Nucor (NYSE:NUE) Coverage Initiated at The Goldman Sachs Group

Stock analysts at The Goldman Sachs Group began coverage on shares of Nucor (NYSE:NUE) in a research note issued on Wednesday. The firm set a “buy” rating and a $210.00 price target on the basic materials company’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 24.21% from the stock’s current price.

A number of other analysts have also recently issued reports on the company. UBS Group raised Nucor from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $184.00 to $190.00 in a report on Thursday, March 26th. Morgan Stanley reiterated an “equal weight” rating and set a $180.00 price target (up from $165.00) on shares of Nucor in a research report on Friday, January 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Nucor in a report on Monday, December 29th. Seaport Research Partners raised their price objective on shares of Nucor from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Finally, BMO Capital Markets boosted their price objective on shares of Nucor from $190.00 to $196.00 and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $190.30.

Nucor Stock Up 2.6%

Nucor stock opened at $169.07 on Wednesday. The firm has a 50 day simple moving average of $175.57 and a 200 day simple moving average of $160.09. The company has a current ratio of 2.94, a quick ratio of 1.57 and a debt-to-equity ratio of 0.31. Nucor has a 1-year low of $97.59 and a 1-year high of $196.90. The firm has a market capitalization of $38.51 billion, a price-to-earnings ratio of 22.42, a P/E/G ratio of 0.59 and a beta of 1.83.

Nucor (NYSE:NUE) last posted its earnings results on Monday, January 26th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.91 by ($0.18). Nucor had a return on equity of 8.26% and a net margin of 5.37%.The company had revenue of $7.69 billion for the quarter, compared to analysts’ expectations of $7.93 billion. During the same quarter in the prior year, the company earned $1.22 EPS. The company’s revenue was up 8.6% on a year-over-year basis. On average, analysts predict that Nucor will post 7.64 earnings per share for the current year.

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

Insider Activity

In other news, EVP Allen C. Behr sold 7,568 shares of Nucor stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $188.50, for a total transaction of $1,426,568.00. Following the completion of the sale, the executive vice president owned 67,711 shares in the company, valued at approximately $12,763,523.50. This trade represents a 10.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Daniel R. Needham sold 3,881 shares of the company’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $178.00, for a total transaction of $690,818.00. Following the completion of the transaction, the executive vice president owned 88,298 shares in the company, valued at approximately $15,717,044. This trade represents a 4.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 26,401 shares of company stock worth $4,936,152. 0.71% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nucor

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC raised its position in shares of Nucor by 21.1% during the 1st quarter. Integrated Wealth Concepts LLC now owns 3,266 shares of the basic materials company’s stock valued at $393,000 after buying an additional 568 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Nucor in the first quarter worth $259,000. Geneos Wealth Management Inc. grew its position in Nucor by 81.8% in the first quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 153 shares in the last quarter. Sivia Capital Partners LLC bought a new position in Nucor in the second quarter valued at $390,000. Finally, Elevation Point Wealth Partners LLC bought a new position in Nucor in the second quarter valued at $39,000. Hedge funds and other institutional investors own 76.48% of the company’s stock.

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.