 13.66 and a beta of 1.55. The business has a 50-day moving average of $147.81 and a 200-day moving average of $159.39. The company has a current ratio of 2.59, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26. Nucor has a 1 year low of $133.42 and a 1 year high of $203.00.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, October 21st. The basic materials company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.09. The firm had revenue of $7.44 billion during the quarter, compared to analysts’ expectations of $7.28 billion. Nucor had a net margin of 8.05% and a return on equity of 12.06%. The business’s revenue for the quarter was down 15.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.57 earnings per share. On average, equities analysts anticipate that Nucor will post 9.08 EPS for the current year.

Insider Activity at Nucor

In other Nucor news, EVP Daniel R. Needham sold 8,624 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was 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 owns 99,049 shares of the company’s stock, valued at $15,847,840. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.46% of the stock is owned by insiders.

Institutional Trading of Nucor

A number of institutional investors have recently made changes to their positions in NUE. CX Institutional increased its stake in Nucor by 52.8% in the 2nd quarter. CX Institutional now owns 17,245 shares of the basic materials company’s stock valued at $2,726,000 after buying an additional 5,960 shares during the last quarter. Norden Group LLC acquired a new stake in shares of Nucor in the first quarter valued at about $1,847,000. Banco Santander S.A. raised its holdings in Nucor by 86.2% during the first quarter. Banco Santander S.A. now owns 12,895 shares of the basic materials company’s stock worth $2,552,000 after acquiring an additional 5,971 shares in the last quarter. Ascension Asset Management LLC acquired a new position in Nucor during the second quarter valued at approximately $885,000. Finally, Kimelman & Baird LLC bought a new position in Nucor in the second quarter valued at approximately $6,655,000. Institutional investors own 76.48% of the company’s stock.

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.