JPMorgan Chase & Co. Lowers Nucor (NYSE:NUE) Price Target to $190.00

Nucor (NYSE:NUE) had its price objective cut by JPMorgan Chase & Co. from $195.00 to $190.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 9.54% from the stock’s current price.

Several other brokerages have also recently commented on NUE. Citigroup upgraded Nucor from a “neutral” rating to a “buy” rating and increased their target price for the stock from $180.00 to $240.00 in a report on Wednesday, March 13th. UBS Group began coverage on Nucor in a research report on Tuesday, January 16th. They set a “buy” rating and a $210.00 price target on the stock. Finally, StockNews.com cut Nucor from a “buy” rating to a “hold” rating in a research note on Tuesday. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $192.00.

Nucor Stock Performance

Shares of NUE stock traded down $1.19 during trading hours on Wednesday, reaching $173.45. 956,167 shares of the company’s stock were exchanged, compared to its average volume of 1,419,586. Nucor has a fifty-two week low of $129.79 and a fifty-two week high of $203.00. The stock has a market capitalization of $41.62 billion, a P/E ratio of 10.22 and a beta of 1.61. The business has a fifty day moving average price of $191.20 and a 200-day moving average price of $174.18. The company has a quick ratio of 2.35, a current ratio of 3.57 and a debt-to-equity ratio of 0.30.

Nucor (NYSE:NUE) last issued its earnings results on Tuesday, April 23rd. The basic materials company reported $3.46 EPS for the quarter, missing analysts’ consensus estimates of $3.62 by ($0.16). Nucor had a net margin of 12.40% and a return on equity of 19.67%. The firm had revenue of $8.14 billion during the quarter, compared to analyst estimates of $8.26 billion. During the same quarter in the previous year, the company posted $4.45 earnings per share. The business’s revenue for the quarter was down 6.6% compared to the same quarter last year. Analysts predict that Nucor will post 12.93 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Douglas J. Jellison sold 19,506 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $193.41, for a total transaction of $3,772,655.46. Following the transaction, the executive vice president now directly owns 120,738 shares of the company’s stock, valued at approximately $23,351,936.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Douglas J. Jellison sold 19,506 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $193.41, for a total transaction of $3,772,655.46. Following the transaction, the executive vice president now directly owns 120,738 shares of the company’s stock, valued at approximately $23,351,936.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael D. Keller sold 3,145 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $193.67, for a total value of $609,092.15. Following the transaction, the insider now directly owns 24,873 shares in the company, valued at $4,817,153.91. The disclosure for this sale can be found here. Insiders have sold 38,151 shares of company stock valued at $7,308,683 in the last 90 days. 0.64% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Criterion Capital Advisors LLC acquired a new position in Nucor in the 4th quarter valued at $25,000. Rise Advisors LLC bought a new stake in shares of Nucor during the 1st quarter valued at $27,000. Tompkins Financial Corp lifted its position in shares of Nucor by 208.0% during the 1st quarter. Tompkins Financial Corp now owns 154 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 104 shares during the period. Fortitude Family Office LLC lifted its position in shares of Nucor by 54.1% during the 1st quarter. Fortitude Family Office LLC now owns 168 shares of the basic materials company’s stock valued at $33,000 after acquiring an additional 59 shares during the period. Finally, Valley National Advisers Inc. lifted its position in shares of Nucor by 716.7% during the 4th quarter. Valley National Advisers Inc. now owns 196 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 172 shares during the period. 76.48% of the stock is owned by institutional investors and hedge funds.

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.