Nucor (NYSE:NUE) Price Target Raised to $290.00 at BofA

Nucor (NYSE:NUE) had its target price lifted by stock analysts at BofA from $265.00 to $290.00 in a report issued on Friday,MarketScreener reports. BofA’s price objective indicates a potential upside of 8.68% from the stock’s previous close.

Several other research firms have also issued reports on NUE. Wells Fargo & Company boosted their target price on shares of Nucor from $244.00 to $292.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. JPMorgan Chase & Co. increased their price target on Nucor from $240.00 to $282.00 and gave the stock an “overweight” rating in a report on Wednesday. Wall Street Zen raised Nucor from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Jefferies Financial Group boosted their price objective on Nucor from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Finally, Zacks Research raised Nucor from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Nucor has an average rating of “Moderate Buy” and a consensus price target of $261.54.

Nucor Trading Up 2.3%

NUE stock traded up $5.93 during trading on Friday, hitting $266.83. The company had a trading volume of 147,856 shares, compared to its average volume of 1,600,916. The stock has a market cap of $60.77 billion, a PE ratio of 26.41, a PEG ratio of 0.66 and a beta of 1.88. The business has a 50-day moving average of $220.75 and a 200-day moving average of $188.13. The company has a current ratio of 2.90, a quick ratio of 1.55 and a debt-to-equity ratio of 0.30. Nucor has a one year low of $117.21 and a one year high of $268.18.

Nucor (NYSE:NUE) last issued its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.82 by $0.41. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The firm had revenue of $9.50 billion for the quarter, compared to the consensus estimate of $8.88 billion. During the same quarter in the previous year, the company earned $0.77 EPS. The company’s revenue for the quarter was up 21.3% on a year-over-year basis. Research analysts predict that Nucor will post 14.84 earnings per share for the current fiscal year.

Nucor announced that its Board of Directors has approved a share repurchase program on Friday, February 20th that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the basic materials company to purchase up to 9.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Nucor

In related news, EVP John J. Hollatz sold 10,560 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $258.46, for a total transaction of $2,729,337.60. Following the completion of the sale, the executive vice president owned 97,865 shares in the company, valued at approximately $25,294,187.90. This represents a 9.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michael D. Keller sold 4,554 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $225.86, for a total value of $1,028,566.44. Following the completion of the sale, the insider directly owned 16,834 shares of the company’s stock, valued at $3,802,127.24. The trade was a 21.29% 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 82,378 shares of company stock valued at $18,963,930. Corporate insiders own 0.62% of the company’s stock.

Institutional Trading of Nucor

Institutional investors and hedge funds have recently made changes to their positions in the company. Stance Capital LLC bought a new position in shares of Nucor during the third quarter valued at about $25,000. Strive Financial Group LLC bought a new stake in Nucor in the 4th quarter worth about $27,000. Motiv8 Investments LLC purchased a new stake in Nucor in the 4th quarter valued at about $32,000. Bartlett & CO. Wealth Management LLC lifted its position in shares of Nucor by 49.2% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 191 shares of the basic materials company’s stock worth $32,000 after buying an additional 63 shares in the last quarter. Finally, Mcguire Capital Advisors Inc. purchased a new position in shares of Nucor in the 4th quarter worth approximately $32,000. 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.