JPMorgan Chase & Co. Cuts Nucor (NYSE:NUE) Price Target to $152.00

Nucor (NYSE:NUE) had its price objective decreased by analysts at JPMorgan Chase & Co. from $168.00 to $152.00 in a report released on Friday,Benzinga reports. The firm presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 23.09% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Citigroup lowered their target price on Nucor from $240.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. UBS Group reissued a “neutral” rating and set a $156.00 price objective (down from $171.00) on shares of Nucor in a research note on Thursday, December 12th. Morgan Stanley lowered their price objective on Nucor from $170.00 to $166.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Jefferies Financial Group cut their target price on Nucor from $150.00 to $125.00 and set a “hold” rating on the stock in a research report on Monday, January 6th. Finally, The Goldman Sachs Group initiated coverage on Nucor in a report on Monday, December 2nd. They set a “buy” rating and a $190.00 price target on the stock. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $163.63.

Nucor Stock Up 0.3 %

Shares of NUE stock opened at $123.48 on Friday. Nucor has a one year low of $112.25 and a one year high of $203.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.59 and a quick ratio of 1.61. The company has a market capitalization of $29.00 billion, a price-to-earnings ratio of 11.93 and a beta of 1.60. The company’s fifty day moving average price is $134.96 and its 200-day moving average price is $144.94.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, October 21st. The basic materials company reported $1.49 EPS for the quarter, topping the consensus estimate of $1.40 by $0.09. Nucor had a net margin of 8.05% and a return on equity of 12.06%. The business had revenue of $7.44 billion for the quarter, compared to analysts’ expectations of $7.28 billion. During the same quarter in the previous year, the company earned $4.57 EPS. The business’s quarterly revenue was down 15.2% compared to the same quarter last year. Sell-side analysts expect that Nucor will post 8.19 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Allen C. Behr sold 4,968 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $159.72, for a total transaction of $793,488.96. Following the transaction, the executive vice president now directly owns 85,376 shares of the company’s stock, valued at approximately $13,636,254.72. This trade represents a 5.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Kenneth Rex Query sold 9,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $146.80, for a total value of $1,321,200.00. Following the completion of the sale, the executive vice president now owns 98,770 shares of the company’s stock, valued at $14,499,436. The trade was a 8.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,680 shares of company stock worth $4,773,724 over the last quarter. Company insiders own 0.64% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NUE. Ashton Thomas Securities LLC purchased a new position in Nucor during the 3rd quarter worth $26,000. Coastline Trust Co acquired a new stake in Nucor in the third quarter worth about $29,000. Brown Lisle Cummings Inc. purchased a new stake in shares of Nucor during the third quarter worth about $30,000. Salomon & Ludwin LLC increased its holdings in shares of Nucor by 45.6% during the third quarter. Salomon & Ludwin LLC now owns 230 shares of the basic materials company’s stock valued at $35,000 after acquiring an additional 72 shares in the last quarter. Finally, Carolina Wealth Advisors LLC purchased a new position in shares of Nucor in the 3rd quarter valued at approximately $43,000. 76.48% of the stock is currently owned by institutional investors.

About Nucor

Nucor Corporation engages in manufacture and sale of steel and steel products. It operates in three segments: steel mills, steel products, and raw materials. The Steel Mills segment produces hot-rolled, cold-rolled, and galvanized sheet steel products; plate steel products; wide-flange beams, beam blanks, and H-piling and sheet piling structural steel products; bar steel products, such as blooms, billets, concrete reinforcing and merchant bars, and engineered special bar quality products; and engages in the steel trading and rebar distribution businesses.