Nucor (NYSE:NUE) Price Target Raised to $284.00

Nucor (NYSE:NUE) had its target price raised by research analysts at The Goldman Sachs Group from $260.00 to $284.00 in a research note issued to investors on Tuesday,MarketScreener reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 7.72% from the company’s previous close.

Several other research analysts have also issued reports on NUE. Barclays initiated coverage on shares of Nucor in a research note on Thursday, May 21st. They set an “overweight” rating and a $270.00 target price on the stock. Argus upped their price objective on shares of Nucor from $200.00 to $262.00 and gave the company a “buy” rating in a report on Friday, May 15th. Wells Fargo & Company increased their price objective on shares of Nucor from $244.00 to $292.00 and gave the stock an “overweight” rating in a research report on Thursday, June 4th. JPMorgan Chase & Co. boosted their target price on Nucor from $240.00 to $282.00 and gave the company an “overweight” rating in a research report on Wednesday, June 10th. Finally, BMO Capital Markets upped their price target on Nucor from $250.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Nucor presently has a consensus rating of “Moderate Buy” and an average price target of $266.46.

Nucor Trading Up 1.7%

Shares of NYSE:NUE traded up $4.33 during midday trading on Tuesday, reaching $263.65. The company’s stock had a trading volume of 100,651 shares, compared to its average volume of 1,602,860. Nucor has a fifty-two week low of $120.40 and a fifty-two week high of $270.90. 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 50 day moving average price of $224.34 and a two-hundred day moving average price of $189.65. The firm has a market capitalization of $60.04 billion, a price-to-earnings ratio of 26.09, a PEG ratio of 0.67 and a beta of 1.88.

Nucor (NYSE:NUE) last issued its earnings results on Monday, April 27th. The basic materials company reported $3.23 earnings per share for the quarter, topping analysts’ consensus estimates of $2.82 by $0.41. The business had revenue of $9.50 billion during the quarter, compared to the consensus estimate of $8.88 billion. Nucor had a return on equity of 10.68% and a net margin of 6.82%.The firm’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.77 earnings per share. As a group, analysts forecast that Nucor will post 15.71 earnings per share for the current year.

Nucor declared that its Board of Directors has authorized a stock repurchase plan on Friday, February 20th that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the basic materials company to repurchase up to 9.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Nucor

In related news, EVP John J. Hollatz sold 10,560 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $258.46, for a total transaction of $2,729,337.60. Following the transaction, the executive vice president directly owned 97,865 shares in the company, valued at approximately $25,294,187.90. The trade was a 9.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael D. Keller sold 4,554 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $225.86, for a total transaction of $1,028,566.44. Following the completion of the sale, the insider directly owned 16,834 shares of the company’s stock, valued at $3,802,127.24. The trade was a 21.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 82,378 shares of company stock worth $18,963,930. 0.62% of the stock is owned by insiders.

Hedge Funds Weigh In On Nucor

A number of hedge funds and other institutional investors have recently modified their holdings of NUE. Stance Capital LLC bought a new stake in Nucor during the third quarter worth $25,000. Strive Financial Group LLC bought a new position in Nucor in the 4th quarter valued at $27,000. Motiv8 Investments LLC purchased a new stake in shares of Nucor during the 4th quarter valued at $32,000. Bartlett & CO. Wealth Management LLC raised its stake in shares of Nucor by 49.2% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 191 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 63 shares during the period. Finally, Mcguire Capital Advisors Inc. purchased a new position in shares of Nucor in the 4th quarter worth about $32,000. 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.