Nucor (NYSE:NUE) Reaches New 12-Month High – What’s Next?

Nucor Corporation (NYSE:NUE) shares hit a new 52-week high on Tuesday . The company traded as high as $238.66 and last traded at $238.00, with a volume of 208963 shares changing hands. The stock had previously closed at $232.00.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. UBS Group downgraded Nucor from a “buy” rating to a “neutral” rating and upped their target price for the company from $190.00 to $224.00 in a report on Tuesday, April 28th. JPMorgan Chase & Co. boosted their target price on Nucor from $212.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. Morgan Stanley boosted their target price on Nucor from $180.00 to $227.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 29th. Argus boosted their target price on Nucor from $200.00 to $262.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Finally, Wells Fargo & Company boosted their target price on Nucor from $213.00 to $244.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $247.50.

Nucor Stock Performance

The firm’s 50 day moving average is $197.40 and its 200-day moving average is $178.40. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 2.90. The firm has a market cap of $54.44 billion, a price-to-earnings ratio of 23.67, a price-to-earnings-growth ratio of 0.62 and a beta of 1.87.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.82 by $0.41. Nucor had a return on equity of 10.68% and a net margin of 6.82%.The business had revenue of $9.50 billion for the quarter, compared to the consensus estimate of $8.88 billion. During the same period last year, the business earned $0.77 EPS. The firm’s revenue was up 21.3% compared to the same quarter last year. Sell-side analysts anticipate that Nucor Corporation will post 14.58 earnings per share for the current fiscal year.

Nucor declared that its board has approved a share buyback plan on Friday, February 20th that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the basic materials company to reacquire up to 9.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, EVP David A. Sumoski sold 33,068 shares of Nucor stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $225.67, for a total value of $7,462,455.56. Following the transaction, the executive vice president owned 243,339 shares of the company’s stock, valued at $54,914,312.13. This trade represents a 11.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Noah C. Hanners sold 6,472 shares of Nucor stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $226.50, for a total transaction of $1,465,908.00. Following the completion of the transaction, the executive vice president directly owned 50,377 shares in the company, valued at approximately $11,410,390.50. This represents a 11.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 71,818 shares of company stock valued at $16,234,593. 0.62% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nucor

Hedge funds and other institutional investors have recently made changes to their positions in the business. Stance Capital LLC acquired a new stake in shares of Nucor in the third quarter valued at about $25,000. Strive Financial Group LLC acquired a new stake in Nucor in the 4th quarter valued at approximately $27,000. Motiv8 Investments LLC acquired a new stake in Nucor in the 4th quarter valued at approximately $32,000. Bartlett & CO. Wealth Management LLC grew its holdings in Nucor by 49.2% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 191 shares of the basic materials company’s stock valued at $32,000 after buying an additional 63 shares during the last quarter. Finally, Mcguire Capital Advisors Inc. acquired a new stake in Nucor in the 4th quarter valued at approximately $32,000. 76.48% of the stock is owned by institutional investors and hedge funds.

About Nucor

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.