Nucor (NYSE:NUE) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Nucor (NYSE:NUE) had its target price lowered by JPMorgan Chase & Co. from $308.00 to $296.00 in a research note published on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the basic materials company’s stock.

Several other brokerages have also weighed in on NUE. BMO Capital Markets lifted their price objective on Nucor from $285.00 to $295.00 and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Zacks Research cut Nucor from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 29th. UBS Group boosted their price objective on Nucor from $224.00 to $256.00 and gave the company a “neutral” rating in a research note on Tuesday, July 28th. Morgan Stanley set a $270.00 price objective on shares of Nucor in a report on Wednesday, July 29th. Finally, Bank of America cut their target price on shares of Nucor from $290.00 to $280.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Thirteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $276.07.

Nucor Price Performance

Shares of NYSE:NUE opened at $250.25 on Friday. The company has a current ratio of 2.51, a quick ratio of 1.36 and a debt-to-equity ratio of 0.27. The stock’s fifty day simple moving average is $255.32 and its two-hundred day simple moving average is $235.35. Nucor has a 1-year low of $131.32 and a 1-year high of $280.11. The stock has a market cap of $56.78 billion, a PE ratio of 19.96, a price-to-earnings-growth ratio of 0.89 and a beta of 1.84.

Nucor (NYSE:NUE) last announced its earnings results on Monday, July 27th. The basic materials company reported $4.84 earnings per share for the quarter, topping analysts’ consensus estimates of $4.46 by $0.38. The firm had revenue of $10.40 billion for the quarter, compared to the consensus estimate of $10.15 billion. Nucor had a return on equity of 12.73% and a net margin of 7.99%. The company’s revenue was up 23.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.60 EPS. As a group, analysts forecast that Nucor will post 18.89 EPS for the current fiscal year.

Nucor Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Wednesday, September 30th will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Nucor’s dividend payout ratio is currently 17.86%.

Insider Transactions at Nucor

In other Nucor news, COO Stephen Laxton sold 3,968 shares of the firm’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $256.96, for a total value of $1,019,617.28. Following the sale, the chief operating officer owned 77,867 shares of the company’s stock, valued at $20,008,704.32. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Thomas Batterbee sold 4,000 shares of Nucor stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $261.02, for a total transaction of $1,044,080.00. Following the sale, the executive vice president owned 16,138 shares of the company’s stock, valued at approximately $4,212,340.76. The trade was a 19.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.62% of the stock is owned by corporate insiders.

Institutional Trading of Nucor

Several hedge funds have recently added to or reduced their stakes in the business. Venture Visionary Partners LLC boosted its stake in shares of Nucor by 2.4% in the 3rd quarter. Venture Visionary Partners LLC now owns 1,932 shares of the basic materials company’s stock worth $452,000 after buying an additional 46 shares during the last quarter. RKL Wealth Management LLC grew its holdings in shares of Nucor by 0.9% in the first quarter. RKL Wealth Management LLC now owns 5,318 shares of the basic materials company’s stock worth $899,000 after acquiring an additional 48 shares during the period. Focus Financial Network Inc. increased its position in Nucor by 3.6% during the second quarter. Focus Financial Network Inc. now owns 1,417 shares of the basic materials company’s stock valued at $316,000 after acquiring an additional 49 shares during the last quarter. Moody National Bank Trust Division increased its position in Nucor by 4.6% during the second quarter. Moody National Bank Trust Division now owns 1,396 shares of the basic materials company’s stock valued at $311,000 after acquiring an additional 62 shares during the last quarter. Finally, Bartlett & CO. Wealth Management LLC increased its position in Nucor by 49.2% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 191 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 63 shares during the last quarter. 76.48% of the stock is owned by institutional investors.

Key Nucor News

Here are the key news stories impacting Nucor this week:

• Positive Sentiment: Indiana expansion strengthens growth outlook: Nucor plans to invest $105 million to expand its Towers & Structures facility in Crawfordsville, Indiana, adding capacity for utility poles and related transmission and distribution products. The project is expected to create 100 jobs, although it remains subject to regulatory and other approvals. Nucor to Expand Utility Towers & Structures Facility in Indiana
• Positive Sentiment: Analysts remain constructive: Goldman Sachs maintained its Buy rating on Nucor, reinforcing the view that the steelmaker can benefit from infrastructure spending and its diversified downstream businesses. Goldman Sachs Sticks to Their Buy Rating for Nucor
• Positive Sentiment: Recent earnings momentum provides support: Nucor’s latest reported quarter exceeded analyst expectations for both earnings and revenue, with revenue rising year over year. That performance may be helping investors view the company’s expansion plans more favorably.
• Neutral Sentiment: Potential data-center and electrification exposure: Commentary highlighting Nucor alongside Eaton points to possible indirect benefits from data-center construction and the broader need for power infrastructure, though this is an investment theme rather than a new company-specific contract. Eaton and Nucor: Jim Cramer Likes Both
• Negative Sentiment: JPMorgan reduced its price target: JPMorgan lowered its target from $308 to $296, signaling somewhat less near-term upside. However, it retained an Overweight rating, and the revised target still implies meaningful appreciation from recent levels.

About Nucor

Nucor Corporation is a Charlotte, North Carolina-based steel producer and one of the largest steel companies in North America. The company operates electric arc furnace (EAF) steel mills that use recycled scrap steel as a primary raw material, along with facilities that manufacture and process steel products for construction, manufacturing, transportation, energy and other industrial markets.

Nucor’s product portfolio includes carbon and alloy steel in sheet, plate, bar and structural forms, as well as reinforcing steel, wire and wire mesh.