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

Nucor (NYSE:NUE) had its price target lifted by analysts at Wells Fargo & Company from $194.00 to $197.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 24.03% from the stock’s previous close.

Several other brokerages also recently commented on NUE. BNP Paribas Exane increased their target price on Nucor from $165.00 to $185.00 and gave the company an “outperform” rating in a research note on Friday, January 2nd. Wall Street Zen cut Nucor from a “buy” rating to a “hold” rating in a research note on Saturday, March 7th. UBS Group upped their price target on Nucor from $183.00 to $184.00 and gave the company a “neutral” rating in a report on Monday, March 16th. Jefferies Financial Group increased their price objective on Nucor from $190.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Finally, JPMorgan Chase & Co. lifted their price objective on Nucor from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, December 5th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Nucor currently has a consensus rating of “Moderate Buy” and an average price target of $188.30.

Nucor Stock Down 1.9%

Shares of Nucor stock opened at $158.84 on Friday. The company has a 50-day simple moving average of $176.65 and a two-hundred day simple moving average of $158.96. The stock has a market capitalization of $36.18 billion, a PE ratio of 21.07, a price-to-earnings-growth ratio of 0.57 and a beta of 1.83. Nucor has a 52-week low of $97.59 and a 52-week high of $196.90. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.57 and a current ratio of 2.94.

Nucor (NYSE:NUE) last posted its quarterly 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 firm had revenue of $7.69 billion for the quarter, compared to analysts’ expectations of $7.93 billion. Nucor had a net margin of 5.37% and a return on equity of 8.26%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.22 EPS. On average, analysts anticipate that Nucor will post 7.64 EPS for the current fiscal year.

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

Insider Transactions at Nucor

In related news, EVP Allen C. Behr sold 7,568 shares of Nucor stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $188.50, for a total value of $1,426,568.00. Following the completion of the sale, the executive vice president owned 67,711 shares of the company’s stock, valued at $12,763,523.50. The trade was a 10.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kenneth Rex Query sold 7,452 shares of the company’s 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 sale, the executive vice president owned 76,628 shares of the company’s stock, 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. In the last quarter, insiders have sold 28,401 shares of company stock valued at $5,266,712. Corporate insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Nucor

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Nucor by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 28,407,540 shares of the basic materials company’s stock valued at $4,633,554,000 after buying an additional 144,038 shares during the period. State Street Corp increased its holdings in Nucor by 3.1% during the second quarter. State Street Corp now owns 12,501,779 shares of the basic materials company’s stock valued at $1,626,321,000 after buying an additional 371,911 shares during the last quarter. Berkshire Hathaway Inc bought a new position in Nucor in the second quarter worth approximately $856,792,000. Morgan Stanley boosted its stake in shares of Nucor by 1.1% during the 4th quarter. Morgan Stanley now owns 3,853,205 shares of the basic materials company’s stock worth $628,497,000 after acquiring an additional 41,728 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Nucor during the 4th quarter worth $609,002,000. 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.