Nucor (NYSE:NUE) Price Target Cut to $200.00

Nucor (NYSE:NUE) had its price target dropped by investment analysts at BMO Capital Markets from $210.00 to $200.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “market perform” rating on the basic materials company’s stock. BMO Capital Markets’ price objective points to a potential upside of 13.71% from the company’s current price.

NUE has been the subject of a number of other reports. UBS Group began coverage on shares of Nucor in a research report on Tuesday, January 16th. They set a “buy” rating and a $210.00 price target for the company. StockNews.com cut shares of Nucor from a “buy” rating to a “hold” rating in a research report on Tuesday. Citigroup raised shares of Nucor from a “neutral” rating to a “buy” rating and upped their price objective for the company from $180.00 to $240.00 in a research report on Wednesday, March 13th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Nucor from $195.00 to $190.00 and set a “neutral” rating for the company in a research report on Wednesday. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $193.14.

Nucor Stock Up 1.8 %

Shares of NYSE NUE opened at $175.88 on Wednesday. The firm has a fifty day moving average of $190.83 and a 200-day moving average of $174.19. The company has a quick ratio of 2.35, a current ratio of 4.02 and a debt-to-equity ratio of 0.31. Nucor has a 52-week low of $129.79 and a 52-week high of $203.00. The stock has a market capitalization of $42.21 billion, a PE ratio of 10.35 and a beta of 1.61.

Nucor (NYSE:NUE) last announced its quarterly earnings results on Monday, April 22nd. The basic materials company reported $3.46 earnings per share for the quarter, missing analysts’ consensus estimates of $3.62 by ($0.16). Nucor had a return on equity of 19.62% and a net margin of 12.40%. The business had revenue of $8.14 billion for the quarter, compared to analysts’ expectations of $8.26 billion. During the same period last year, the company posted $4.45 earnings per share. The firm’s revenue for the quarter was down 6.6% on a year-over-year basis. On average, analysts anticipate that Nucor will post 12.93 EPS for the current year.

Insider Activity

In other news, EVP Kenneth Rex Query sold 5,500 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $186.37, for a total value of $1,025,035.00. Following the sale, the executive vice president now owns 85,326 shares in the company, valued at approximately $15,902,206.62. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Kenneth Rex Query sold 5,500 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $186.37, for a total value of $1,025,035.00. Following the sale, the executive vice president now owns 85,326 shares in the company, valued at approximately $15,902,206.62. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Michael D. Keller sold 3,145 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $193.67, for a total transaction of $609,092.15. Following the completion of the sale, the insider now owns 24,873 shares in the company, valued at approximately $4,817,153.91. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,151 shares of company stock worth $7,308,683. 0.46% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nucor

Several institutional investors and hedge funds have recently bought and sold shares of NUE. Norges Bank acquired a new stake in Nucor during the fourth quarter worth about $377,631,000. International Assets Investment Management LLC acquired a new stake in Nucor during the fourth quarter worth about $108,747,000. Global Assets Advisory LLC acquired a new stake in Nucor during the first quarter worth about $90,216,000. Pacer Advisors Inc. raised its stake in Nucor by 13.0% during the fourth quarter. Pacer Advisors Inc. now owns 2,070,960 shares of the basic materials company’s stock worth $360,430,000 after acquiring an additional 237,752 shares during the period. Finally, Invesco Ltd. grew its position in Nucor by 7.6% in the 3rd quarter. Invesco Ltd. now owns 2,262,832 shares of the basic materials company’s stock worth $353,794,000 after purchasing an additional 159,230 shares during the last quarter. Institutional investors and hedge funds own 76.48% of the company’s stock.

Nucor Company Profile

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.