Nucor (NYSE:NUE) Coverage Initiated at The Goldman Sachs Group

Stock analysts at The Goldman Sachs Group assumed coverage on shares of Nucor (NYSE:NUE) in a research note issued to investors on Wednesday, MarketBeat.com reports. The firm set a “buy” rating and a $210.00 price target on the basic materials company’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 21.91% from the company’s current price.

Several other equities research analysts have also recently commented on the company. Seaport Research Partners increased their price target on Nucor from $170.00 to $185.00 and gave the company a “buy” rating in a report on Friday, January 30th. BNP Paribas Exane upped their target price on Nucor from $165.00 to $185.00 and gave the company an “outperform” rating in a report on Friday, January 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nucor in a research note on Monday, December 29th. Jefferies Financial Group lifted their price target on Nucor from $190.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Finally, Wells Fargo & Company boosted their price target on shares of Nucor from $194.00 to $197.00 and gave the company an “overweight” rating in a research report on Friday, March 20th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Nucor currently has a consensus rating of “Moderate Buy” and an average target price of $190.30.

Nucor Trading Down 0.8%

Shares of NYSE:NUE opened at $172.26 on Wednesday. The business’s 50 day moving average price is $175.29 and its 200-day moving average price is $160.27. Nucor has a 1 year low of $97.59 and a 1 year high of $196.90. The firm has a market capitalization of $39.21 billion, a price-to-earnings ratio of 22.85, a price-to-earnings-growth ratio of 0.62 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 (NYSE:NUE) last posted its quarterly earnings data on Monday, January 26th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.91 by ($0.18). Nucor had a return on equity of 8.26% and a net margin of 5.37%.The firm had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.93 billion. During the same quarter in the previous year, the firm posted $1.22 earnings per share. The company’s quarterly revenue was up 8.6% on a year-over-year basis. On average, equities research analysts forecast that Nucor will post 7.64 earnings per share for the current fiscal year.

Nucor announced that its Board of Directors has initiated a stock repurchase plan on Friday, February 20th that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 9.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, EVP Allen C. Behr sold 7,568 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $188.50, for a total transaction of $1,426,568.00. Following the completion of the transaction, the executive vice president directly owned 67,711 shares of the company’s stock, valued at approximately $12,763,523.50. The trade was a 10.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kenneth Rex Query sold 7,452 shares of the stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $196.02, for a total transaction of $1,460,741.04. Following the completion of the sale, the executive vice president directly owned 76,628 shares in the company, valued at approximately $15,020,620.56. This represents a 8.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 26,401 shares of company stock valued at $4,936,152 in the last three months. 0.46% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Cornerstone Planning LLC acquired a new stake in shares of Nucor in the 4th quarter worth $2,088,000. World Investment Advisors increased its stake in shares of Nucor by 8.5% during the fourth quarter. World Investment Advisors now owns 15,721 shares of the basic materials company’s stock worth $2,564,000 after acquiring an additional 1,238 shares during the period. Larry Mathis Financial Planning LLC purchased a new position in Nucor during the fourth quarter worth about $256,000. Corient Private Wealth LLC boosted its holdings in Nucor by 17.5% in the 4th quarter. Corient Private Wealth LLC now owns 63,832 shares of the basic materials company’s stock valued at $10,417,000 after purchasing an additional 9,512 shares in the last quarter. Finally, Union Savings Bank purchased a new stake in Nucor in the 4th quarter valued at approximately $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.