Nucor (NYSE:NUE) Price Target Cut to $160.00 by Analysts at BMO Capital Markets

Nucor (NYSE:NUE) had its target price dropped by equities researchers at BMO Capital Markets from $175.00 to $160.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “market perform” rating on the basic materials company’s stock. BMO Capital Markets’ price target indicates a potential upside of 12.53% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the stock. Argus raised shares of Nucor to a “strong-buy” rating in a report on Monday, August 26th. Bank of America cut their price target on Nucor from $210.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. JPMorgan Chase & Co. upgraded Nucor from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $170.00 to $174.00 in a research note on Monday, September 9th. Finally, Morgan Stanley cut their target price on Nucor from $176.00 to $170.00 and set an “overweight” rating on the stock in a research note on Wednesday. Three 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 company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $192.00.

Nucor Stock Down 0.5 %

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

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

Insiders Place Their Bets

In other news, EVP Daniel R. Needham sold 8,624 shares of the 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 completion of the transaction, the executive vice president now directly owns 99,049 shares in the company, valued at $15,847,840. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group boosted its position in shares of Nucor by 2.5% during the 2nd quarter. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group now owns 7,511 shares of the basic materials company’s stock valued at $1,187,000 after purchasing an additional 184 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in Nucor during the second quarter valued at approximately $7,248,000. Ariadne Wealth Management LP acquired a new stake in Nucor during the second quarter valued at approximately $3,359,000. SPC Financial Inc. boosted its holdings in Nucor by 1.2% during the second quarter. SPC Financial Inc. now owns 8,897 shares of the basic materials company’s stock worth $1,406,000 after buying an additional 106 shares in the last quarter. Finally, Granite Bay Wealth Management LLC grew its position in Nucor by 103.6% in the second quarter. Granite Bay Wealth Management LLC now owns 25,619 shares of the basic materials company’s stock worth $4,050,000 after buying an additional 13,038 shares during the last quarter. Institutional investors 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.