Nucor (NYSE:NUE) Price Target Raised to $248.00 at BNP Paribas Exane

Nucor (NYSE:NUE) had its price target upped by BNP Paribas Exane from $210.00 to $248.00 in a report published on Monday,MarketScreener reports. The firm currently has an outperform rating on the basic materials company’s stock.

Several other brokerages also recently weighed in on NUE. JPMorgan Chase & Co. increased 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. Bank of America increased their target price on Nucor from $190.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. BMO Capital Markets increased their target price on Nucor from $196.00 to $235.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Citigroup increased their target price on Nucor from $180.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Finally, Wells Fargo & Company increased 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. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Nucor has a consensus rating of “Moderate Buy” and an average target price of $243.80.

Nucor Stock Up 2.4%

Shares of NUE traded up $5.43 during trading hours on Monday, hitting $231.24. 163,715 shares of the company were exchanged, compared to its average volume of 1,661,183. The company has a market cap of $52.64 billion, a PE ratio of 22.85, a PEG ratio of 0.65 and a beta of 1.87. The firm’s 50 day moving average is $180.91 and its 200-day moving average is $169.22. Nucor has a 52 week low of $106.21 and a 52 week high of $230.87. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 2.90.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.41. Nucor had a return on equity of 10.68% and a net margin of 6.82%.The company had revenue of $9.50 billion during the quarter, compared to the consensus estimate of $8.88 billion. During the same quarter in the prior year, the company posted $0.77 EPS. The firm’s revenue was up 21.3% on a year-over-year basis. On average, equities research analysts forecast that Nucor will post 13.64 EPS for the current fiscal year.

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

Nucor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 11th. Investors of record on Tuesday, March 31st will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Tuesday, March 31st. Nucor’s dividend payout ratio (DPR) is currently 22.18%.

Insider Buying and Selling at Nucor

In other news, EVP Kenneth Rex Query sold 7,452 shares of Nucor stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $196.02, for a total value of $1,460,741.04. Following the completion of the sale, the executive vice president directly owned 76,628 shares of the company’s stock, valued at approximately $15,020,620.56. This trade represents a 8.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David A. Sumoski sold 33,068 shares of Nucor stock in a transaction 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 completion of the sale, the executive vice president directly 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 disclosure for this sale is available in the SEC filing. 0.62% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nucor

Several hedge funds and other institutional investors have recently made changes to their positions in NUE. Stance Capital LLC acquired a new stake in shares of Nucor in the 3rd quarter valued at $25,000. Strive Financial Group LLC bought a new position in shares of Nucor in the 4th quarter worth $27,000. Motiv8 Investments LLC bought a new position in shares of Nucor in the 4th quarter worth $32,000. Mcguire Capital Advisors Inc. bought a new position in shares of Nucor in the 4th quarter worth $32,000. Finally, Reflection Asset Management bought a new position in shares of Nucor in the 4th quarter worth $36,000. 76.48% of the stock is owned by institutional investors and hedge funds.

Nucor Company Profile

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.