Wells Fargo & Company Forecasts Strong Price Appreciation for Nucor (NYSE:NUE) Stock

Nucor (NYSE:NUE) had its price target increased by analysts at Wells Fargo & Company from $184.00 to $194.00 in a report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 9.27% from the company’s current price.

Several other equities analysts also recently issued reports on NUE. Seaport Research Partners lifted their price objective on Nucor from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Nucor in a research report on Monday, December 29th. JPMorgan Chase & Co. increased their price objective on shares of Nucor from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, December 5th. Jefferies Financial Group raised their price objective on shares of Nucor from $190.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Finally, UBS Group downgraded shares of Nucor from a “buy” rating to a “neutral” rating and set a $183.00 target price for the company. in a research note on Wednesday, January 28th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $180.27.

Nucor Trading Down 1.7%

Shares of Nucor stock opened at $177.54 on Monday. Nucor has a 12-month low of $97.59 and a 12-month high of $196.90. The stock has a market capitalization of $40.44 billion, a P/E ratio of 23.55, a price-to-earnings-growth ratio of 0.65 and a beta of 1.83. The company has a 50-day simple moving average of $176.46 and a 200 day simple moving average of $157.28. The company has a quick ratio of 1.57, a current ratio of 2.94 and a debt-to-equity ratio of 0.31.

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

Nucor declared that its Board of Directors has initiated a stock repurchase plan on Friday, February 20th that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the basic materials company to buy up to 9.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Nucor

In other Nucor news, EVP Daniel R. Needham sold 3,881 shares of Nucor stock in a transaction on 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kenneth Rex Query sold 7,452 shares of the stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $196.02, for a total value of $1,460,741.04. Following the completion of the transaction, the executive vice president directly owned 76,628 shares in the company, valued at approximately $15,020,620.56. This trade represents a 8.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 34,351 shares of company stock worth $6,206,158 in the last 90 days. Corporate insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Nucor

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Stance Capital LLC bought a new position in Nucor during the third quarter worth about $25,000. Strive Financial Group LLC acquired a new stake in shares of Nucor in the 4th quarter valued at approximately $27,000. IMA Advisory Services Inc. boosted its stake in Nucor by 51.4% during the 2nd quarter. IMA Advisory Services Inc. now owns 221 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 75 shares during the last quarter. Motiv8 Investments LLC acquired a new position in Nucor during the fourth quarter valued at approximately $32,000. Finally, Mcguire Capital Advisors Inc. bought a new stake in Nucor in the fourth quarter valued at approximately $32,000. Institutional investors own 76.48% of the company’s stock.

About Nucor

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.