Bank of America Lowers Nucor (NYSE:NUE) Price Target to $280.00

Nucor (NYSE:NUE) had its target price dropped by stock analysts at Bank of America from $290.00 to $280.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. Bank of America‘s price objective suggests a potential upside of 23.19% from the stock’s previous close.

Several other research analysts also recently weighed in on NUE. Seaport Research Partners boosted their price target on Nucor from $245.00 to $285.00 and gave the company a “buy” rating in a report on Wednesday, June 10th. Weiss Ratings raised shares of Nucor from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, May 14th. CICC Research assumed coverage on shares of Nucor in a research report on Monday, May 25th. They issued an “outperform” rating for the company. Barclays started coverage on Nucor in a research report on Thursday, May 21st. They set an “overweight” rating and a $270.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their price objective on shares of Nucor from $240.00 to $282.00 and gave the company an “overweight” rating in a research note on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $266.15.

Nucor Trading Up 2.3%

NYSE NUE opened at $227.28 on Thursday. The stock has a market capitalization of $51.76 billion, a P/E ratio of 22.50, a P/E/G ratio of 0.51 and a beta of 1.91. The firm has a 50-day moving average price of $238.59 and a 200 day moving average price of $199.17. Nucor has a 52-week low of $131.32 and a 52-week high of $270.90. The company has a quick ratio of 1.55, a current ratio of 2.90 and a debt-to-equity ratio of 0.30.

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 the consensus estimate of $2.82 by $0.41. Nucor had a net margin of 6.82% and a return on equity of 10.68%. The company had revenue of $9.50 billion for the quarter, compared to analyst estimates of $8.88 billion. During the same period in the prior year, the business posted $0.77 earnings per share. The firm’s revenue for the quarter was up 21.3% compared to the same quarter last year. Equities research analysts expect that Nucor will post 17.68 EPS for the current year.

Insider Activity at Nucor

In other Nucor news, EVP Bradley Ford sold 2,240 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $232.13, for a total value of $519,971.20. Following the transaction, the executive vice president owned 43,649 shares in the company, valued at approximately $10,132,242.37. This represents a 4.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Allen C. Behr sold 10,096 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $226.08, for a total transaction of $2,282,503.68. Following the completion of the transaction, the executive vice president directly owned 62,871 shares in the company, valued at $14,213,875.68. This trade represents a 13.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 82,378 shares of company stock worth $18,963,930. Insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Nucor

Hedge funds have recently bought and sold shares of the business. Norges Bank bought a new position in Nucor in the 4th quarter worth $609,002,000. AQR Capital Management LLC boosted its position in shares of Nucor by 580.9% during the 2nd quarter. AQR Capital Management LLC now owns 653,845 shares of the basic materials company’s stock valued at $84,699,000 after acquiring an additional 557,819 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in shares of Nucor by 169.0% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 779,940 shares of the basic materials company’s stock valued at $127,216,000 after purchasing an additional 489,950 shares during the period. Bank of New York Mellon Corp grew its position in Nucor by 27.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,780,423 shares of the basic materials company’s stock valued at $290,405,000 after acquiring an additional 383,952 shares during the period. Finally, M&T Bank Corp increased its position in shares of Nucor by 494.5% during the 4th quarter. M&T Bank Corp now owns 434,511 shares of the basic materials company’s stock worth $70,873,000 after purchasing an additional 361,417 shares in the last quarter. 76.48% of the stock is owned by institutional investors and hedge funds.

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.