Nucor Corporation (NYSE:NUE) had its target price dropped by analysts at Bank of America Corporation from $73.00 to $71.00 in a research note issued on Friday. The brokerage currently has a “buy” rating on the basic materials company’s stock. Bank of America Corporation’s target price indicates a potential upside of 18.33% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Cowen and Company restated a “market perform” rating and set a $63.00 target price (up previously from $62.00) on shares of Nucor Corporation in a research note on Tuesday, July 25th. Morgan Stanley restated a “buy” rating on shares of Nucor Corporation in a research note on Tuesday, July 18th. KeyCorp restated a “hold” rating on shares of Nucor Corporation in a research note on Thursday. BMO Capital Markets restated a “market perform” rating and set a $62.00 target price (down previously from $70.00) on shares of Nucor Corporation in a research note on Monday, September 18th. Finally, Jefferies Group LLC restated a “buy” rating on shares of Nucor Corporation in a research note on Friday, June 30th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $67.32.

Nucor Corporation (NYSE:NUE) opened at 60.00 on Friday. Nucor Corporation has a 52 week low of $46.52 and a 52 week high of $68.00. The stock has a market cap of $19.17 billion, a PE ratio of 16.84 and a beta of 1.54. The company’s 50-day moving average is $55.65 and its 200 day moving average is $57.50.

Nucor Corporation (NYSE:NUE) last released its earnings results on Thursday, October 19th. The basic materials company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.01. Nucor Corporation had a net margin of 5.80% and a return on equity of 12.91%. The company had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.19 billion. During the same quarter last year, the business earned $0.88 EPS. The firm’s revenue was up 20.5% compared to the same quarter last year. On average, analysts expect that Nucor Corporation will post $3.77 earnings per share for the current fiscal year.

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In related news, insider David A. Sumoski sold 2,537 shares of the firm’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $61.66, for a total value of $156,431.42. Following the completion of the transaction, the insider now directly owns 62,434 shares of the company’s stock, valued at $3,849,680.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman John J. Ferriola sold 14,941 shares of the firm’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $60.17, for a total transaction of $898,999.97. Following the completion of the transaction, the chairman now directly owns 361,847 shares of the company’s stock, valued at $21,772,333.99. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,604 shares of company stock valued at $1,351,495. 0.70% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of the stock. Farmers & Merchants Investments Inc. grew its holdings in shares of Nucor Corporation by 3.8% in the third quarter. Farmers & Merchants Investments Inc. now owns 82,457 shares of the basic materials company’s stock valued at $4,621,000 after purchasing an additional 2,982 shares in the last quarter. Honkamp Krueger Financial Services Inc. grew its holdings in shares of Nucor Corporation by 25.7% in the third quarter. Honkamp Krueger Financial Services Inc. now owns 19,494 shares of the basic materials company’s stock valued at $1,092,000 after purchasing an additional 3,983 shares in the last quarter. LS Investment Advisors LLC grew its holdings in shares of Nucor Corporation by 2.8% in the third quarter. LS Investment Advisors LLC now owns 48,999 shares of the basic materials company’s stock valued at $2,746,000 after purchasing an additional 1,344 shares in the last quarter. Oakbrook Investments LLC grew its holdings in shares of Nucor Corporation by 7.3% in the third quarter. Oakbrook Investments LLC now owns 21,445 shares of the basic materials company’s stock valued at $1,202,000 after purchasing an additional 1,450 shares in the last quarter. Finally, Butensky & Cohen Financial Security Inc. grew its holdings in shares of Nucor Corporation by 8.4% in the third quarter. Butensky & Cohen Financial Security Inc. now owns 26,725 shares of the basic materials company’s stock valued at $1,498,000 after purchasing an additional 2,080 shares in the last quarter. 74.83% of the stock is owned by hedge funds and other institutional investors.

About Nucor Corporation

Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality).

Analyst Recommendations for Nucor Corporation (NYSE:NUE)

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