Nucor (NYSE:NUE) Given New $170.00 Price Target at JPMorgan Chase & Co.

Nucor (NYSE:NUE) had its price target cut by research analysts at JPMorgan Chase & Co. from $174.00 to $170.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 12.66% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Argus upgraded shares of Nucor to a “strong-buy” rating in a research report on Monday, August 26th. Bank of America lowered their price target on shares of Nucor from $210.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Morgan Stanley reduced their price objective on Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. Finally, BMO Capital Markets lowered their target price on Nucor from $175.00 to $160.00 and set a “market perform” rating for the company in a research note on Wednesday, September 18th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $191.43.

Nucor Stock Performance

NYSE:NUE opened at $150.90 on Wednesday. The stock has a market capitalization of $36.18 billion, a P/E ratio of 8.88 and a beta of 1.55. The company has a current ratio of 2.93, a quick ratio of 1.85 and a debt-to-equity ratio of 0.26. Nucor has a 1 year low of $133.42 and a 1 year high of $203.00. The firm has a 50 day moving average of $146.75 and a 200-day moving average of $162.61.

Nucor (NYSE:NUE) last issued its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.37. The firm had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $7.69 billion. Nucor had a return on equity of 15.69% and a net margin of 10.45%. During the same quarter in the previous year, the company posted $5.81 EPS. The business’s revenue for the quarter was down 15.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Nucor will post 9.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Daniel R. Needham sold 8,624 shares of Nucor stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $160.00, for a total value 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Point72 Europe London LLP bought a new stake in Nucor in the fourth quarter valued at approximately $804,000. Kingfisher Capital LLC boosted its position in Nucor by 4.7% during the fourth quarter. Kingfisher Capital LLC now owns 2,250 shares of the basic materials company’s stock worth $392,000 after purchasing an additional 100 shares during the period. TIG Advisors LLC acquired a new position in shares of Nucor in the fourth quarter valued at $1,233,000. Bridgefront Capital LLC bought a new position in shares of Nucor in the fourth quarter valued at about $561,000. Finally, Brevan Howard Capital Management LP acquired a new stake in shares of Nucor during the 4th quarter worth about $1,591,000. 76.48% of the stock is currently owned by institutional investors and hedge funds.

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.