Nucor (NYSE:NUE – Get Free Report)‘s stock had its “neutral” rating reaffirmed by stock analysts at UBS Group in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. They currently have a $156.00 price objective on the basic materials company’s stock, down from their previous price objective of $171.00. UBS Group’s price objective indicates a potential upside of 24.56% from the company’s previous close.
Several other brokerages have also issued reports on NUE. The Goldman Sachs Group initiated coverage on Nucor in a research report on Monday, December 2nd. They issued a “buy” rating and a $190.00 price objective for the company. Argus raised shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. BMO Capital Markets cut their price objective on shares of Nucor from $175.00 to $160.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 18th. JPMorgan Chase & Co. lowered their target price on Nucor from $170.00 to $168.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Finally, Morgan Stanley dropped their price target on Nucor from $170.00 to $166.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Nucor currently has a consensus rating of “Moderate Buy” and a consensus price target of $183.75.
View Our Latest Report on Nucor
Nucor Stock Performance
Nucor (NYSE:NUE – Get Free Report) last issued its quarterly earnings data on Monday, October 21st. The basic materials company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.40 by $0.09. Nucor had a return on equity of 12.06% and a net margin of 8.05%. The business had revenue of $7.44 billion for the quarter, compared to the consensus estimate of $7.28 billion. During the same quarter last year, the business posted $4.57 EPS. The firm’s revenue was down 15.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Nucor will post 8.5 earnings per share for the current year.
Insider Buying and Selling
In related news, EVP Allen C. Behr sold 4,968 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $159.72, for a total transaction of $793,488.96. Following the transaction, the executive vice president now directly owns 85,376 shares in the company, valued at approximately $13,636,254.72. The trade was a 5.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kenneth Rex Query sold 9,000 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $146.80, for a total transaction of $1,321,200.00. Following the sale, the executive vice president now directly owns 98,770 shares in the company, valued at $14,499,436. This trade represents a 8.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,680 shares of company stock worth $4,773,724. Corporate insiders own 0.46% of the company’s stock.
Hedge Funds Weigh In On Nucor
Hedge funds and other institutional investors have recently bought and sold shares of the business. McClarren Financial Advisors Inc. lifted its position in shares of Nucor by 129.0% in the second quarter. McClarren Financial Advisors Inc. now owns 158 shares of the basic materials company’s stock valued at $25,000 after buying an additional 89 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in shares of Nucor during the third quarter worth approximately $26,000. Coastline Trust Co acquired a new stake in shares of Nucor during the third quarter worth $29,000. Brown Lisle Cummings Inc. acquired a new stake in shares of Nucor during the third quarter worth $30,000. Finally, Salomon & Ludwin LLC grew its stake in shares of Nucor by 45.6% in the third quarter. Salomon & Ludwin LLC now owns 230 shares of the basic materials company’s stock valued at $35,000 after acquiring an additional 72 shares in the last quarter. Institutional investors own 76.48% of the company’s stock.
About Nucor
Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.
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