Nucor (NYSE:NUE) Price Target Cut to $280.00 by Analysts at Bank of America

Nucor (NYSE:NUE) had its price objective dropped by research analysts at Bank of America from $290.00 to $280.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. Bank of America‘s price target points to a potential upside of 23.44% from the stock’s previous close.

A number of other brokerages also recently weighed in on NUE. KeyCorp raised shares of Nucor from a “sector weight” rating to an “overweight” rating and set a $274.00 target price on the stock in a research note on Wednesday, June 24th. Argus boosted their price target on shares of Nucor from $200.00 to $262.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Weiss Ratings raised shares of Nucor from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, May 14th. Wall Street Zen upgraded shares of Nucor from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Finally, BNP Paribas Exane lifted their price objective on shares of Nucor from $210.00 to $248.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Nucor presently has an average rating of “Moderate Buy” and a consensus target price of $266.15.

Nucor Trading Down 0.3%

Shares of NUE stock opened at $226.84 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 2.90. Nucor has a 52-week low of $131.32 and a 52-week high of $270.90. The company has a market capitalization of $51.66 billion, a PE ratio of 22.46, a price-to-earnings-growth ratio of 0.52 and a beta of 1.91. The business’s fifty day moving average is $238.56 and its 200 day moving average is $198.53.

Nucor (NYSE:NUE) last posted its earnings results on Monday, April 27th. The basic materials company reported $3.23 EPS for the quarter, topping the consensus estimate of $2.82 by $0.41. The business had revenue of $9.50 billion during the quarter, compared to analysts’ expectations of $8.88 billion. Nucor had a return on equity of 10.68% and a net margin of 6.82%.The firm’s revenue was up 21.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.77 earnings per share. On average, equities research analysts anticipate that Nucor will post 17.68 EPS for the current fiscal year.

Insider Transactions at Nucor

In related news, EVP Randy J. Spicer sold 2,500 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $225.00, for a total transaction of $562,500.00. Following the transaction, the executive vice president owned 20,510 shares of the company’s stock, valued at approximately $4,614,750. This trade represents a 10.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael D. Keller sold 4,554 shares of Nucor stock in a transaction on Monday, May 4th. The stock was sold at an average price of $225.86, for a total transaction of $1,028,566.44. Following the completion of the transaction, the insider owned 16,834 shares in the company, valued at approximately $3,802,127.24. The trade was a 21.29% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 82,378 shares of company stock worth $18,963,930. Corporate insiders own 0.62% of the company’s stock.

Institutional Trading of Nucor

Institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Nucor in the fourth quarter worth about $609,002,000. AQR Capital Management LLC boosted its holdings in Nucor by 580.9% during the 2nd quarter. AQR Capital Management LLC now owns 653,845 shares of the basic materials company’s stock valued at $84,699,000 after acquiring an additional 557,819 shares during the period. Vaughan Nelson Investment Management L.P. boosted its holdings in Nucor by 169.0% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 779,940 shares of the basic materials company’s stock valued at $127,216,000 after acquiring an additional 489,950 shares during the period. Bank of New York Mellon Corp grew its position in Nucor by 27.5% during the 4th quarter. Bank of New York Mellon Corp now owns 1,780,423 shares of the basic materials company’s stock worth $290,405,000 after acquiring an additional 383,952 shares during the last quarter. Finally, M&T Bank Corp grew its position in Nucor by 494.5% during the 4th quarter. M&T Bank Corp now owns 434,511 shares of the basic materials company’s stock worth $70,873,000 after acquiring an additional 361,417 shares during the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.

Nucor Company Profile

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.