Barclays Forecasts Strong Price Appreciation for Nucor (NYSE:NUE) Stock

Nucor (NYSE:NUE) had its price objective lifted by equities researchers at Barclays from $320.00 to $345.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. Barclays‘s price target suggests a potential upside of 36.88% from the company’s previous close.

Several other brokerages have also recently weighed in on NUE. Cfra raised Nucor from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 4th. Wells Fargo & Company increased their target price on Nucor from $280.00 to $305.00 and gave the stock an “overweight” rating in a report on Wednesday, October 28th. JPMorgan Chase & Co. raised their price target on Nucor from $296.00 to $304.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 28th. Freedom Broker raised Nucor from a “hold” rating to a “buy” rating and boosted their price target for the company from $285.00 to $304.00 in a research note on Friday, October 30th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $335.00 price objective on shares of Nucor in a research report on Wednesday, October 28th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $288.94.

Nucor Trading Down 3.3%

Shares of NYSE:NUE opened at $252.04 on Thursday. Nucor has a 12-month low of $143.41 and a 12-month high of $287.70. The stock has a market cap of $56.70 billion, a PE ratio of 16.04, a P/E/G ratio of 0.64 and a beta of 1.81. The business has a 50 day moving average of $255.20 and a 200-day moving average of $227.58. The company has a quick ratio of 1.43, a current ratio of 2.46 and a debt-to-equity ratio of 0.26.

Nucor (NYSE:NUE) last posted its quarterly earnings data on Monday, October 26th. The basic materials company reported $5.80 earnings per share for the quarter, missing the consensus estimate of $5.84 by ($0.04). The firm had revenue of $11.25 billion for the quarter, compared to the consensus estimate of $10.84 billion. Nucor had a return on equity of 15.53% and a net margin of 9.26%. The firm’s quarterly revenue was up 32.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.63 EPS. As a group, equities research analysts forecast that Nucor will post 19.63 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Noah Hanners sold 5,190 shares of the firm’s stock in a transaction on Thursday, October 29th. The stock was sold at an average price of $275.03, for a total transaction of $1,427,405.70. Following the completion of the transaction, the executive vice president directly owned 44,073 shares of the company’s stock, valued at $12,121,397.19. This trade represents a 10.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Stephen Laxton sold 10,560 shares of the company’s stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $274.98, for a total value of $2,903,788.80. Following the completion of the sale, the chief operating officer owned 77,867 shares in the company, valued at $21,411,867.66. This trade represents a 11.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 28,732 shares of company stock valued at $7,881,287. Company insiders own 0.62% of the company’s stock.

Institutional Trading of Nucor

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Nucor during the second quarter valued at about $4,452,563,000. Aberdeen Group plc grew its holdings in Nucor by 5,993.6% during the third quarter. Aberdeen Group plc now owns 14,971,918 shares of the basic materials company’s stock worth $3,419,287,000 after buying an additional 14,726,217 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Nucor by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,539,044 shares of the basic materials company’s stock valued at $429,298,000 after purchasing an additional 22,718 shares during the last quarter. Bank of America Corp DE purchased a new stake in Nucor in the 2nd quarter valued at about $462,886,000. Finally, Berkshire Hathaway Inc bought a new stake in Nucor during the second quarter worth $413,814,000. 76.48% of the stock is currently owned by institutional investors.

Nucor News Roundup

Investors following NUE have been watching these news items:

• Positive Sentiment: Barclays raised its price target to $345 and reiterated an Overweight rating, while recent analyst coverage has been broadly positive. Barclays Issues Positive Forecast for Nucor
• Positive Sentiment: Nucor’s third-quarter results benefited from record steel-mills shipments, higher selling prices and increased volumes. Its reported sales were $11.25 billion, and management expects fourth-quarter earnings to be generally in line with or modestly above Q3. Nucor’s Steel Mills Shipments Climb: Can Margins Hold in Q4?
• Negative Sentiment: Investors may be weighing potential fourth-quarter pressure: seasonal shipment declines and higher costs could squeeze margins, despite management’s broadly steady earnings outlook. Nucor’s Steel Mills Shipments Climb: Can Margins Hold in Q4?

About Nucor

Nucor Corporation is a U.S.-based steel and steel products manufacturer. Its steel mills produce sheet, plate, bar, structural steel and reinforcing bar used in construction, manufacturing, transportation and other industries. The company also makes downstream products such as steel joists, decking, fasteners, wire products and metal building components. Its operations include recycling ferrous scrap and producing direct reduced iron, materials used in steelmaking. Nucor traces its roots to 1905 and developed into a steel producer during the mid-20th century.