Nucor (NYSE:NUE) Price Target Raised to $162.00 at JPMorgan Chase & Co.

Nucor (NYSE:NUE) had its price objective raised by analysts at JPMorgan Chase & Co. from $143.00 to $162.00 in a report released on Monday,Benzinga reports. The firm presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 16.84% from the company’s previous close.

NUE has been the topic of a number of other reports. UBS Group decreased their price target on Nucor from $153.00 to $147.00 and set a “buy” rating on the stock in a report on Thursday, May 29th. Morgan Stanley upped their price target on shares of Nucor from $134.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, June 20th. BMO Capital Markets upgraded shares of Nucor from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $140.00 to $145.00 in a report on Monday, June 2nd. Wall Street Zen downgraded shares of Nucor from a “hold” rating to a “sell” rating in a research note on Wednesday, April 30th. Finally, The Goldman Sachs Group decreased their price objective on shares of Nucor from $175.00 to $169.00 and set a “buy” rating for the company in a research report on Monday, April 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $152.75.

Nucor Stock Down 2.1%

Shares of NYSE:NUE opened at $138.65 on Monday. The business has a fifty day simple moving average of $123.55 and a 200 day simple moving average of $123.63. Nucor has a 12-month low of $97.59 and a 12-month high of $170.52. The company has a quick ratio of 1.48, a current ratio of 2.52 and a debt-to-equity ratio of 0.32. The firm has a market cap of $31.99 billion, a P/E ratio of 24.67, a P/E/G ratio of 0.91 and a beta of 1.70.

Nucor (NYSE:NUE) last announced its earnings results on Monday, April 28th. The basic materials company reported $0.77 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.15). Nucor had a return on equity of 6.82% and a net margin of 4.40%. The business had revenue of $7.83 billion during the quarter, compared to analysts’ expectations of $7.25 billion. During the same quarter in the previous year, the firm earned $3.46 EPS. Nucor’s quarterly revenue was down 3.8% on a year-over-year basis. Analysts predict that Nucor will post 7.64 earnings per share for the current year.

Insider Activity at Nucor

In other news, EVP Daniel R. Needham sold 7,088 shares of the business’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $127.87, for a total transaction of $906,342.56. Following the completion of the sale, the executive vice president directly owned 99,379 shares of the company’s stock, valued at $12,707,592.73. The trade was a 6.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Leon J. Topalian sold 34,238 shares of the stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $120.19, for a total transaction of $4,115,065.22. Following the transaction, the chief executive officer directly owned 162,993 shares of the company’s stock, valued at $19,590,128.67. This represents a 17.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,326 shares of company stock worth $6,325,108. Insiders own 0.71% of the company’s stock.

Institutional Trading of Nucor

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Canal Capital Management LLC boosted its holdings in shares of Nucor by 2.5% in the 4th quarter. Canal Capital Management LLC now owns 3,075 shares of the basic materials company’s stock valued at $359,000 after acquiring an additional 75 shares during the last quarter. Horrell Capital Management Inc. lifted its stake in shares of Nucor by 0.3% in the fourth quarter. Horrell Capital Management Inc. now owns 26,657 shares of the basic materials company’s stock worth $3,111,000 after buying an additional 76 shares in the last quarter. Matrix Trust Co increased its position in Nucor by 53.8% during the second quarter. Matrix Trust Co now owns 240 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 84 shares during the last quarter. Highline Wealth Partners LLC increased its position in Nucor by 2.6% during the first quarter. Highline Wealth Partners LLC now owns 3,512 shares of the basic materials company’s stock worth $423,000 after purchasing an additional 90 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC increased its position in shares of Nucor by 2.2% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 4,247 shares of the basic materials company’s stock valued at $511,000 after acquiring an additional 93 shares during the last quarter. 76.48% of the stock is owned by hedge funds and other institutional investors.

Nucor Company Profile

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.