JPMorgan Chase & Co. Boosts Nucor (NYSE:NUE) Price Target to $282.00

Nucor (NYSE:NUE) had its target price increased by investment analysts at JPMorgan Chase & Co. from $240.00 to $282.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. The firm presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 10.24% from the company’s previous close.

A number of other research analysts have also commented on the stock. CICC Research started coverage on shares of Nucor in a research report on Monday, May 25th. They set an “outperform” rating for the company. Zacks Research upgraded Nucor from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 12th. Argus upped their price target on Nucor from $200.00 to $262.00 and gave the company a “buy” rating in a report on Friday, May 15th. Wells Fargo & Company raised their price objective on Nucor from $244.00 to $292.00 and gave the stock an “overweight” rating in a research report on Thursday, June 4th. Finally, Barclays began coverage on Nucor in a report on Thursday, May 21st. They set an “overweight” rating and a $270.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $259.17.

Nucor Stock Performance

Shares of NUE traded up $1.48 during mid-day trading on Wednesday, hitting $255.80. The company’s stock had a trading volume of 71,683 shares, compared to its average volume of 1,606,086. The stock’s 50-day moving average is $217.20 and its two-hundred day moving average is $186.64. The firm has a market capitalization of $58.26 billion, a PE ratio of 25.36, a price-to-earnings-growth ratio of 0.67 and a beta of 1.88. 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 one year low of $115.66 and a one year high of $264.67.

Nucor (NYSE:NUE) last announced its 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 business had revenue of $9.50 billion for the quarter, compared to analyst estimates of $8.88 billion. During the same quarter in the previous year, the firm posted $0.77 earnings per share. Nucor’s revenue was up 21.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Nucor will post 14.84 EPS for the current year.

Nucor declared that its Board of Directors has initiated a stock repurchase plan on Friday, February 20th that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the basic materials company to purchase up to 9.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, EVP Randy J. Spicer sold 2,500 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Allen C. Behr sold 10,096 shares of Nucor stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $226.08, for a total transaction of $2,282,503.68. Following the completion of the transaction, the executive vice president owned 62,871 shares of the company’s stock, valued at $14,213,875.68. This trade represents a 13.84% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 82,378 shares of company stock valued at $18,963,930. Corporate insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Nucor

Institutional investors and hedge funds have recently bought and sold shares of the business. DV Trading LLC grew its holdings in shares of Nucor by 993.8% during the first quarter. DV Trading LLC now owns 1,400 shares of the basic materials company’s stock worth $237,000 after purchasing an additional 1,272 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of Nucor by 7.6% in the first quarter. Parallel Advisors LLC now owns 3,373 shares of the basic materials company’s stock valued at $570,000 after buying an additional 239 shares in the last quarter. First Nebraska Trust Co bought a new position in shares of Nucor in the first quarter valued at about $13,789,000. Pathway Wealth Management LLC acquired a new position in Nucor during the 1st quarter worth about $207,000. Finally, Western Wealth Management LLC lifted its position in Nucor by 41.7% during the 1st quarter. Western Wealth Management LLC now owns 4,378 shares of the basic materials company’s stock worth $740,000 after buying an additional 1,288 shares in the last quarter. Institutional investors and hedge funds own 76.48% of the company’s stock.

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.