Nucor (NYSE:NUE) Price Target Cut to $170.00

Nucor (NYSE:NUE) had its price target cut by equities research analysts at Morgan Stanley from $176.00 to $170.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. Morgan Stanley’s price objective would suggest a potential upside of 19.57% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Argus raised Nucor to a “strong-buy” rating in a research note on Monday, August 26th. JPMorgan Chase & Co. raised Nucor from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $170.00 to $174.00 in a research note on Monday, September 9th. BMO Capital Markets decreased their price target on Nucor from $185.00 to $175.00 and set a “market perform” rating on the stock in a research note on Monday, June 17th. Finally, Bank of America reduced their target price on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $194.14.

Nucor Stock Performance

NYSE:NUE opened at $142.18 on Wednesday. The business has a 50 day moving average of $150.36 and a 200 day moving average of $166.72. The company has a market capitalization of $34.09 billion, a price-to-earnings ratio of 8.36 and a beta of 1.55. Nucor has a 1-year low of $133.42 and a 1-year high of $203.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.93 and a quick ratio of 1.85.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.68 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.37. The business had revenue of $8.08 billion for the quarter, compared to analysts’ expectations of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. The business’s quarterly revenue was down 15.2% on a year-over-year basis. During the same period in the previous year, the firm earned $5.81 EPS. On average, sell-side analysts predict that Nucor will post 9.95 earnings per share for the current fiscal year.

Insider Activity at Nucor

In related news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $160.00, for a total transaction of $1,379,840.00. Following the sale, the executive vice president now directly owns 99,049 shares in the company, valued at $15,847,840. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nucor

Several hedge funds have recently added to or reduced their stakes in the stock. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group boosted its holdings in Nucor by 2.5% in the second quarter. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group now owns 7,511 shares of the basic materials company’s stock worth $1,187,000 after acquiring an additional 184 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Nucor in the second quarter worth $7,248,000. Ariadne Wealth Management LP bought a new position in shares of Nucor during the second quarter valued at $3,359,000. SPC Financial Inc. lifted its holdings in shares of Nucor by 1.2% during the second quarter. SPC Financial Inc. now owns 8,897 shares of the basic materials company’s stock valued at $1,406,000 after purchasing an additional 106 shares in the last quarter. Finally, Granite Bay Wealth Management LLC lifted its holdings in shares of Nucor by 103.6% during the second quarter. Granite Bay Wealth Management LLC now owns 25,619 shares of the basic materials company’s stock valued at $4,050,000 after purchasing an additional 13,038 shares in the last quarter. 76.48% of the stock is 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.