JPMorgan Chase & Co. Boosts Nucor (NYSE:NUE) Price Target to $212.00

Nucor (NYSE:NUE) had its price objective increased by analysts at JPMorgan Chase & Co. from $198.00 to $212.00 in a note issued to investors on Tuesday, Marketbeat.com reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 11.80% from the company’s current price.

Several other analysts have also recently commented on the stock. Morgan Stanley reiterated an “equal weight” rating and issued a $180.00 price objective (up from $165.00) on shares of Nucor in a research note on Friday, January 9th. Weiss Ratings restated a “hold (c)” rating on shares of Nucor in a research report on Monday, December 29th. The Goldman Sachs Group started coverage on shares of Nucor in a report on Wednesday, April 1st. They issued a “buy” rating and a $210.00 target price for the company. BMO Capital Markets boosted their price target on Nucor from $190.00 to $196.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 3rd. Finally, Wall Street Zen cut Nucor from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. Nine analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $195.60.

Nucor Trading Down 0.2%

Shares of NUE stock opened at $189.63 on Tuesday. The business’s fifty day moving average price is $175.59 and its 200 day moving average price is $163.23. The firm has a market capitalization of $43.17 billion, a PE ratio of 25.15, a P/E/G ratio of 0.69 and a beta of 1.73. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.94 and a quick ratio of 1.57. Nucor has a 1-year low of $105.92 and a 1-year high of $196.90.

Nucor (NYSE:NUE) last released its earnings results on Monday, January 26th. The basic materials company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates 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%. Nucor’s revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $1.22 EPS. As a group, sell-side analysts forecast that Nucor will post 7.64 EPS for the current fiscal year.

Nucor declared that its board has authorized a stock buyback plan on Friday, February 20th that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the basic materials company to repurchase up to 9.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Nucor news, EVP Kenneth Rex Query sold 7,452 shares of the company’s stock in a transaction dated 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 sale, the executive vice president owned 76,628 shares of the company’s stock, valued at $15,020,620.56. This represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Daniel R. Needham sold 3,881 shares of the stock in a transaction that occurred 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 in the company, valued at $15,717,044. This represents a 4.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 26,401 shares of company stock worth $4,936,152. Insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Nucor

Several hedge funds have recently bought and sold shares of the stock. Cornerstone Planning LLC acquired a new position in shares of Nucor in the fourth quarter worth $2,088,000. World Investment Advisors lifted its position in shares of Nucor by 8.5% in the fourth quarter. World Investment Advisors now owns 15,721 shares of the basic materials company’s stock valued at $2,564,000 after acquiring an additional 1,238 shares in the last quarter. Larry Mathis Financial Planning LLC acquired a new stake in shares of Nucor during the fourth quarter valued at $256,000. Corient Private Wealth LLC increased its position in Nucor by 17.5% during the 4th quarter. Corient Private Wealth LLC now owns 63,832 shares of the basic materials company’s stock worth $10,417,000 after purchasing an additional 9,512 shares in the last quarter. Finally, Union Savings Bank purchased a new stake in Nucor during the 4th quarter worth about $162,000. Hedge funds and other 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.