Wells Fargo & Company Forecasts Strong Price Appreciation for Nucor (NYSE:NUE) Stock

Nucor (NYSE:NUE) had its price target hoisted by stock analysts at Wells Fargo & Company from $184.00 to $194.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 8.64% from the stock’s previous close.

NUE has been the topic of several other research reports. Seaport Research Partners lifted their price objective on Nucor from $170.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. The Goldman Sachs Group lifted their price target on shares of Nucor from $182.00 to $196.00 and gave the stock a “buy” rating in a research report on Friday, January 16th. UBS Group lowered shares of Nucor from a “buy” rating to a “neutral” rating and set a $183.00 price objective on the stock. in a report on Wednesday, January 28th. Wall Street Zen raised shares of Nucor from a “hold” rating to a “buy” rating in a research note on Saturday, January 31st. Finally, JPMorgan Chase & Co. lifted their price objective on Nucor from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, December 5th. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Nucor has an average rating of “Moderate Buy” and a consensus target price of $180.27.

Nucor Price Performance

Shares of NUE stock traded up $1.70 during trading hours on Monday, hitting $178.58. The company had a trading volume of 247,327 shares, compared to its average volume of 1,837,836. The firm’s fifty day moving average is $175.86 and its 200 day moving average is $156.80. Nucor has a 12 month low of $97.59 and a 12 month high of $196.90. The firm has a market capitalization of $40.67 billion, a price-to-earnings ratio of 23.63, a PEG ratio of 0.64 and a beta of 1.83. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.57 and a current ratio of 2.94.

Nucor (NYSE:NUE) last released its quarterly earnings results on Monday, January 26th. The basic materials company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.18). The firm had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.93 billion. Nucor had a net margin of 5.37% and a return on equity of 8.26%. Nucor’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.22 earnings per share. On average, sell-side analysts predict that Nucor will post 7.64 EPS for the current fiscal year.

Nucor announced that its board has initiated a stock buyback program on Friday, February 20th that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the basic materials company to repurchase up to 9.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, EVP Allen C. Behr sold 7,568 shares of Nucor stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $188.50, for a total transaction of $1,426,568.00. Following the completion of the transaction, the executive vice president directly owned 67,711 shares in the company, valued at approximately $12,763,523.50. The trade was a 10.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Daniel R. Needham sold 3,881 shares of the stock in a transaction on Friday, January 30th. The shares were sold at an average price of $178.00, for a total value of $690,818.00. Following the completion of the sale, the executive vice president owned 88,298 shares in the company, valued at approximately $15,717,044. This trade represents a 4.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 34,351 shares of company stock valued at $6,206,158 over the last quarter. 0.71% of the stock is currently owned by company insiders.

Institutional Trading of Nucor

A number of institutional investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC grew its position in Nucor by 21.1% in the first quarter. Integrated Wealth Concepts LLC now owns 3,266 shares of the basic materials company’s stock valued at $393,000 after acquiring an additional 568 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Nucor during the first quarter valued at approximately $259,000. Geneos Wealth Management Inc. grew its position in Nucor by 81.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 340 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 153 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in Nucor during the 2nd quarter valued at about $390,000. Finally, Arkadios Wealth Advisors lifted its position in shares of Nucor by 25.1% in the 2nd quarter. Arkadios Wealth Advisors now owns 4,679 shares of the basic materials company’s stock worth $606,000 after purchasing an additional 938 shares during the period. 76.48% of the stock is currently owned by institutional investors.

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.